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2021: the board for the year

This page ranks 81 funds by the return for calendar year 2021. The return compares the last filing of 2020 with the last filing of 2021. The list includes all funds that filed with the Commission in 2021, also the funds that closed after that year. First place: ValuAlliance Value Fund, with +55.1%.

Return for calendar year 2021. For a fund that keeps its unit price constant and files an annualised yield, we compound that yield. For all other funds, we use the unit price. The board uses the same calculation for its calendar-year column.
#	Fund	2021
1	ValuAlliance Value FundValuAlliance Asset Management Limited · Balanced	+55.1%
2	ALPHA ETF (now named Greenwich ALPHA ETF)Greenwich Asset Management Limited · ETF	+24.0%
3	Nova Hybrid Balanced FundNovambl Asset Management · Balanced	+13.5%
4	Legacy Equity Fund (now named FCMBAM Equity Fund)First City Asset Management Limited · Equity	+11.7%
5	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Dollar	+11.5%
6	PACAM Eurobond FundPAC Asset Management Limited · Dollar	+11.4%
7	ARM Ethical Fund (now named ARM Halal Balanced Fund)Asset & Resources Mgt. Co. Ltd · Specialist	+11.1%
8	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	+11.1%
9	FSDH Dollar FundFSDH Asset Management Ltd · Dollar	+10.8%
10	United Capital Eurobond Fund (now named United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Dollar	+10.5%
11	Cordros Dollar FundCordros Asset Management Limited · Dollar	+10.0%
12	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	+9.9%
13	Lotus Capital Halal ETF (stopped filing)Lotus Capital Limited · ETF	+9.2%
14	ARM Discovery Balanced FundAsset & Resources Mgt. Co. Ltd · Balanced	+9.0%
15	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+8.9%
16	Legacy USD Bond Fund (now named FCMBAM USD Bond Fund)First City Asset Management Limited · Dollar	+8.8%
17	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	+8.0%
18	Stanbic IBTC Absolute Fund (Sub Fund) (stopped filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+7.9%
19	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	+7.7%
20	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+7.7%
21	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	+7.6%
22	SIAML ETF 40Stanbic IBTC Asset Mgt.Limited · ETF	+7.5%
23	ESG Impact Fund (Zenith Ethical Fund)Zenith Asset Management Ltd. · Specialist	+7.2%
24	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	+6.9%
25	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+6.9%
26	Coronation Balanced FundCoronation Asset Management · Balanced	+6.8%
27	Balanced Strategy Fund (Zenith Equity) (now named Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	+6.6%
28	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+6.3%
29	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+6.0%
30	Women's Balanced Fund (Gender/Diversity) (stopped filing)Chapel Hill Denham Mgt. Limited · Balanced	+5.4%
31	FBN Eurobond (Nigeria Eurobond USD) Fund (Institutional) (stopped filing)FBNQuest Asset Management Limited · Dollar	+5.3%
32	FBN Eurobond (Nigeria Eurobond USD) Fund (Retail) (now named First Asset Dollar Fund (Retail))FBNQuest Asset Management Limited · Dollar	+5.3%
33	Stanbic IBTC Shariah Fixed Income FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+5.3%
34	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+4.8%
35	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+4.8%
36	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	+4.7%
37	VG 30 ETFVetiva Fund Managers Limited · ETF	+4.7%
38	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	+4.2%
39	Anchoria Equity FundAnchoria Asset Management Limited · Equity	+4.1%
40	FBN Halal Fund (now named First Asset Halal Fund)FBNQuest Asset Management Limited · Shari'ah	+3.6%
41	United Capital Fixed Income FundUnited Capital Asset Mgt. Ltd · Fixed Income	+3.5%
42	Legacy Debt Fund (now named FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	+3.4%
43	Lotus Halal Investment FundLotus Capital Limited · Shari'ah	+3.4%
44	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	+2.6%
45	Vantage Equity Income Fund (now named Guaranty Trust Equity Income Fund)Investment One Funds Management Limited · Equity	+2.4%
46	Coral Balanced Fund (Coral Growth Fund)FSDH Asset Management Ltd · Balanced	+1.5%
47	VETBANK ETFVetiva Fund Managers Limited · ETF	+1.3%
48	UPDC Real Estate Investment TrustStanbic IBTC Asset Mgt. Limited · Real Estate	+1.1%
49	Cordros Milestone FundCordros Asset Management Limited · Balanced	+0.7%
50	Lotus Capital Fixed Income Fund (now named Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+0.7%
51	VCG ETFVetiva Fund Managers Limited · ETF	+0.5%
52	VI ETFVetiva Fund Managers Limited · ETF	0.0%
53	Nigeria Infrastructure Debt Fund (NIDF) (stopped filing)Chapel Hill Denham Management Limited · Real Estate	−0.4%
54	Zenith Income FundZenith Asset Management Ltd · Fixed Income	−0.5%
55	FBN Bond Fund (FBN Fixed Income Fund) (now named First Asset Bond Fund)FBNQuest Asset Management Limited · Fixed Income	−0.6%
56	Nova Dollar Fixed Income FundNovambl Asset Management · Dollar	−0.6%
57	Afrinvest Equity FundAfrinvest Asset Mgt Ltd · Equity	−1.3%
58	SFS Real Estate Investment Trust FundSFS Capital Nigeria Ltd · Real Estate	−2.0%
59	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	−2.1%
60	FBN Nigeria Smart Beta Equity Fund (now named First Asset Nigeria Smart Beta Equity Fund)FBNQuest Asset Management Limited · Equity	−2.2%
61	Afrinvest Dollar FundAfrinvest Asset Mgt Ltd. · Dollar	−3.0%
62	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	−3.2%
63	Vantage Balanced Fund (now named Guaranty Trust Balanced Fund)Investment One Funds Management Limited · Balanced	−3.4%
64	Frontier FundSCM Capital Limited · Equity	−4.1%
65	ARM Eurobond FundAsset & Resources Mgt. Co. Ltd · Dollar	−4.2%
66	Capital Express Balanced FundCapital Express Asset and Trust Limited · Balanced	−4.3%
67	Lead Balanced FundLead Asset Management Limited · Balanced	−4.6%
68	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	−4.9%
69	PACAM Balanced FundPAC Asset Management Limited · Balanced	−5.3%
70	FBN Balanced Fund (now named First Asset Balanced Fund)FBNQuest Asset Management Limited · Balanced	−7.3%
71	ARM Fixed Income FundAsset & Resources Mgt. Co. Ltd · Fixed Income	−9.2%
72	Kedari Investment Fund (KIF) (stopped filing)Investment One Funds Management Limited · Fixed Income	−9.2%
73	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	−9.3%
74	PACAM Equity FundPAC Asset Management Limited · Equity	−9.6%
75	Union Homes REITSSFS Capital Nigeria Ltd · Real Estate	−10.0%
76	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	−11.1%
77	GDL Income FundGrowth & Development Asset Management Limited · Fixed Income	−12.4%
78	Anchoria Fixed Income FundAnchoria Asset Management Limited · Fixed Income	−14.4%
79	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	−20.9%
80	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	−25.0%
81	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	−36.8%

Filed in 2021, no rank

56 funds have no figure for the full year. Each line gives the reason. 28 of these funds are money market funds or other flat-price funds. Their return is the yield that they file, not a change in price. The Commission’s return started to show a yield column only in March 2023. Thus, these funds have no valid figure for 2021. A flat price is not a return of zero.

AIICO Balanced Fund The filings of the fund have a break in the year.
AIICO Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
ARM Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
AVA GAM Fixed Income Dollar Fund The filings of the fund have a break in the year.
AVA GAM Fixed Income Fund The fund started to file during the year.
AXA Mansard Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Abacus Money Market Fund (now named Guaranty Trust Money Market Fund) The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Afrinvest Plutus Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Anchoria Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
CardinalStone Fixed Income Alpha Fund The fund started to file during the year.
Chapel Hill Denham Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Coral Money Market Fund (FSDH Treasury Bill Fund) The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Cordros Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Core Investment Money Market Fund (stopped filing) The fund started to file during the year.
Core Value Mixed Fund (stopped filing) The fund started to file during the year.
Coronation Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
EDC Money Market Fund Class A The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
EDC Money Market Fund Class B The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Emerging Africa Balanced-Diversity Fund The fund started to file during the year.
Emerging Africa Balanced-Diversity Fund (Gender/Diversity) (stopped filing) The fund started to file during the year.
Emerging Africa Bond Fund The fund started to file during the year.
Emerging Africa Eurobond Fund The fund started to file during the year.
Emerging Africa Money Market Fund The fund started to file during the year.
FAAM Money Market Fund (now named First Ally Money Market Fund) The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
FBN Money Market Fund (now named First Asset Money Market Fund) The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
FBN Nigeria Bond Fund (FBN Fixed Income Fund) (stopped filing) The fund started to file during the year.
Futureview Equity Fund The fund started to file during the year.
GDL Canary Growth Fund (now named GDL Canary Balanced Fund) The filings of the fund have a break in the year.
GDL Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Greenwich Plus Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Legacy Money Market Fund (now named FCMBAM Money Market Fund) The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Meristem Growth ETF The fund started to file during the year.
Meristem Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Meristem Value ETF The fund started to file during the year.
New Gold ETF The filings of the fund have a break in the year.
Nigeria Dollar Income Fund The fund started to file during the year.
Nigeria Energy Sector Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Nigeria Entertainment Fund (now named Greenwich Balanced Fund) The filings of the fund have a break in the year.
Nigerian Real Estate Investment Trust (now named Nigeria Real Estate Investment Trust) The fund started to file during the year.
Norrenberger Islamic Fund The fund started to file during the year.
Norrenberger Money Market Fund The fund started to file during the year.
Nova Prime Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
PACAM Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Stanbic IBTC Enhanced Short-Term Fixed Income Fund The fund started to file during the year.
Stanbic IBTC Infrastructure Fund (stopped filing) The fund started to file during the year.
Stanbic IBTC Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Trustbanc Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
United Capital Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
United Capital Sukuk Fund The fund started to file during the year.
United Capital Wealth for Women Fund A filing is missing at the start or at the end of the year.
United Capital Wealth for Women Fund (Gender/Diversity) (stopped filing) The fund started to file during the year.
ValuAlliance Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Vantage Dollar Fund (stopped filing) The filings of the fund have a break in the year.
Vantage Guaranteed Income Fund (now named Guaranty Trust Fixed Income Fund) The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Vetiva Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.
Zenith Money Market Fund The fund kept its unit price constant all year, so its return is the yield that it paid. The Commission’s return had no yield column until March 2023.

We made this page from the weekly return that the SEC publishes, as at the 2026-10-16 filing. A fund that changed its name has one rank only, under the name that it used in 2021.