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2021: the board for the year

81 funds ranked on the return made over calendar 2021 — the last filing of 2020 against the last filing of 2021. Every fund that filed with the Commission that year is here, including the ones that have since closed. Led by ValuAlliance Value Fund at +55.1%.

Return over calendar 2021. A fund that holds its unit price flat and files an annualised yield is measured by compounding that yield; every other fund by its unit price. The same arithmetic the board uses for its calendar-year column.
#	Fund	2021
1	ValuAlliance Value FundValuAlliance Asset Management Limited · Balanced	+55.1%
2	ALPHA ETF (now 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 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 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 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 (no longer 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 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) (no longer 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 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) (no longer filing)Chapel Hill Denham Mgt. Limited · Balanced	+5.4%
31	FBN Eurobond (Nigeria Eurobond USD) Fund (Institutional) (no longer filing)FBNQuest Asset Management Limited · Dollar	+5.3%
32	FBN Eurobond (Nigeria Eurobond USD) Fund (Retail) (now 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 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 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 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 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)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 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 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 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 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) (no longer 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, not ranked

56 funds with no figure for the whole year. A dash needs a reason, so each one says why. 28 of them are money market and other flat-price funds, whose return is the yield they file rather than a price move; the Commission’s return only began carrying a yield column in March 2023, so those funds have no honest figure for 2021, and a flat price is not a return of zero.

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

Built from the weekly return the SEC publishes, as it stood at the 2026-08-14 filing. A fund that changed its name is ranked once, under the name it filed in 2021.