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2022: the board for the year

This page ranks 92 funds by the return for calendar year 2022. The return compares the last filing of 2021 with the last filing of 2022. The list includes all funds that filed with the Commission in 2022, also the funds that closed after that year. First place: Stanbic IBTC ETF 30 Fund, with +52.1%.

Return for calendar year 2022. 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	2022
1	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	+52.1%
2	VI ETFVetiva Fund Managers Limited · ETF	+19.2%
3	PACAM Eurobond FundPAC Asset Management Limited · Dollar	+17.5%
4	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Dollar	+17.0%
5	FSDH Dollar FundFSDH Asset Management Ltd · Dollar	+15.7%
6	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	+15.5%
7	Lotus Halal Investment FundLotus Capital Limited · Shari'ah	+15.3%
8	Legacy Equity Fund (now named FCMBAM Equity Fund)First City Asset Management Limited · Equity	+15.1%
9	Afrinvest Equity FundAfrinvest Asset Mgt Ltd. · Equity	+14.8%
10	FBN Balanced Fund (now named First Asset Balanced Fund)FBNQuest Asset Management Limited · Balanced	+13.9%
11	ARM Eurobond FundAsset & Resources Mgt. Co. Ltd · Dollar	+13.7%
12	United Capital Eurobond Fund (now named United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Dollar	+13.5%
13	SFS Real Estate Investment Trust FundSFS Capital Nigeria Ltd · Real Estate	+13.4%
14	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	+12.6%
15	Lotus Capital Halal ETF (stopped filing)Lotus Capital Limited · ETF	+11.3%
16	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+11.2%
17	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	+10.9%
18	ARM Ethical Fund (now named ARM Halal Balanced Fund)Asset & Resources Mgt. Co. Ltd · Specialist	+10.7%
19	Cordros Dollar FundCordros Asset Management Limited · Dollar	+10.5%
20	FBN Nigeria Smart Beta Equity Fund (now named First Asset Nigeria Smart Beta Equity Fund)FBNQuest Asset Management Limited · Equity	+10.3%
21	ARM Discovery Balanced FundAsset & Resources Mgt. Co. Ltd · Balanced	+10.0%
22	ARM Fixed Income FundAsset & Resources Mgt. Co. Ltd · Fixed Income	+9.7%
23	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+9.3%
24	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	+8.9%
25	Emerging Africa Eurobond FundEmerging Africa Asset Management Limited · Dollar	+8.9%
26	Legacy USD Bond Fund (now named FCMBAM USD Bond Fund)First City Asset Management Limited · Dollar	+8.6%
27	Vantage Balanced Fund (now named Guaranty Trust Balanced Fund)Guaranty Trust Fund Managers · Balanced	+8.4%
28	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	+8.2%
29	Coral Balanced Fund (Coral Growth Fund)FSDH Asset Management Ltd · Balanced	+8.2%
30	Stanbic IBTC Enhanced Short-Term Fixed Income FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+8.1%
31	Nova Hybrid Balanced FundNovambl Asset Management · Balanced	+7.8%
32	AIICO Balanced FundAIICO Capital Ltd · Balanced	+7.6%
33	Anchoria Fixed Income FundAnchoria Asset Management Limited · Fixed Income	+7.4%
34	Stanbic IBTC Absolute Fund (Sub Fund) (stopped filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+7.4%
35	GDL Canary Growth Fund (now named GDL Canary Balanced Fund)Growth & Development Asset Management Limited · Balanced	+7.2%
36	ESG Impact FundZenith Asset Management Ltd. · Specialist	+7.1%
37	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+7.0%
38	Lead Balanced FundLead Asset Management Limited · Balanced	+6.9%
39	FBN Dollar Fund (Retail) (now named First Asset Dollar Fund (Retail))FBNQuest Asset Management Limited · Dollar	+6.8%
40	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+6.6%
41	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+6.5%
42	Capital Express Balanced FundCapital Express Asset and Trust Limited · Balanced	+6.3%
43	FBN Halal Fund (now named First Asset Halal Fund)FBNQuest Asset Management Limited · Shari'ah	+6.2%
44	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+6.2%
45	VG 30 ETFVetiva Fund Managers Limited · ETF	+5.6%
46	FBN Bond Fund (FBN Fixed Income Fund) (now named First Asset Bond Fund)FBNQuest Asset Management Limited · Fixed Income	+5.4%
47	Balanced Strategy Fund (now named Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	+4.6%
48	Futureview Equity FundFutureview Asset Management Limited · Equity	+4.5%
49	Cordros Milestone FundCordros Asset Management Limited · Balanced	+4.3%
50	ValuAlliance Value FundValuAlliance Asset Management Limited · Balanced	+4.3%
51	VETBANK ETFVetiva Fund Managers Limited · ETF	+4.2%
52	Anchoria Equity FundAnchoria Asset Management Limited · Equity	+4.1%
53	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+4.0%
54	Stanbic IBTC Infrastructure Fund (stopped filing)Stanbic IBTC Asset Mgt.Limited · Real Estate	+4.0%
55	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	+3.5%
56	Stanbic IBTC Shariah Fixed Income FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+3.5%
57	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	+2.8%
58	United Capital Sukuk FundUnited Capital Asset Mgt. Ltd · Shari'ah	+2.8%
59	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	+2.6%
60	Core Value Mixed Fund (stopped filing)Core Asset Management Limited · Balanced	+2.4%
61	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	+2.3%
62	Emerging Africa Bond FundEmerging Africa Asset Management Limited · Fixed Income	+2.2%
63	Lotus Capital Fixed Income Fund (now named Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+1.9%
64	PACAM Equity FundPAC Asset Management Limited · Equity	+1.9%
65	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	+1.9%
66	Norrenberger Islamic FundNorrenberger Investment & Capital Mgt. Ltd. · Shari'ah	+1.8%
67	SIAML ETF 40Stanbic IBTC Asset Mgt.Limited · ETF	+1.7%
68	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	+1.6%
69	Kedari Investment Fund (KIF) (stopped filing)Guaranty Trust Fund Managers · Fixed Income	+1.3%
70	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	+1.2%
71	VCG ETFVetiva Fund Managers Limited · ETF	+0.9%
72	PACAM Balanced FundPAC Asset Management Limited · Balanced	+0.7%
73	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	+0.7%
74	Nigeria Infrastructure Debt Fund (NIDF) (stopped filing)Chapel Hill Denham Management Limited · Real Estate	+0.3%
75	CardinalStone Fixed Income Alpha FundCardinalStone Asset Mgt. Limited · Fixed Income	−0.2%
76	United Capital Fixed Income FundUnited Capital Asset Mgt. Ltd · Fixed Income	−0.3%
77	Nova Dollar Fixed Income FundNovambl Asset Management · Dollar	−0.4%
78	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	−0.8%
79	Greenwich ALPHA ETFGreenwich Asset Management Limited · ETF	−1.2%
80	Vantage Equity Income Fund (now named Guaranty Trust Equity Income Fund)Guaranty Trust Fund Managers · Equity	−1.6%
81	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	−2.0%
82	Emerging Africa Balanced-Diversity Fund (Gender/Diversity) (stopped filing)Emerging Africa Asset Management Limited · Balanced	−3.6%
83	Frontier FundSCM Capital Limited · Equity	−3.7%
84	Coronation Balanced FundCoronation Asset Management · Balanced	−4.3%
85	Zenith Income FundZenith Asset Management Ltd · Fixed Income	−5.4%
86	GDL Income FundGrowth & Development Asset Management Limited · Fixed Income	−9.0%
87	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	−9.1%
88	Legacy Debt Fund (now named FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	−10.8%
89	UPDC Real Estate Investment TrustStanbic IBTC Asset Mgt. Limited · Real Estate	−14.9%
90	Meristem Value ETFMeristem Wealth Management Limited · ETF	−19.4%
91	Meristem Growth ETFMeristem Wealth Management Limited · ETF	−20.5%
92	Greenwich Balanced Fund (Nigeria Entertainment)Greenwich Asset Management Limited · Balanced	−23.5%

Filed in 2022, no rank

57 funds have no figure for the full year. Each line gives the reason. 33 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 2022. A flat price is not a return of zero.

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.
ARM Short Term Bond Fund The fund started to file during the year.
AVA GAM Fixed Income Dollar Fund The filings of the fund have a break in the year.
AVA GAM Fixed Income Fund The filings of the fund have a break in the year.
AXA Mansard Dollar Bond 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 Dollar Fund The filings of the fund have a break in the year.
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.
CapitalTrust Halal Fixed Income 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 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 Fixed Income Fund The fund started to file during the year.
Cordros Halal Fixed Income Fund The fund started to file during the year.
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 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.
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.
DLM Fixed Income Fund The fund started to file during the year.
EDC Balanced Fund The fund started to file during the year.
EDC Halal Fund The fund started to file during the year.
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 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.
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 Dollar Fund (FBN Eurobond ) - Institutional (stopped filing) A filing is missing at the start or at the end of the year.
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.
Futureview Dollar Fund The fund started to file during 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 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.
New Gold ETF The filings of the fund have a break in the year.
Nigeria Bond Fund The fund started to file during the year.
Nigeria Dollar Income Fund The filings of the fund have a break in 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 Real Estate Investment Trust 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.
Norrenberger 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.
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 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.
UBA Nom-Cowry Balanced Fund (now named Cowry Balanced Fund) The fund started to file during the year.
UBA Nom-Cowry Equity Fund (now named Cowry Equity Fund) The fund started to file during the year.
UBA Nom-Cowry Fixed Income Fund (now named Cowry Fixed Income Fund) The fund started to file during the year.
Union Homes REITS 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 Infrastructure Fund (stopped filing) The fund started to file during the year.
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 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) A filing is missing at the start or at the end of 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.
Women's Balanced Fund (stopped filing) The filings of the fund have a break in the year.
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 2022.