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2023: the board for the year

98 funds ranked on the return made over calendar 2023 — the last filing of 2022 against the last filing of 2023. Every fund that filed with the Commission that year is here, including the ones that have since closed. Led by Stanbic IBTC ETF 30 Fund at +581.7%.

Return over calendar 2023. 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	2023
1	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	+581.7%
2	SIAML ETF 40Stanbic IBTC Asset Mgt.Limited · ETF	+278.3%
3	Legacy USD Bond Fund (now FCMBAM USD Bond Fund)First City Asset Management Limited · Dollar	+164.8%
4	Futureview Dollar FundFutureview Asset Management Limited · Dollar	+133.5%
5	Nigeria Dollar Income FundChapel Hill Denham Mgt. Limited · Dollar	+128.5%
6	Cordros Dollar FundCordros Asset Management Limited · Dollar	+126.8%
7	Meristem Value ETFMeristem Wealth Management Limited · ETF	+118.2%
8	PACAM Eurobond FundPAC Asset Management Limited · Dollar	+115.5%
9	VETBANK ETFVetiva Fund Managers Limited · ETF	+113.4%
10	AXA Mansard Dollar Bond FundAXA Mansard Investments Limited · Dollar	+112.9%
11	FSDH Dollar FundFSDH Asset Management Ltd · Dollar	+112.5%
12	ARM Eurobond FundAsset & Resources Mgt. Co. Ltd · Dollar	+109.5%
13	Emerging Africa Eurobond FundEmerging Africa Asset Management Limited · Dollar	+108.8%
14	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Dollar	+105.7%
15	Norrenberger Dollar FundNorrenberger Investment & Capital Mgt. Ltd. · Dollar	+104.4%
16	AVA GAM Fixed Income Dollar FundAVA Global Asset Managers Limited · Dollar	+100.6%
17	FBN Dollar Fund (Retail) (now First Asset Dollar Fund (Retail))FBNQuest Asset Management Limited · Dollar	+97.5%
18	New Gold ETFNew Gold Managers (Proprietary) Ltd · ETF	+97.0%
19	VCG ETFVetiva Fund Managers Limited · ETF	+94.0%
20	United Capital Nigerian Eurobond FundUnited Capital Asset Mgt. Ltd · Dollar	+90.3%
21	Futureview Equity FundFutureview Asset Management Limited · Equity	+87.6%
22	ValuAlliance Value FundValuAlliance Asset Management Limited · Balanced	+87.0%
23	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	+66.0%
24	Meristem Growth ETFMeristem Wealth Management Limited · ETF	+65.9%
25	Afrinvest Equity FundAfrinvest Asset Mgt Ltd. · Equity	+64.4%
26	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	+53.8%
27	PACAM Equity FundPAC Asset Management Limited · Equity	+51.2%
28	VG 30 ETFVetiva Fund Managers Limited · ETF	+50.7%
29	FBN Nigeria Smart Beta Equity Fund (now First Asset Nigeria Smart Beta Equity Fund)FBNQuest Asset Management Limited · Equity	+50.2%
30	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	+50.0%
31	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	+48.3%
32	Women's Balanced Fund (no longer filing)Chapel Hill Denham Mgt. Limited · Balanced	+45.8%
33	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	+44.1%
34	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+44.1%
35	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	+43.5%
36	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	+42.6%
37	Legacy Equity Fund (now FCMBAM Equity Fund)First City Asset Management Limited · Equity	+39.9%
38	Greenwich ALPHA ETFGreenwich Asset Management Limited · ETF	+39.8%
39	ESG Impact FundZenith Asset Management Ltd. · Specialist	+39.5%
40	Lotus Capital Halal ETF (no longer filing)Lotus Capital Limited · ETF	+39.0%
41	Coral Balanced FundFSDH Asset Management Ltd · Balanced	+37.3%
42	Guaranty Trust Equity Income FundGuaranty Trust Fund Managers · Equity	+36.7%
43	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	+36.5%
44	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+36.4%
45	FBN Balanced Fund (now First Asset Balanced Fund)FBNQuest Asset Management Limited · Balanced	+35.4%
46	Frontier FundSCM Capital Limited · Equity	+35.4%
47	GDL Canary Growth FundGrowth & Development Asset Management Limited · Balanced	+35.3%
48	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	+35.0%
49	Capital Express Balanced FundCapital Express Asset and Trust Limited · Balanced	+33.9%
50	Nova Hybrid Balanced FundNovambl Asset Management · Balanced	+33.9%
51	Balanced Strategy Fund (now Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	+32.7%
52	ARM Discovery Balanced FundAsset & Resources Mgt. Co. Ltd · Balanced	+31.4%
53	AIICO Balanced FundAIICO Capital Ltd · Balanced	+31.3%
54	Anchoria Equity FundAnchoria Asset Management Limited · Equity	+31.3%
55	Coronation Balanced FundCoronation Asset Management · Balanced	+28.1%
56	Cordros Milestone FundCordros Asset Management Limited · Balanced	+25.4%
57	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+24.5%
58	Lead Balanced FundLead Asset Management Limited · Balanced	+24.2%
59	United Capital Wealth for Women FundUnited Capital Asset Mgt. Ltd · Balanced	+22.4%
60	Guaranty Trust Balanced FundGuaranty Trust Fund Managers · Balanced	+16.0%
61	VI ETFVetiva Fund Managers Limited · ETF	+13.1%
62	EDC Balanced FundEDC Fund Management Limited · Balanced	+12.1%
63	GDL Income FundGrowth & Development Asset Management Limited · Fixed Income	+12.0%
64	Greenwich Balanced FundGreenwich Asset Management Limited · Balanced	+10.3%
65	Stanbic IBTC Absolute Fund (Sub Fund) (no longer filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+9.6%
66	Stanbic IBTC Enhanced Short-Term Fixed Income FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+9.5%
67	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+9.1%
68	FBN Halal Fund (now First Asset Halal Fund)FBNQuest Asset Management Limited · Shari'ah	+8.8%
69	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+7.7%
70	Zenith Income FundZenith Asset Management Ltd · Fixed Income	+7.5%
71	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	+7.1%
72	United Capital Sukuk FundUnited Capital Asset Mgt. Ltd · Shari'ah	+6.8%
73	Cordros Halal Fixed Income FundCordros Asset Management Limited · Shari'ah	+6.7%
74	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+6.2%
75	EDC Halal FundEDC Fund Management Limited · Shari'ah	+6.1%
76	Stanbic IBTC Shariah Fixed Income FundStanbic IBTC Asset Mgt. Limited · Shari'ah	+6.0%
77	FBN Bond Fund (now First Asset Bond Fund)FBNQuest Asset Management Limited · Fixed Income	+5.3%
78	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	+5.3%
79	Lotus Halal Investment FundLotus Capital Limited · Shari'ah	+5.2%
80	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	+4.6%
81	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+4.4%
82	Emerging Africa Bond FundEmerging Africa Asset Management Limited · Fixed Income	+3.8%
83	Anchoria Fixed Income FundAnchoria Asset Management Limited · Fixed Income	+3.5%
84	AVA GAM Fixed Income FundAVA Global Asset Managers Limited · Fixed Income	+3.1%
85	Lotus Capital Fixed Income Fund (now Lotus Halal Fixed Income Fund)Lotus Capital Limited · Shari'ah	+2.5%
86	Cordros Fixed Income FundCordros Asset Management Limited · Fixed Income	+1.9%
87	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	+1.8%
88	CapitalTrust Halal Fixed Income FundCapitalTrust Investments & Asset Management Ltd. · Shari'ah	+1.3%
89	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	+0.9%
90	CardinalStone Fixed Income Alpha FundCardinalStone Asset Mgt. Limited · Fixed Income	+0.8%
91	Nigeria Infrastructure Debt Fund (NIDF)Chapel Hill Denham Management Limited · Real Estate	+0.8%
92	Norrenberger Islamic FundNorrenberger Investment & Capital Mgt. Ltd. · Shari'ah	+0.6%
93	Legacy Debt Fund (now FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	+0.3%
94	Core Value Mixed Fund (no longer filing)Core Asset Management Limited · Balanced	0.0%
95	United Capital Fixed Income FundUnited Capital Asset Mgt. Ltd · Fixed Income	−0.1%
96	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	−3.4%
97	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	−5.2%
98	Nigeria Bond FundChapel Hill Denham Mgt. Limited · Fixed Income	−5.9%

Filed in 2023, not ranked

66 funds with no figure for the whole year. A dash needs a reason, so each one says why. 33 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 2023, and a flat price is not a return of zero.

AIICO Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
ARM Ethical Fund (now ARM Halal Balanced Fund) a break in its filings spans the year
ARM Fixed Income Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
ARM Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
ARM Short Term Bond Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
AXA Mansard Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Afrinvest Dollar Fund a break in its filings spans the year
Afrinvest Plutus Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Anchoria Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Chapel Hill Denham Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Coral Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Cordros Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Core Investment Money Market Fund (no longer filing) its unit price did not move once all year while it filed a weekly return: a price nobody updated, which is not a return of zero
Coronation Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Cowry Balanced Fund a break in its filings spans the year
Cowry Equity Fund a break in its filings spans the year
Cowry Eurobond Fund started filing during the year
Cowry Fixed Income Fund a break in its filings spans the year
DLM Fixed Income Fund its unit price did not move once all year while it filed a weekly return: a price nobody updated, which is not a return of zero
EDC Dollar Fund started filing during the year
EDC Money Market Fund Class A holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
EDC Money Market Fund Class B holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Emerging Africa Balanced-Diversity Fund a filing is missing at one edge of the year
Emerging Africa Balanced-Diversity Fund (Gender/Diversity) (no longer filing) a filing is missing at one edge of the year
Emerging Africa Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
FBN Money Market Fund (now First Asset Money Market Fund) holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
FBN Specialized Dollar Fund (now First Asset Specialized Dollar Fund) started filing during the year
FSDH Halal Fund started filing during the year
First Ally Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
GDL Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Greenwich Plus Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Guaranty Trust Fixed Income Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Guaranty Trust Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Housing Solution Fund started filing during the year
Kedari Investment Fund (KIF) (no longer filing) a filing is missing at one edge of the year
Legacy Money Market Fund (now FCMBAM Money Market Fund) holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Marble Halal Commodities Fund started filing during the year
Marble Halal Fixed Income Fund started filing during the year
Meristem Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Nigeria Energy Sector Fund its unit price did not move once all year while it filed a weekly return: a price nobody updated, which is not a return of zero
Nigeria Real Estate Investment Trust a break in its filings spans the year
Norrenberger Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Norrenberger Turbo Fund (NTF) started filing during the year
Nova Dollar Fixed Income Fund a break in its filings spans the year
Nova Prime Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
PACAM Balanced Fund a break in its filings spans the year
PACAM Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Page Money Market Fund started filing during the year
Radix Horizon Fund started filing during the year
SFS Real Estate Investment Trust Fund a break in its filings spans the year
Stanbic IBTC Infrastructure Fund (no longer filing) a filing is missing at one edge of the year
Stanbic IBTC Infrastructure Fund Series 2 (no longer filing) started filing during the year
Stanbic IBTC Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Trustbanc Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
UPDC Real Estate Investment Trust a break in its filings spans the year
Union Homes REITS holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
United Capital Global Fixed Income Fund started filing during the year
United Capital Infrastructure Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
United Capital Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Utica Capital Limited (no longer filing) started filing during the year
Utica Custodian Assured Fixed Income Fund started filing during the year
ValuAlliance Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Vantage Dollar Fund (no longer filing) a break in its filings spans the year
Vantage Dollar Fund (VDF) (now Guaranty Trust Dollar Fund) started filing during the year
Vetiva Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year
Zenith Money Market Fund holds its unit price flat and pays out yield, and the yield it filed covers less than nine-tenths of the year

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 2023.