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2023: the board for the year

This page ranks 98 funds by the return for calendar year 2023. The return compares the last filing of 2022 with the last filing of 2023. The list includes all funds that filed with the Commission in 2023, also the funds that closed after that year. First place: Stanbic IBTC ETF 30 Fund, with +581.7%.

Return for calendar year 2023. 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	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 named 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 named 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 named 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 (stopped 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 named 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 (stopped 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 named First Asset Balanced Fund)FBNQuest Asset Management Limited · Balanced	+35.4%
46	Frontier FundSCM Capital Limited · Equity	+35.4%
47	GDL Canary Growth Fund (now named GDL Canary Balanced Fund)Growth & 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 named 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) (stopped 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 named 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 named 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 named 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) (stopped filing)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 named FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	+0.3%
94	Core Value Mixed Fund (stopped 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, no rank

66 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 2023. A flat price is not a return of zero.

AIICO Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
ARM Ethical Fund (now named ARM Halal Balanced Fund) The filings of the fund have a break in the year.
ARM Fixed Income Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
ARM Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
ARM Short Term Bond Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
AXA Mansard Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Afrinvest Dollar Fund The filings of the fund have a break in the year.
Afrinvest Plutus Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Anchoria Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Chapel Hill Denham Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Coral Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Cordros Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Core Investment Money Market Fund (stopped filing) The unit price did not change during the year, but the fund filed a weekly return. Nobody updated the price. This is not a return of zero.
Coronation Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Cowry Balanced Fund The filings of the fund have a break in the year.
Cowry Equity Fund The filings of the fund have a break in the year.
Cowry Eurobond Fund The fund started to file during the year.
Cowry Fixed Income Fund The filings of the fund have a break in the year.
DLM Fixed Income Fund The unit price did not change during the year, but the fund filed a weekly return. Nobody updated the price. This is not a return of zero.
EDC Dollar Fund The fund started to file during the year.
EDC Money Market Fund Class A The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
EDC Money Market Fund Class B The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Emerging Africa Balanced-Diversity Fund A filing is missing at the start or at the end of the year.
Emerging Africa Balanced-Diversity Fund (Gender/Diversity) (stopped filing) A filing is missing at the start or at the end of the year.
Emerging Africa Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
FBN Money Market Fund (now named First Asset Money Market Fund) The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
FBN Specialized Dollar Fund (now named First Asset Specialized Dollar Fund) The fund started to file during the year.
FSDH Halal Fund The fund started to file during the year.
First Ally Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
GDL Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Greenwich Plus Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Guaranty Trust Fixed Income Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Guaranty Trust Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Housing Solution Fund The fund started to file during the year.
Kedari Investment Fund (KIF) (stopped filing) A filing is missing at the start or at the end of the year.
Legacy Money Market Fund (now named FCMBAM Money Market Fund) The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Marble Halal Commodities Fund The fund started to file during the year.
Marble Halal Fixed Income Fund The fund started to file during the year.
Meristem Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Nigeria Energy Sector Fund The unit price did not change during the year, but the fund filed a weekly return. Nobody updated the price. This is not a return of zero.
Nigeria Real Estate Investment Trust The filings of the fund have a break in the year.
Norrenberger Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Norrenberger Turbo Fund (NTF) The fund started to file during the year.
Nova Dollar Fixed Income Fund The filings of the fund have a break in the year.
Nova Prime Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
PACAM Balanced Fund The filings of the fund have a break in the year.
PACAM Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Page Money Market Fund The fund started to file during the year.
Radix Horizon Fund The fund started to file during the year.
SFS Real Estate Investment Trust Fund The filings of the fund have a break in the year.
Stanbic IBTC Infrastructure Fund (stopped filing) A filing is missing at the start or at the end of the year.
Stanbic IBTC Infrastructure Fund Series 2 (stopped filing) The fund started to file during the year.
Stanbic IBTC Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Trustbanc Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
UPDC Real Estate Investment Trust The filings of the fund have a break in the year.
Union Homes REITS The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
United Capital Global Fixed Income Fund The fund started to file during the year.
United Capital Infrastructure Fund (stopped filing) The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
United Capital Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Utica Capital Limited (stopped filing) The fund started to file during the year.
Utica Custodian Assured Fixed Income Fund The fund started to file during the year.
ValuAlliance Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Vantage Dollar Fund (stopped filing) The filings of the fund have a break in the year.
Vantage Dollar Fund (VDF) (now named Guaranty Trust Dollar Fund) The fund started to file during the year.
Vetiva Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.
Zenith Money Market Fund The fund keeps its unit price constant and pays its return as yield. The yield that it filed covers less than nine-tenths of the year.

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 2023.