Equity-based mu‑ tual funds in Ni‑ geria recorded a combined net asset value of approximately N67.5 billion as of February 2026, underscoring in‑ creasing investor appe‑ tite for equity-linked in‑ vestment vehicles amid the sustained rally in the domestic stock market.

Figures compiled from the (SEC) indicate that the top 10 equity-based funds delivered strong year-to-date (YTD) returns, largely supported by the positive momentum recorded by stocks listed on the (NGX). Leading the pack is the ARM Aggressive Growth Fund man‑ aged by , which posted a remark‑ able YTD return of 137.41 per cent.

The fund also reported a net asset value (NAV) of N11.47 billion, reflecting robust portfolio performance and strong investor participation. The Zedcrest Equity Fund, managed by , secured the sec‑ ond position with a YTD return of 44.57 per cent and a NAV of N1.64 billion. Market observers attribute the fund’s performance to its strategic allocation to topperforming equities across key sectors of the Nigerian economy.

Halo Equity Fund ranked third with a return of 37 per cent and an NAV of N360 mil‑ lion, while Paramount Equity Fund followed with a return of 35.71 percent and assets valued at N14.24 billion. In the same category, Zrosk Magna Equity Fund posted a YTD return of 35.32 per cent with a NAV of N14.81 billion, making it one of the largest funds among the leading performers by asset size.

Legacy Equity Fund delivered a return of 30.53 per cent and recorded a NAV of N3.71 billion, highlighting continued investor confidence in equity-focused mu‑ tual funds. Also among the top perform‑ ers is the Meristem Equity Market Fund managed by , which record‑ ed a YTD return of 28.98 per cent with assets worth N6.56 billion.

Similarly, the Guaranty Trust Equity Income Fund offered by generated a return of 28.68 per cent and reported a NAV of N12.76 billion, while the Ancho‑ ria Equity Fund posted a return of 28.63 per cent with assets val‑ ued at N1.72 billion. Completing the list is the PA‑ CAM Equity Fund managed by , which recorded a YTD return of 28.18 per cent and a NAV of N230 million.

Analysts say the strong showing by equity-based funds mirrors the bullish perfor‑ mance of the Nigerian equi‑ ties market over the past year, driven by improved corporate earnings, dividend expectations and rising participation from both institutional and retail investors.