YTD returns are annualised per-annum rates. Best/worst/median reflect the distribution within each category. Blue = Money Market funds; Teal = Bond funds.
| # | Fund | Manager | AUM | YTD % | vs. Cat. Avg (16.36%) |
|---|---|---|---|---|---|
| 1 | RT Briscoe Savings & Investment Fund | DLM Asset Management Limited | ₦124.1M | 22.40% | +6.04% |
| 2 | Coronation Money Market Fund | Coronation Asset Management Limited | ₦67.57B | 19.97% | +3.61% |
| 3 | DLM Money Market Fund | DLM Asset Management Limited | ₦1.57B | 19.49% | +3.13% |
| 4 | STL Money Market Fund | STL Asset Management Limited | ₦13.60B | 19.47% | +3.11% |
| 5 | Page Money Market Fund | Page Asset Management Limited | ₦1.70B | 19.41% | +3.05% |
| 6 | Trustbanc Money Market Fund | Trustbanc Asset Management Limited | ₦16.21B | 18.99% | +2.64% |
| 7 | Emerging Africa Money Market Fund | Emerging Africa Asset Management Limited | ₦7.99B | 18.90% | +2.54% |
| 8 | Greenwich Plus Money Market Fund | Greenwich Asset Management Limited | ₦14.18B | 18.57% | +2.21% |
| 9 | CardinalStone Money Market Fund | CardinalStone Asset Mgt. Limited | ₦27.01B | 18.24% | +1.88% |
| 10 | First Ally Money Market Fund | First Ally Asset Management Limited | ₦6.23B | 17.79% | +1.43% |
| 11 | Zedcrest Money Market Fund | Zedcrest Investment Managers Limited | ₦15.48B | 17.72% | +1.36% |
| 12 | SCM Capital Money Market Fund | SCM Capital Limited | ₦2.14B | 17.72% | +1.36% |
| 13 | Chapel Hill Denham Money Market Fund | Chapel Hill Denham Management Limited | ₦39.94B | 17.67% | +1.31% |
| 14 | Meristem Money Market Fund | Meristem Wealth Management Limited | ₦115.10B | 17.63% | +1.27% |
| 15 | Norrenberger Money Market Fund | Norrenberger Investment & Capital Mgt. Ltd. | ₦43.90B | 17.51% | +1.15% |
| 16 | Alpha10 Money Market Fund | Alpha10 Fund Management Limited | ₦1.85B | 17.26% | +0.90% |
| 17 | GTI Money Market Fund | GTI Asset Management & Trust Limited | ₦126.8M | 17.25% | +0.89% |
| 18 | Guaranty Trust Money Market Fund | Guaranty Trust Fund Managers | ₦460.12B | 17.03% | +0.67% |
| 19 | AVA GAM Money Market Fund | AVA Global Asset Managers Limited | ₦2.44B | 16.90% | +0.54% |
| 20 | Myrtle Mynest Money Market Fund | Myrtle Asset Management Limited | ₦440.6M | 16.79% | +0.43% |
| 21 | Parthian Money Market Fund | Parthian Capital Limited | ₦2.39B | 16.72% | +0.36% |
| 22 | AIICO Money Market Fund | AIICO Capital Ltd | ₦41.06B | 16.71% | +0.36% |
| 23 | GDL Money Market Fund | Growth & Development Asset Management Limited | ₦2.01B | 16.38% | +0.02% |
| 24 | Mango Naira Money Market Fund | Mango Asset Management Limited | ₦6.42B | 16.35% | -0.01% |
| 25 | Coral Money Market Fund | FSDH Asset Management Ltd | ₦97.97B | 16.16% | -0.20% |
| 26 | Legacy Money Market Fund | FCMB Asset Management Limited | ₦65.34B | 16.15% | -0.21% |
| 27 | Vetiva Money Market Fund | Vetiva Fund Managers Limited | ₦10.33B | 16.13% | -0.23% |
| 28 | Cordros Money Market Fund | Cordros Asset Management Limited | ₦42.78B | 16.09% | -0.27% |
| 29 | Zenith Money Market Fund | Zenith Asset Management Ltd | ₦149.99B | 16.05% | -0.31% |
| 30 | FSL Money Market Fund | FSL Asset Management Limited | ₦5.15B | 16.00% | -0.36% |
48 of 48 funds have YTD data. Category avg: 16.36%. Performance range: 0.00% – 22.40%. The 22.40 pp spread reflects manager skill differences in T-bill ladder positioning.
| # | Fund | Manager | AUM | YTD % | vs. Cat. Avg (10.87%) |
|---|---|---|---|---|---|
| 1 | First Asset Bond Fund | First Asset Management Limited | ₦20.43B | 42.54% | +31.67% |
| 2 | DLM Fixed Income Fund | DLM Asset Management Limited | ₦2.72B | 21.28% | +10.41% |
| 3 | Stanbic IBTC Enhanced Short-Term Fixed Income Fund | Stanbic IBTC Asset Mgt. Limited | ₦5.71B | 19.28% | +8.41% |
| 4 | Radix Horizon Fund | Radix Capital Partners Limited | ₦1.05B | 17.78% | +6.91% |
| 5 | Lead Fixed Income Fund | Lead Asset Management Limited | ₦1.90B | 16.99% | +6.12% |
| 6 | Meristem Fixed Income Fund | Meristem Wealth Management Limited | ₦779.8M | 16.97% | +6.10% |
| 7 | FCMBAM Debt Fund | FCMB Asset Management Limited | ₦1.15B | 16.97% | +6.10% |
| 8 | Stanbic IBTC Conservative Fund (Sub Fund) | Stanbic IBTC Asset Mgt. Limited | ₦1.26B | 16.23% | +5.36% |
| 9 | SFS Fixed Income Fund | SFS Capital Nigeria Ltd | ₦12.03B | 16.02% | +5.15% |
| 10 | Legacy Debt Fund | FCMB Asset Management Limited | ₦1.15B | 15.97% | +5.10% |
| 11 | United Capital Stable Income Fund | United Capital Asset Mgt. Ltd | ₦60.75B | 15.30% | +4.43% |
| 12 | Emerging Africa Bond Fund | Emerging Africa Asset Management Limited | ₦764.6M | 15.07% | +4.20% |
| 13 | Comercio Partners Fixed Income Fund | Comercio Partners Asset Management Limited | ₦198.6M | 14.62% | +3.75% |
| 14 | Trustbanc Fixed Income Fund | Trustbanc Asset Management Limited | ₦118.0M | 14.60% | +3.73% |
| 15 | Norrenberger Turbo Fund (NTF) | Norrenberger Investment & Capital Mgt. Ltd. | ₦5.75B | 14.41% | +3.54% |
| 16 | Zenith Income Fund | Zenith Asset Management Ltd | ₦2.04B | 14.40% | +3.53% |
| 17 | ARM Short Term Bond Fund | ARM Investment Managers Limited | ₦672.1M | 14.26% | +3.39% |
| 18 | CEAT Fixed Income Fund | Capital Express Asset and Trust Limited | ₦503.3M | 13.98% | +3.11% |
| 19 | Coronation Premium Fixed Income Fund | Coronation Asset Management Limited | ₦172.3M | 13.00% | +2.13% |
| 20 | Coral Income Fund | FSDH Asset Management Ltd | ₦2.11B | 12.99% | +2.12% |
| 21 | Cordros Fixed Income Fund | Cordros Asset Management Limited | ₦381.4M | 12.02% | +1.15% |
| 22 | ARM Fixed Income Fund | ARM Investment Managers Limited | ₦1.21B | 11.42% | +0.55% |
| 23 | Cowry Fixed Income Fund | Cowry Treasurers Limited | ₦237.9M | 8.83% | -2.04% |
| 24 | United Capital Fixed Income Fund | United Capital Asset Mgt. Ltd | ₦77.53B | 8.57% | -2.30% |
| 25 | AVA GAM Fixed Income Fund | AVA Global Asset Managers Limited | ₦328.9M | 7.15% | -3.72% |
| 26 | Coronation Fixed Income Fund | Coronation Asset Management Limited | ₦1.13B | 7.12% | -3.75% |
| 27 | CFG AM Fixed Income Naira Fund | CFG Asset Management Limited | ₦3.51B | 6.97% | -3.90% |
| 28 | CardinalStone Fixed Income Alpha Fund | CardinalStone Asset Mgt. Limited | ₦1.78B | 6.32% | -4.55% |
| 29 | Guaranty Trust Fixed Income Fund | Guaranty Trust Fund Managers | ₦12.38B | 6.00% | -4.87% |
| 30 | Anchoria Fixed Income Fund | Anchoria Asset Management Limited | ₦1.14B | 5.94% | -4.93% |
41 of 41 funds have YTD data. Category avg: 10.87%. Performance range: -5.64% – 42.54%.
Nigeria's fixed income mutual fund landscape as of 2026-04-30 shows a two-tier structure where Money Market Funds (48 funds, ₦5.38T AUM) and Bond Funds (41 funds, ₦257.32B AUM) serve different investor needs at different risk levels.
Money Market Funds average 16.36% YTD, with the top performer at 22.40% and the lowest at 0.00%. The 22.40 pp spread between best and worst performers in this near-commodity category is notable — it indicates that T-bill ladder positioning and institutional credit access create meaningful alpha opportunities even in short-duration instruments. RT Briscoe Savings & Investment Fund leads at 22.40%.
Bond Funds average 10.87% YTD — trailing Money Market Funds by 5.48 pp. The wider performance range in bond funds (48.18 pp) versus money market funds (22.40 pp) reflects greater sensitivity to duration, credit quality, and mark-to-market revaluation in a volatile rate environment.
For conservative investors, the data suggests Money Market Funds offer superior risk-adjusted returns in the current high-rate environment. Bond funds carry more volatility without commensurately higher average returns. The key selection criteria within each category are manager experience, fund size (larger funds typically access better institutional rates), and redemption terms.