Fixed Income Portfolio Analysis — Nigeria Mutual Funds

CBN MPR

27.50%

Policy rate (Jan 2026)

91-Day T-Bill

~18–19%

Latest auction yield

MM Fund Avg YTD

16.55%

41 funds · 10-week YTD

Bond Fund Avg YTD

9.90%

37 funds · wide dispersion

CPI Inflation

24.48%

Jan 2026 · ↓ from 34.8% peak

Money Market Funds — Top 15 by YTD (of 41)

#	Fund	Manager	YTD
1	RT Briscoe S&I Fund	DLM AM	24.33%
2	Page Money Market Fund	Page AM	20.36%
3	STL Money Market Fund	STL AM	20.19%
4	Trustbanc Money Market	Trustbanc AM	19.56%
5	Zedcrest Money Market	Zedcrest IM	18.03%
6	Meristem Money Market	Meristem WM	17.92%
7	GT Money Market Fund	GT Fund Mgrs	17.88%
8	First Ally Money Market	First Ally AM	17.80%
9	Norrenberger MMF	Norrenberger	17.55%
10	SCM Capital MMF	SCM Capital	17.72%
11	Greenwich Plus MMF	Greenwich AM	17.61%
12	CardinalStone MMF	CardinalStone	17.60%
13	ARM Money Market Fund	ARM IM	17.34%
14	Chapel Hill MMF	Chapel Hill Denham	17.30%
15	Mango Naira MMF	Mango AM	17.20%
Category average (41 funds)			16.55%
—	Parthian Capital MMF	Parthian	11.76%
—	Fundvine Berkshire MMF	Fundvine	10.50%

YTD = 10-week return (Jan 2 – Mar 6, 2026). Annualized MM avg ~86%.

Bond Funds — Performance Rankings (37 funds)

Fund	Manager	YTD
AVA GAM Fixed Income	AVA Global	27.19%
Comercio Partners FI	Comercio Partners	26.06%
Legacy Debt Fund	FCMB AM	23.39%
Trustbanc Fixed Income	Trustbanc AM	22.40%
ARM Fixed Income Fund	ARM IM	20.79%
Radix Horizon Fund	Radix Capital	19.65%
Lead Fixed Income	Lead AM	16.56%
Meristem Fixed Income	Meristem WM	17.11%
Norrenberger Turbo	Norrenberger	18.48%
Category average (37 funds)		9.90%
Coronation FI Fund	Coronation AM	7.68%
Stanbic IBTC Bond Fund	Stanbic IBTC	0.00%
Stanbic IBTC Absolute	Stanbic IBTC	0.00%
PACAM Fixed Income	PAC AM	−7.04%

Yield Comparison — All Asset Classes

Equity Funds (avg YTD)

+38.04%

MM Funds (annualized)

~86%*

MM Funds (raw 10-wk YTD)

16.55%

CBN MPR (reference rate)

27.50%

91-Day T-Bill yield

~18.5%

Bond Funds (avg YTD)

9.90%

CPI Inflation

24.48%

Dollar Funds (avg YTD)

3.61%

*MM annualized: 16.55% over 10 weeks × 52/10 ≈ 86%. Bars scale: 0–140%.

CBN Rate Cut Scenario Analysis — Impact on Fund Categories

Scenario	MPR Move	New MPR	T-Bill Yield Implication	MM Fund Impact	Bond Fund Impact	Equity Impact	Dollar Fund Impact
Bull — Aggressive cut	−150bps	26.00%	T-bills fall to ~16–17%	↓ Yield compression; NAV stable	↑ Price appreciation +3–5% on long bonds	↑ Strong re-rating + inflows	↕ NGN may weaken on rate differential
Base — Gradual cuts	−50–75bps	26.75–27.00%	T-bills ease to ~17.5–18%	Marginal yield compression; orderly	Modest price gains +1–2% on medium-term	↑ Mild positive; earnings relief	NGN stable; modest outperformance vs. equities
Bear — Hold / hike	0 to +50bps	27.50–28.00%	T-bills stay at 18–19%+	↑ Sustained high MM yields	↓ Further losses on long-duration bond funds	↓ P/E compression; earnings headwinds	↑ Higher carry on USD deposits

Investment Takeaways

MM Funds Remain Dominant Store of Value

At ~16.55% YTD through 10 weeks (~86% ann.), Nigerian money market funds are generating real positive returns 60pp+ above CPI of 24.48%. The top 15 funds cluster tightly between 17–19%, showing a competitive, efficient market.

Bond Fund Dispersion Is Extreme

Bond fund YTD ranges from −7.04% (PACAM) to +27.19% (AVA GAM) — a 34pp spread. Duration positioning is the dominant driver. Long-duration bond funds have been penalized by the elevated CBN rate environment throughout H2 2025 and Q1 2026.

Dollar Funds: NGN Appreciation Headwind

Dollar funds average only +3.61% YTD (vs. MM funds at 16.55%). With NGN appreciating ~12% from 2025 highs, USD-denominated holdings have significantly underperformed Naira instruments. Dollar funds only make sense as a hedge.

Rate Cut Sensitivity Favors Medium Duration

If CBN cuts MPR 50–100bps in H1 2026 as expected, medium-duration bond funds (3–5yr) offer the best risk/reward — enough duration to benefit from price gains without the volatility of long-end funds. Short-end MM funds will face mild yield compression.

Data: SEC Nigeria via Rategyde · CBN, NBS (macro data) · Analysis: Rategyde AI · March 19, 2026 | Data sourced from SEC Nigeria weekly NAV reports; all analysis is generated by Rategyde AI for informational purposes only, does not constitute investment advice or a solicitation, and should not be relied upon for investment decisions without independent verification.

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