Category Performance Summary
YTD avg return by asset class · Week ending Mar 6, 2026
| Category | Avg YTD Return | Relative Performance | # Funds | Note |
|---|---|---|---|---|
|
ETFs LEADER
Exchange-traded funds (equity + bond ETFs)
|
+48.16% | 12 | VI ETF +108%, VETBANK +72% | |
|
Equity
Nigerian equity-focused funds
|
+38.04% | 20 | All positive, narrow 26–141% | |
|
Balanced HIGH DISP.
Mixed asset / multi-strategy
|
+28.96% | 27 | ARM Aggressive leads at 141% | |
|
Shari'ah
Islamic-compliant funds
|
+17.80% | 19 | ARM Halal Balanced +149% | |
|
Money Market LARGEST
Short-duration NGN instruments
|
+16.55% | 41 | Highest fund count; stable | |
|
Bond
Fixed income / duration
|
+9.90% | 37 | PACAM −7.04% drags avg | |
|
Dollar / USD LAGGING
USD-denominated funds
|
+3.61% | 36 | NGN appreciation ~12% headwind |
Top 10 Performers — YTD Leaderboard
Best YTD returns across all categories · as of Mar 6, 2026
#1
Clean Energy Fund — Fundco
+276.99%
#2
ARM Halal Balanced Fund — ARM Investment Managers
+149.01%
#3
Capital Express Balanced Fund — Capital Express
+147.84%
#4
ARM Aggressive Growth Fund — ARM Investment Managers
+141.20%
#5
Lead Balanced Fund — Lead Asset Management
+134.82%
#6
VI ETF — Vetiva Fund Managers
+108.33%
#7
Vetiva S&P Nig. Sovereign Bond ETF — Vetiva
+108.31%
#8
ARM Discovery Balanced Fund — ARM Investment Managers
+89.14%
#9
VETBANK ETF — Vetiva Fund Managers
+72.20%
#10
Zedcrest Equity Fund — Zedcrest Capital
+50.42%
Biggest Laggards
Underperformers by YTD return · as of Mar 6, 2026
L1
FCMB-TLG Private Debt Fund
Illiquid private debt instrument — anomalous NAV reporting; not directly comparable to open-ended peers
−56.07%
L2
PACAM Fixed Income Fund
Bond duration risk; likely longer-dated FGN exposure in a high-rate environment
−7.04%
L3
FBN Blended Dollar Fund
NGN appreciation ~12% creates severe headwind for USD-denominated holdings
−0.13%
L4
Stanbic IBTC Bond Fund
Flat YTD — duration positioning likely neutral; mark-to-market losses offset accrual income
0.00%
L5
UPDC REIT
Real estate investment trust — flat NAV; illiquid underlying assets; distribution-focused vehicle
0.00%
3 Key Market Takeaways
Themes that defined the week ending Mar 6, 2026
ARM Fund Family Dominates Top 10
ARM Investment Managers placed three flagship funds — Halal Balanced (+149%), Aggressive Growth (+141%), and Discovery Balanced (+89%) — in the top 10. This concentration signals superior asset allocation and equity beta capture rather than idiosyncratic luck. ARM's consistent overweight to NGN equities has compounded strongly as the NSE All-Share rallied.
NGN Strength Rewards Naira Holders
The naira has appreciated ~12% YTD against the USD, creating a stark bifurcation: NGN-denominated equity and balanced funds are posting triple-digit returns while dollar funds average only +3.61%. Investors in USD vehicles are seeing FX translation drag erode otherwise positive USD-denominated gains.
Islamic Finance Momentum Builds
Shari'ah-compliant funds averaged +17.80% YTD, but ARM Halal Balanced at +149% is an outlier that skews perception. The category shows wide dispersion. Halal funds that took equity-heavy positions — permissible under screening criteria — captured the NGX rally, while more conservative Shari'ah money market vehicles tracked conventional MM peers.
Important Notice — 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.