Top Performing Money Market Funds in Q1 2026 — Nigeria's ₦5.45 Trillion Race for Yield
Q1 2026 Sector Overview
Nigeria's money market fund sector closed Q1 2026 holding ₦5.45 trillion in assets across 46 reporting funds — a testament to the enduring appeal of daily-liquidity instruments in an economy where the Central Bank's Monetary Policy Rate (MPR) sits at 27.50% and annual CPI inflation remains elevated at approximately 33.2%. Yet the picture for investors is nuanced: with the 91-day Treasury Bill stop rate running near 18% during the quarter, most money market funds are delivering yields that trail both the short-end sovereign rate and inflation in real terms, averaging 16.45% per annum by the final SEC reporting date of 27 March.
That context matters. Money market funds compete on two dimensions — yield and liquidity. On yield, the best managers are squeezing out 18–20%, well above T-bill rates for funds that can negotiate higher-yield commercial paper and bank placements. On liquidity, they remain unmatched for retail and institutional investors who cannot lock up capital in 91-day instruments. The 702,711 unitholders in the sector are voting with their wallets.
Top Performers Leaderboard
STL Asset Management's STL Money Market Fund leads the sector into Q1-end with a 20.24% annualised YTD return — 375 basis points above the sector average and the only fund to break the 20% threshold. The fund's ₦10.7 billion AUM puts it firmly in the mid-tier by size, which may be the point: smaller funds retain the agility to rotate quickly into higher-yielding short-duration paper without moving the market.
Trustbanc Asset Management places second at 19.55%, followed closely by Page Asset Management at 19.31%. Both manage relatively lean books (₦15.9B and ₦1.6B respectively), reinforcing the boutique advantage.
The most notable performer by trend is Greenwich Plus Money Market Fund (Greenwich Asset Management, ₦11.8B AUM) at 18.34% — one of only six funds whose YTD rate actually rose during Q1, gaining 205 basis points versus the December 2025 baseline. In a quarter where 39 of 46 funds experienced yield compression, that is a meaningful counter-trend signal.
| # | Fund | Manager | YTD Yield | AUM |
|---|---|---|---|---|
| 1 | STL Money Market Fund | STL Asset Management | 20.24% | ₦10.7B |
| 2 | Trustbanc Money Market Fund | Trustbanc Asset Management | 19.55% | ₦15.9B |
| 3 | Page Money Market Fund | Page Asset Management | 19.31% | ₦1.6B |
| 4 | Greenwich Plus Money Market Fund | Greenwich Asset Management | 18.34% | ₦11.8B |
| 5 | Emerging Africa Money Market Fund | Emerging Africa Asset Management | 18.21% | ₦8.2B |
| 6 | Chapel Hill Denham Money Market Fund | Chapel Hill Denham Management | 18.13% | ₦39.3B |
| 7 | Zedcrest Money Market Fund | Zedcrest Investment Managers | 18.06% | ₦14.9B |
| 8 | DLM Money Market Fund | DLM Asset Management | 17.99% | ₦1.5B |
| 9 | Norrenberger Money Market Fund | Norrenberger Investment & Capital Mgt. | 17.90% | ₦39.8B |
| 10 | SCM Capital Money Market Fund | SCM Capital | 17.72% | ₦1.9B |
The AUM Giants — Where the Money Lives
Stanbic IBTC Money Market Fund (Stanbic IBTC Asset Management) is in a category of its own. Its ₦2.68 trillion AUM represents approximately 49% of the entire money market sector — nearly half the market concentrated in a single fund. The fund added ₦362.5 billion in Q1 alone, a figure larger than most funds' entire asset base. Institutional mandates, payroll-linked flows, and the bank's distribution infrastructure drive this dominance.
The next tier — FBN Money Market Fund (₦723B), ARM Money Market Fund (₦388B), and Guaranty Trust Money Market Fund (₦381B) — are large by any standard but dwarfed by Stanbic's scale. GT was the standout inflow story among the mid-large tier, pulling in ₦117.7B during Q1 while delivering a competitive 17.29% yield. Zenith Asset Management (₦149.8B, +₦20.6B in Q1) and Meristem Wealth Management (₦103.4B, +₦17.8B) also saw healthy net inflows.
The concentration raises a legitimate investor question: does scale compress returns? At Stanbic IBTC's 15.55% yield, the evidence leans yes — managing ₦2.68 trillion through the Nigerian short-money market limits portfolio optionality. Smaller, more nimble funds (STL at 20.24%, Trustbanc at 19.55%) demonstrate what is achievable without the constraint of scale.
Yield Compression: The Q1 Story
The dominant narrative of Q1 2026 for Nigerian money market funds is yield compression. Of the 39 funds with comparable data from December 2025, 33 saw annualised yields decline — the median decline was approximately 80 basis points. The directional driver is structural: as the CBN signalled potential easing and T-bill stop rates softened from their 2025 peaks, banks reduced interest rates on call deposits and short-term commercial paper, directly squeezing fund yields.
Against this headwind, six funds managed to improve: Greenwich Plus (+205bp), Coronation Money Market Fund (+142bp), AXA Mansard Money Market Fund (+64bp), GT Investment Fund 724 (+64bp), GDL Money Market Fund (+73bp), and AVA GAM Money Market Fund (+56bp). Greenwich Plus and Coronation are the most significant, with AUM of ₦11.8B and ₦65.4B respectively — the latter suggesting Coronation's portfolio managers actively repositioned into higher-yield assets as peers were selling down.
At the laggard end, Fundvine Berkshire Money Market Fund (10.50%) and Nova Prime Money Market Fund (6.96%) are clear outliers, both managing sub-₦200M books with thin counterparty access. Investors in these funds are earning substantially below even the lowest-yield T-bills. Size and manager quality matter.
What to Watch in Q2 2026
1. CBN monetary policy trajectory. The MPR at 27.50% remains the reference anchor for the entire fixed income market. Any cut — or even a credible signal of future cuts — will compress T-bill rates further and feed through to money market yields within weeks. Watch the May MPC meeting closely. A dovish surprise could bring the 18% T-bill rate down to 15–16%, pulling the weakest MMFs below the risk-free savings rate.
2. Whether the boutique challengers sustain their edge. DLM Money Market Fund and SCM Capital Money Market Fund debuted this quarter above 17.9% — impressive for new entrants without institutional distribution networks. The test is repeatability. Can they maintain yield in Q2 as their AUM grows and their investment universe narrows? Track their next two SEC reporting dates carefully.
3. Stanbic IBTC's dominance vs challenger momentum. GT added ₦117.7B in Q1; Meristem and Zenith each added ₦17–21B. The challenger tier is growing faster in percentage terms, but Stanbic's absolute position is almost unassailable short-term. An interesting dynamic to watch: if the top-yield boutiques (STL, Trustbanc, Greenwich Plus) begin attracting meaningful institutional money, the sector's yield hierarchy could shift materially. For now, Stanbic offers scale and trust; boutiques offer yield. Sophisticated investors increasingly want both.