Equity Funds Crown 2025 as ₦6.59 Trillion Market Heads Into Year-End — Weekly Digest, December 19, 2025
Market Overview
The Nigerian mutual fund industry closes the week ending December 19, 2025, with a total market net asset value of ₦6.59 trillion across 203 reporting funds — a commanding figure that underscores the growing depth of the country's collective investment landscape as the year winds toward its final trading days.
This has been a year defined by equity dominance. The top five funds by year-to-date returns are all either equity-focused or equity-adjacent, led by Halo Equity Fund's staggering 166.00% YTD gain — a number that has effectively turned every ₦1 million invested at the start of the year into ₦2.66 million. With the NGX All-Share Index having delivered a landmark run in 2025, funds with heavy equity exposure have rewarded unitholders handsomely, while more conservative vehicles have delivered steady but comparatively modest returns.
The week itself was notable for significant capital reallocation. Some of the largest asset managers saw billions flow in — or out — signaling that institutional and retail investors alike are actively repositioning portfolios ahead of year-end.
Top Performers This Week
Halo Equity Fund remains the undisputed champion of 2025 with its 166.00% YTD return, more than 60 percentage points ahead of its nearest competitor. That kind of outperformance raises a critical question: is this concentrated alpha generation or elevated risk-taking? Either way, the result is extraordinary.
VCG ETF at 101.16% YTD is the only other fund to breach the triple-digit barrier, demonstrating that passive and semi-passive strategies tied to Nigerian equities have also delivered remarkable value. Lotus Halal ETF (90.14%), Guaranty Trust Equity Income Fund (88.93%), and Stanbic IBTC Imaan Fund (87.53%) round out a top five that notably includes two Shari'ah-compliant products — a signal that ethical investing in Nigeria is not coming at the cost of performance.
Category Spotlight
Equity Funds dominate with an average YTD return of 53.83%, but the dispersion within the category is wide — the gap between the leader at 166% and the category average suggests highly uneven performance across managers.
Money Market Funds, which hold the lion's share of industry NAV at ₦3.58 trillion (54.3% of the total market), returned an average of 17.28% YTD. With the leader, RT Briscoe Savings & Investment Fund, hitting 24.32%, money market investors have broadly outpaced inflation — a welcome development after years of negative real returns.
Dollar Funds tell a more muted story at 9.54% average YTD, reflecting naira stability over recent months. The ₦1.78 trillion sitting in dollar-denominated vehicles suggests investors are still hedging, but the returns argue that the opportunity cost of parking capital in FX this year has been significant.
Balanced Funds averaged 34.27%, with Balanced Strategy Fund leading at 60.63% — proof that a blended approach captured much of the equity upside while managing downside risk.
Money Movement — Who's Growing
Stanbic IBTC Asset Management was the week's dominant capital magnet, adding a massive ₦630.3 billion in NAV — a figure that reflects both performance appreciation and potential net inflows. Guaranty Trust Fund Managers (+₦176.8 billion) and Chapel Hill Denham (+₦124.7 billion) also posted impressive gains.
On the other side, ARM Investment Managers recorded a sharp ₦214 billion NAV decline. Whether driven by redemptions, mark-to-market adjustments, or portfolio rebalancing, a drop of this magnitude at a single manager warrants close attention. The remaining decliners — Novambl and Fundco Capital — lost comparatively negligible amounts.
What to Watch
Year-end rebalancing intensifies. With only days left in 2025, expect elevated redemption activity as investors lock in gains, particularly in equity funds that have delivered outsized returns.
ARM's NAV decline deserves scrutiny. A ₦214 billion weekly drop is not routine. Investors should monitor whether this reverses next week or signals a broader trend of outflows from the manager.
Money market rate dynamics. With ₦3.58 trillion in money market funds, any shift in CBN monetary policy signaling heading into January could trigger rapid repositioning.
Dollar fund flows. At ₦1.78 trillion, FX-denominated holdings remain substantial. Watch for whether year-end portfolio reviews prompt a rotation back into naira-denominated vehicles given the stark performance gap.
The 0 unitholder count in this week's reporting is a data anomaly worth flagging — likely a reporting gap rather than a market reality. Full unitholder data should be tracked when available.