Money market funds cemented their position as Nigeria’s dominant collective investment scheme (CIS) in the second quarter of 2026, accounting for 65.29 percent of the industry’s total net asset value (NAV), as investors continued to favour low-risk investments amid elevated interest rates.
A BusinessDay analysis of Securities and Exchange Commission (SEC) weekly valuation reports shows the 10 best-performing money market funds delivered year-to-date (YTD) yields ranging from 18.25 percent to 20.54 percent as of the end of the second quarter.
Unlike equity funds or exchange-traded funds (ETFs), which derive returns from movements in market prices, money market funds generate income primarily from investments in treasury bills, commercial papers, bank placements, and other short-term fixed-income securities. The high-interest-rate environment created by the Central Bank of Nigeria’s tight monetary policy continued to support strong yields across the asset class.
While equity funds experienced significant volatility towards the end of June, money market funds remained relatively stable, reinforcing their appeal to investors seeking capital preservation, liquidity, and predictable returns.
The SEC data also show that fund sizes vary widely across the top performers, from less than N500 million to almost N78 billion, indicating that both emerging and established fund managers benefited from favourable money market conditions.
Below are Nigeria’s best-performing money market funds in the second quarter of 2026.
Coronation Money Market Fund — 20.54 percent
The Coronation Money Market Fund, managed by Coronation Asset Management Limited, emerged as Nigeria’s best-performing money market fund, delivering a 20.54 percent year-to-date yield.
The fund also ranks among the industry’s largest, managing N77.84 billion in assets with 18,582 unitholders, making it one of the most widely held money market funds in Nigeria.
RT Briscoe Savings & Investment Fund — 20.30 percent
The RT Briscoe Savings & Investment Fund, managed by DLM Asset Management Limited, returned 20.30 percent.
Despite managing just N454.84 million in assets and having 41 unitholders, the fund delivered one of the strongest yields in the industry, demonstrating that size was not a determinant of performance.
First Ally Money Market Fund — 20.01 percent
The First Ally Money Market Fund, managed by First Ally Asset Management Limited, ranked third with a 20.01 percent yield.
The fund manages N8.64 billion in assets and serves 2,514 investors, benefiting from sustained high yields across Nigeria’s short-term debt market.
STL Money Market Fund — 19.70 percent
Managed by STL Asset Management Limited, the STL Money Market Fund returned 19.70 percent during the period.
It manages N16.24 billion in assets and has 1,790 unitholders.
DLM Money Market Fund — 19.68 percent
The DLM Money Market Fund, also managed by DLM Asset Management Limited, posted a 19.68 percent yield.
The fund oversees N1.85 billion in assets and has 191 unitholders.
Trustbanc Money Market Fund — 19.40 percent
The Trustbanc Money Market Fund, managed by Trustbanc Asset Management Limited, delivered 19.40 percent.
Its assets stood at N18.16 billion, with 978 investors as of the end of the quarter.
Page Money Market Fund — 19.00 percent
The Page Money Market Fund, managed by Page Asset Management Limited, recorded a 19.00 percent return.
The fund manages N2.12 billion in assets and has 291 unitholders.
Greenwich Plus Money Market Fund — 18.81 percent
Managed by Greenwich Asset Management Limited, the Greenwich Plus Money Market Fund generated a 18.81 percent yield.
The fund manages N13.55 billion in assets and has 1,112 unitholders.
Zedcrest Money Market Fund — 18.68 percent
The Zedcrest Money Market Fund, managed by Zedcrest Investment Managers Limited, returned 18.68 percent.
The fund oversees N19.23 billion in assets and has 8,473 unitholders, making it one of the larger money market funds in the country.
CardinalStone Money Market Fund — 18.25 percent
Rounding out the top 10 is the CardinalStone Money Market Fund, managed by CardinalStone Asset Management Limited, with a 18.25 percent yield.
The fund manages N30.55 billion in assets and serves 2,059 unitholders, placing it among Nigeria’s largest money market funds by assets under management despite ranking tenth by yield.
With interest rates remaining elevated and short-term fixed-income securities continuing to offer attractive returns, money market funds are likely to remain the preferred entry point for conservative investors seeking liquidity, capital preservation and steady income. Their 65.29 percent share of Nigeria’s collective investment scheme industry also underscores the growing preference for lower-risk investment vehicles despite renewed interest in equities.
