ARM Aggressive Growth Fund broke into Nigeria’s top 10 equity mutual funds in August, replacing FCMBAM Equity Fund, as returns among the funds ranked seventh to 10th.
Their returns ranged from 46.64 per cent to 52.90 per cent. ARM’s fund ranked eighth with a 52.10 per cent year-to-date return, according to data from the Securities and Exchange Commission.
The fund was not among the top 10 in July, when FCMBAM Equity Fund occupied ninth position with a 47.27 per cent return.
ARM Aggressive Growth Fund, managed by ARM Investment Managers, had N17.92bn in assets and 12,991 unitholders as of 28 August
CardinalStone Equity Fund led the second tier of the ranking in seventh place, although its position dropped from fifth in July.
The fund returned 52.90 per cent year-to-date in August. It was managed by CardinalStone Asset Management and had N12.30bn in assets with 3,237 unitholders.
AXA Mansard Equity Income Fund ranked ninth after moving up from 10th place in July.
Its year-to-date return stood at 47.41 per cent, while assets under management were N3.60bn and the fund had 2,899 unitholders.
Meristem Equity Market Fund fell to 10th position from eighth in July, despite delivering a 46.64 per cent return.
The fund, managed by Meristem Wealth Management, had N9.57bn in assets and 2,436 unitholders.
The reshuffling shows how closely matched the performance of funds around the lower end of the top 10 has become.
FCMBAM Equity Fund, which dropped out of the ranking, posted a 46.53 per cent return in August, only slightly below Meristem’s 46.64 per cent.
Across the broader equity mutual fund market, assets declined to N230.50bn in August from N241.38bn in July.
The number of unitholders, however, increased to 127,837 from 121,316, suggesting that the decline in assets was not accompanied by a fall in investor participation.