In the world of short-term investments, Money Market funds shine as the go-to option for stability and liquidity, offering attractive rates and easy fund access. Focusing on short-term debt securities, they aim for a stable net asset value (NAV), though not entirely risk-free. Here are the top 10 Money Market funds in Nigeria for 2024, selected based on fund size, yield data, and credit ratings. All funds listed are SEC registered.
AIICO Money Market Fund Managed by AIICO Capital Limited, rated A+(NG)f.
Size: N4.71 billion, Yield: 14.24 per cent, Portfolio: 37 per cent fixed deposits, 25 per cent treasury bills, 24 per cent commercial papers.
Minimum Investment: N10,000.
ARM Money Market Fund (ARM MMF)
Managed by ARM Investment Managers, rated A+(f).
Yield (Jan 7, 2024): 10.52 per cent,
Size: N79.94 billion.
Portfolio: Government securities
Minimum Investment: N1,000.
AXA Mansard Money Market Fund
- Managed by AXA Mansard Investments Limited, rated A+(f).
Net Yield (Jan 8, 2024): 11.66 per cent, Size: N43.71 billion.
Portfolio: 67.18 per cent fixed deposits, 25.59 per cent treasury bills, 6.65 per cent commercial paper.
Minimum Investment: N2,000.
Chapel Hill Denham Money Market Fund
- Managed by Chapel Hill Denham Management Limited, rated A(F) from Agusto & Co. and AA- from GCR Ratings.
Size: N7.3 billion, Yield: 10.38 per cent.
Minimum Investment: N5,000, 30-day holding period.
Portfolio: Short-term investment securities, bank placements, and other money-market instruments.
FBN Money Market Fund
- Managed by FBNQuest Asset Management, rated Aa-(f).
- Size: N195.78 billion, Effective Yield (Jan 4, 2024): 12.15 per cent.
Portfolio: 7 per cent commercial papers, 15 per cent treasury bills, 78 per cent bank placements.
Stanbic IBTC Money Market Fund
Launched in 2010, Aa-(f) rating.
Size: N375.7 billion, Yield: 13.25 per cent.
Minimum Investment: N5000.
Portfolio: 27.98 per cent Bonds, 3.77 per cent, Equity, 67.74 per cent, Money Market, 0.51 per cent cash.
United Capital Money Market Fund
Managed by United Capital Asset Management Limited, A(f) rating.
Size: N44.26 billion, Yield: 11.70 per cent.
- Minimum Investment: N10,000.
Portfolio: 26.1 per cent treasury bills, 59.0 per cent fixed deposits, 15.0 per cent commercial papers.
Zenith Money Market Fund
Managed by Quantum Zenith Asset Management, A-(f) rating.
Size: N27.19 billion, Yield: 11.91 per cent.
Minimum Investment: N10,000.
Diverse Portfolio: Cash equivalents, bank placements, short-term government securities, and other money market instruments.
Meristem Money Market Fund
Managed by Meristem Wealth Management, A(f) rating.
- Size: N3.63 billion, Yield: 12.73 per cent.
Minimum Investment: N10,000.
 Portfolio: 48.3 per cent treasury bills, 17.14 per cent commercial papers, 32.7 per cent fixed deposits, 1.8 per cent cash.
Norrenberger Money Market Fund
- Managed by Norrenberger Investment and Capital Management, Bbb+(f) rating.
- Size: N4.71 billion, Yield: 12.54 per cent.
- Minimum Subscription: N5,000, subsequent investments: N1000.
Note: Market dynamics can impact future performance; SEC regulates each fund, and assets are safeguarded by reputable banks in the country. Careful consideration is advised for any investment.
