AXA Mansard Equity Income Fund

The AXA Mansard Equity Income Fund has delivered a strong 45.50% Year-to-Date (YTD) yield in 2026, which is a notable return for a Fixed Income / Bond Fund category where steady, moderate growth is more typical. However, the fund has hit a rough patch in recent weeks. Its Net Asset Value (NAV), which is the total market value of everything the fund holds divided by the number of units, has slipped from ₦3.31B on 19 June to ₦3.13B on 3 July, a decline over two consecutive weeks. The current Week-to-Date (WTD) yield sits at -2.65%, well below the median WTD yield of 0.16% across all Fixed Income / Bond Funds. In the broader fund universe, the fund ranks #112 of 222 overall and #14 of 42 within its category, placing it in the middle of the pack among its peers.

With 2,713 unitholders and a current NAV of ₦3.13B, the fund is a mid-sized player in the Nigerian fixed income space. The recent NAV trend tells a story worth watching: after a brief recovery to ₦3.31B in mid-June, the fund has posted back-to-back negative WTD yields of -2.02% and -2.65%, suggesting some short-term pressure on the value of its holdings. Bond funds can experience this kind of short-term dip when interest rates shift or when specific bonds in the portfolio lose value temporarily. The impressive YTD figure shows the fund built up significant gains earlier in the year, which is providing a cushion, but the recent slide of roughly ₦180M in NAV over the past two weeks is a pattern that investors would reasonably want to monitor closely.