MONEY MARKET FUNDS IN KENYA – JULY 2025 PERFORMANCE REVIEW
The steady decline in Money Market Fund (MMF) rates over the first half of the year reflects the impact of falling inflation and stabilizing economic conditions. This has led to lower yields on short-term investments such as Treasury Bills (T-bills)—a key component of MMF portfolios due to their low-risk nature. Despite this trend, certain MMFs have shown resilience by maintaining stable returns through strong portfolio management and strategic allocation.
TOP KENYAN MONEY MARKET FUND PERFORMERS – JULY 2025 Gulfcap Money Market Fund led with an average daily return of 12.90% p.a. (netting 10.97% p.a.), followed by:
- Cytonn Money Market Fund: 12.58% (netting 10.69% p.a.)
- Lofty-Corban Money Market Fund: 11.99% (netting 10.19% p.a.)
- Kuza Money Market Fund: 11.83% (netting 10.06% p.a.)
- Etica Money Market Fund: 11.60% (netting 9.86% p.a.)
| Manager | Name of Fund | Average (%) | Net Return – Tax (%) |
| Gulfcap | Gulfcap Money Market Fund | 12.90 | 10.97 |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 12.58 | 10.69 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 11.99 | 10.19 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 11.83 | 10.06 |
| Etica Capital Limited | Etica Money Market Fund | 11.60 | 9.86 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.24 | 9.55 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 11.07 | 9.41 |
| Arvocap | Arvocap Money Market Fund | 10.70 | 9.10 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 10.65 | 9.06 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.56 | 8.97 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.55 | 8.97 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 10.52 | 8.94 |
| Madison Investment Managers Limited | Madison Money Market Fund | 10.48 | 8.91 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.33 | 8.78 |
| Faulu Microfinance Bank | Faulu Money Market Fund | 9.95 | 8.46 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 9.89 | 8.41 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 9.77 | 8.30 |
| Dry Associates | Dry Associates Money Market Fund | 9.66 | 8.21 |
| KCB Group | KCB Money Market Fund | 9.50 | 8.07 |
| Genghis Capital | Genghis Money Market Fund | 9.10 | 7.74 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.97 | 7.62 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 8.91 | 7.57 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.68 | 7.38 |
| ABSA Bank | Absa Shilling Fund MMF | 8.58 | 7.29 |
| Mayfair Asset managers | Mayfair Money Market Fund | 8.19 | 6.96 |
| African Alliance | African Alliance Kenya Money Market Fund | 7.72 | 6.56 |
| Equity Bank | Equity Money Market Fund | 4.22 | 3.59 |
| Cumulative Daily Average Return July 2025 | 10.01 | 8.50 | |
Past performance should not be used as a guide to future investment performance
Key Takeaway: Money Market Funds remain attractive for investors prioritizing:
- Liquidity: Easy access to funds for unforeseen needs.
- Stability: Less exposure to market volatility compared to equities.
However, as returns trend lower, recalibrating expectations and diversifying into complementary investment options is advisable.
DOLLAR MONEY MARKET FUND PERFORMANCE – JULY 2025
Etica Money Market Fund USD retained the top position with a gross return of 5.87% (netting 4.99% p.a.), followed by:
- Nabo Africa Money Market Fund USD: 5.41% (4.60% net)
- Kuza Money Market Fund USD: 5.35% (4.55% net)
- Old Mutual Money Market Fund USD: 5.31% (4.52% net)
- Sanlam Money Market Fund USD: 5.31% (4.51% net)
| Dollar MMF | |||
| Manager | Name of Fund | Average (%) | Net Return – Tax (%) |
| Etica MMF | Etica MMF USD | 5.87 | 4.99 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.41 | 4.60 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.35 | 4.55 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.31 | 4.52 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.31 | 4.51 |
| Jubilee | Jubilee MMF USD | 5.28 | 4.49 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.26 | 4.47 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.19 | 4.42 |
| KCB Group | KCB Money Market Fund USD | 5.04 | 4.28 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.49 | 3.82 |
| ABSA Bank | Absa Dollar Fund MMF | 4.17 | 3.54 |
| Cumulative Daily Average Return July 2025 | 5.15 | 4.38 |
Note
Money Market Funds remain a compelling choice for investors who prioritize:
1.Liquidity: Easy access to funds for unforeseen needs.
2.Stability: Limited exposure to market volatility compared to equity-focused funds.
However, the recalibration of expectations is crucial. With average returns trending downward, investors may need to lower their return expectations or supplement their strategies with complementary investment vehicles
Past performance should not be used as a guide to future investment performance
- FIXED INCOME FUNDS – JULY 2025 PERFORMANCE
Mayfair Fixed Income Fund topped the category with a return of 15.17% (netting 12.89% p.a.), followed by:
Madison Fixed Income Fund: 11.63% (netting 9.89%)
Gulfcap Fixed Income Fund: 13.12% (netting 11.15%)
Kuza Fixed Income Fund (KES): 12.00% (netting 10.20%)
Zimele Fixed Income Market Fund: 11.87% (netting 10.09%)
| Fixed Income Fund | |||
| Manager | Name of Fund | Average (%) | Net Return – Tax (%) |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 15.17 | 12.89 |
| Gulfcap | Gulf cap fixed income fund | 13.12 | 11.15 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 12.00 | 10.20 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 11.87 | 10.09 |
| Madison Asset Managers | Madison Fixed Income Fund | 11.63 | 9.89 |
| Nabo Asset Nanagers | Nabo Africa Fixed income Fund | 11.60 | 9.86 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 11.48 | 9.76 |
| NCBA | NCBA Fixed Income Fund | 8.02 | 6.82 |
| Cumulative Daily Average Return July 2025 | 11.86 | 10.08 |
Note: Past performance should not be used as a guide to future investment performance.
- SPECIAL FUNDS PERFORMANCE – JULY 2025
For special funds, Britam Asset Managers have taken the lead with three of their funds. These include funds with lock-in periods of one year, six months, and three months respectively, each delivering strong performance in their categories. This positions Britam as a frontrunner in the special funds category.
| Special Funds | |||
| Manager | Name of Fund | Average | net return -tax |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 1 year | 10.70 | 9.10 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 10.53 | 8.95 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 10.51 | 8.93 |
| Lofty Corban Asset Management | Lofty-Corban Special Money Market Fund | 8.79 | 7.47 |
| CIC Asset Managers Limited | CIC Wealth Fund | 6.37 | 5.42 |
| Cumulative Daily Average Return July 2025 | 9.38 | 7.97 |
Note: Past performance should not be used as a guide to future investment performance.
