October 2026 Performance Review

Kenya money market fund returns October 2026: four category scorecard showing KES MMF average 7.71% net, USD MMF average 4.30% net, Fixed Income average 8.97% net and Special Funds average 9.10% net against a 7.3% inflation line

October was a month of sharp contradictions. Businesses had their best stretch of the year, shoppers felt the squeeze at the pump and the supermarket till, and the Nairobi Securities Exchange gave back a good part of its value. Through all of it, the money market and fixed income funds went on doing their steady job. Below, we show who led, who lagged and what to watch in November.

The Month in Brief: Three Forces Behind Your Returns

  • Private sector high (PMI): The Stanbic Bank Kenya PMI climbed to 52.5, up from 51.3 in September and the strongest reading of 2026. It is  a monthly mood check on Kenyan firms: anything above 50 means business conditions are improving. October was the month that the financial mood turned properly upbeat.
  • Inflation at a peak: Annual inflation rose to 7.3% from 6.8%, its highest since June 2023 and only 0.2 points shy of the 7.5% ceiling of CBK’s target band. Two things were the key drivers:
  1. Transport costs jumped on higher fuel prices
  2.  Food followed, with core grocery items under strain and fresh produce prices surging. Inflation is the quiet tax on savings: a fund earning less than 7.3% is losing purchasing power.

In short: the story of October is the inflation peak. It has pushed up the cost of living and left savers keeping less of every shilling they earn.

7.71%
KES money market funds, average net
8.97%
Fixed income funds, average net
9.10%
Special funds, average net
4.30%
USD money market funds, average net
7.3%
Annual inflation, October

Averages are daily cumulative averages, net of tax. Inflation as reported for October 2026.

How to read the numbersAverage yield is the headline rate a fund earned over the month, before tax. Net return is what lands in your pocket after 15% withholding tax on the interest. Fund managers advertise the first number; your bank balance reflects the second. Past performance is a useful guide, not a promise.

The Scorecard: Four Fund Families, One Picture

Special funds led on yield again, with fixed income funds close behind and shilling money market funds third. Fixed income made the biggest move of the month, with its average net return rising to 8.97% from 8.35% in September. Shilling money market funds slipped slightly, from 7.75% to 7.71%, while dollar funds edged up from 4.14% to 4.30%. Dollar funds sit lower because dollar interest rates are lower than shilling ones. That is not a weakness; it is a different job in a different currency.

Figure 1: Average yield versus net return after tax, by fund category, October 2026. The inflation line is relevant to shilling funds only.

The practical takeaway: after tax, the average shilling money market fund beat inflation by just 0.41 percentage points (7.71% against 7.3%). In September that cushion was 0.95 points. It is getting thin, which is why picking the right fund inside a category matters as much as picking the category.

Kenya Shilling Money Market Funds

Cytonn Money Market Fund held the top spot with an average yield of 10.47% and 8.90% after tax. Faulu (8.75%) was next, followed by Lofty-Corban (8.55%), Orient Kasha (8.52%) and Nabo Africa (8.51%). The category’s daily cumulative average was 9.06% before tax and 7.71% after. Eighteen of the 30 funds finished at or above the average and 21 beat inflation, down from 24 in September. The nine that did not were Genghis (7.23%), CPF (6.98%), CIC (6.89%), Mayfair (6.71%), African Alliance Kenya (6.63%), Co-op (6.58%), ICEA Lion (6.51%), Absa Shilling Fund (5.87%) and Equity (4.35%). The gap between first and last was 4.55 points. Fund choice, not just category, drives your outcome.

Figure 2: KES money market fund net returns after tax, October 2026. Yellow marks the top performer; grey bars fell short of 7.3% inflation.

#Fund ManagerFund NameAverage Yield (%)Net Return After Tax (%)
1Cytonn Asset Managers LimitedCytonn Money Market Fund10.478.90
2Faulu Microfinance BankFaulu Money Market Fund10.308.75
3Lofty-Corban Investments LimitedLofty-Corban Money Market Fund10.058.55
4Orient Asset ManagersOrient Kasha Money Market Fund10.028.52
5Nabo Capital LimitedNabo Africa Money Market Fund10.018.51
6Madison Investment Managers LimitedMadison Money Market Fund9.938.44
7Enwealth Financial ServicesEnwealth Money Market Fund9.928.43
8Apollo Asset Management Company LimitedApollo Money Market Fund9.918.42
9Capital A Investment BankRejesha Money Market Fund9.888.40
10Old Mutual Investment GroupOld Mutual Money Market Fund9.848.36
11Arvocap Asset Managers LtdArvocap Money Market Fund9.848.36
12Kuza Asset Management LimitedKuza Money Market Fund (KES)9.798.33
13Etica Capital LimitedEtica Money Market Fund9.788.31
14Jubilee Financial Services LimitedJubilee Money Market Fund9.778.30
15Gulfcap Investment BankGulfcap Money Market Fund9.678.22
16Globetec Asset Managers LimitedGlobotec Money Market Fund9.608.16
17GenAfrica Asset Managers LimitedGenAfrica Money Market Fund9.468.04
18Britam Asset Managers (Kenya) LimitedBritam Money Market Fund9.277.88
19KCB GroupKCB Money Market Fund9.007.65
20Sanlam Investments East Africa LimitedSanlam Money Market Fund8.907.57
21Dry AssociatesDry Associates Money Market Fund8.607.31
22Genghis CapitalGenghis Money Market Fund8.517.23
23CPF Asset ManagersCPF Money Market Fund8.226.98
24CIC Asset Managers LimitedCIC Money Market Fund8.106.89
25Mayfair Asset ManagersMayfair Money Market Fund7.896.71
26African Alliance KE Asset ManagersAfrican Alliance Kenya Money Market Fund7.806.63
27Co-op Trust Investment Services LimitedCo-op Money Market Fund7.746.58
28ICEA Lion Asset Management LimitedICEA Lion Money Market Fund7.666.51
29Absa BankAbsa Shilling Fund MMF6.905.87
30Equity BankEquity Money Market Fund5.124.35
Daily Cumulative Average9.067.71

US Dollar Money Market Funds

Rejesha led the dollar category with 7.54% before tax (6.41% net), a big step up from 4.26% net in September. Etica MMF USD followed at 5.37% net and Cytonn at 5.04%. The category averaged 5.05% gross and 4.30% net. Seven of the 15 funds finished at or above the average, and the distance from the leader to NCBA at the bottom (2.86% net) was a wide 3.55 points. Dollar funds are best seen as a diversifier, a way to hold part of your savings in a second currency rather than a bet on the exchange rate.

Figure 3: USD money market fund net returns after tax, October 2026.

#Fund ManagerFund NameAverage Yield (%)Net Return After Tax (%)
1Capital A Investment BankRejesha Money Market Fund USD7.546.41
2Etica Capital LimitedEtica MMF USD6.315.37
3Cytonn Asset Managers LimitedCytonn Money Market Fund USD5.935.04
4Old Mutual Investment GroupOld Mutual Money Market Fund USD5.324.52
5Nabo Capital LimitedNabo Africa Money Market Fund USD5.314.52
6Jubilee Asset Management LimitedJubilee MMF USD5.184.41
7Kuza Asset Management LimitedKuza Money Market Fund USD5.114.35
8Sanlam Investments East Africa LimitedSanlam Money Market Fund USD5.024.26
9Dry Associates Investment BankDry Associates Money Market Fund USD4.714.01
10Britam Asset Managers (Kenya) LimitedBritam Money Market Fund USD4.583.90
11KCB GroupKCB Money Market Fund USD4.553.87
12CPF Asset ManagersCPF Money Market Fund USD4.333.68
13Absa BankAbsa Dollar Fund MMF USD4.283.63
14CIC Asset Managers LimitedCIC Money Market Fund USD4.263.62
15NCBA Investment Bank LimitedNCBA Money Market Fund USD3.362.86
Daily Cumulative Average5.054.30

Fixed Income Funds

Fixed income funds invest mainly in government and corporate bonds. They usually pay more than money market funds, but returns can move around more because bond prices change daily. Mayfair Fixed Income Fund stood out at 16.50% before tax (14.02% net), the highest net return in this report. ICEA Lion (10.86% net), Zimele (10.07%) and African Alliance Kenya (9.65%) completed the leading four. The category averaged 10.55% gross and 8.97% net. Seven of the 14 funds out-earned the best shilling money market fund (8.90% net) and 12 of 14 beat inflation. The flip side is the range: the top fund earned more than double the bottom one, NCBA, at 5.91% net.

Figure 4: Fixed income fund net returns after tax, October 2026.

#Fund ManagerFund NameAverage Yield (%)Net Return After Tax (%)
1Mayfair Asset ManagersMayfair Fixed Income Fund16.5014.02
2ICEA Lion Asset Management LimitedICEA Lion Fixed Income Fund12.7810.86
3Zimele Asset ManagementZimele Fixed Income Fund11.8410.07
4African Alliance KE Asset ManagersAfrican Alliance Kenya Fixed Income Fund11.359.65
5Kuza Asset ManagementKuza Fixed Income Fund (KES)10.709.09
6Madison Asset ManagersMadison Fixed Income Fund10.709.09
7Jubilee Financial Services LimitedJubilee Fixed Income Fund10.599.00
8KCB GroupKCB Fixed Income Fund10.208.67
9Nabo Asset ManagersNabo Africa Fixed Income Fund10.028.51
10CIC Asset Managers LimitedCIC Fixed Income Fund9.928.44
11Gulfcap Investment BankGulfcap Fixed Income Fund9.718.25
12Orient Asset ManagersOrient Hifadhi Fixed Income Fund9.087.72
13Sanlam Investments East Africa LimitedSanlam Fixed Income Fund7.436.31
14NCBA Investment Bank LimitedNCBA Fixed Income Fund6.955.91
Daily Cumulative Average10.558.97

Special Funds

Special funds are the specialists: private debt, high-yield strategies and fixed-term products. They tend to pay more, and they ask for something in return, such as longer lock-in periods or more risk. Lofty-Corban Private Debt Fund led the category at 13.66% before tax and 11.61% net, down from 12.06% in September. Dry Associates Special High Yield Fund followed at 9.95% net, then Madison Wealth Fund at 9.54%. The category averaged 10.71% gross and 9.10% net, and all seven funds beat inflation. In the Britam Special Fixed Income range, the longer you commit, the more you earn: the 3-month, 6-month and 1-year versions returned 7.91%, 7.92% and 8.07% net. The reward for patience is real, but small.

Figure 5: Special fund net returns after tax, October 2026.

#Fund ManagerFund NameAverage Yield (%)Net Return After Tax (%)
1Lofty-Corban Asset ManagementLofty-Corban Private Debt Fund13.6611.61
2Dry Associates Investment BankDry Associates Special High Yield Fund11.709.95
3Madison Asset ManagersMadison Wealth Fund11.229.54
4CIC Asset Managers LimitedCIC Global Balanced Fund10.248.70
5Britam Asset Managers (Kenya) LimitedBritam Special Fixed Income Fund (1 year)9.508.07
6Britam Asset Managers (Kenya) LimitedBritam Special Fixed Income Fund (6 months)9.327.92
7Britam Asset Managers (Kenya) LimitedBritam Special Fixed Income Fund (3 months)9.307.91
Daily Cumulative Average10.719.10

In the News: M-Pesa Is Kenya’s Strongest Consumer Brand

The mobile money platform has topped the 2026 Super brands East Africa consumer research in Kenya. In a survey of 2,250 users covering more than 1,900 brands across 110 categories, M-Pesa came first and parent company Safaricom second. 

The picture across the region was just as telling. In Tanzania, M-Pesa ranked sixth, behind other well known companies like Airtel.

Why it matters
Mobile money has grown well beyond sending money home. It now carries payments, savings, credit and business transactions, and it sits comfortably next to household names in telecoms, food and entertainment. For savers, that means the phone in your pocket is fast becoming the front door to your financial life.

What to Expect in November 2026

VIEWS BELOW ARE DIRECTIONAL, NOT GUARANTEED

  1. Fuel: relief is on the way. After an October price review that pushed inflation to 7.3%, the Treasury Cabinet Secretary said the government deliberately held back stabilisation funds to use in the mid-November review.
  2. Money market yields: flat, with a real return upside. CBK held its rate at 8.75% in October and the next meeting is in December, so it is expected November net yields to stay close to October’s 7.71%. If fuel relief drags inflation down from 7.3%, the real return after inflation widens again and savers get a healthier cushion. A November switch auction from CBK should also keep fund managers busy rebalancing short-term paper.
  3. The NSE: a bank takeover and a dividend calendar. Nedbank Group has taken a 66% controlling stake in NCBA Group in a block trade that pushed one day’s turnover to KSh107.7 billion. The markets are expected to keep reacting as Nedbank’s plans for NCBA’s dividends and expansion become clearer. Dividend books close for ALP Industrial REIT (18th November), TRIFIC Green USD I-REIT (20th November) and Kenya Power (27th November).
  4. Growth: optimism with a caveat. October’s PMI has left businesses planning rollouts and expansion. Official forecasts still differ, with CBK at 5.0% growth for 2026 and the World Bank at 4.6%, citing rising debt servicing costs.

The November watch list

WhenWhatWhy it matters
Every ThursdayTreasury bill auctionsSet the tone for money market yields.
Mid-NovemberFuel price reviewGovernment subsidy could cool transport costs and inflation.
NovemberCBK switch auctionShows how managers reposition short-term paper.
18th, 20th, 27th NovDividend books closeALP Industrial REIT, TRIFIC Green USD I-REIT and Kenya Power.
End of NovemberNovember inflation (KNBS)Shows whether 7.3% was the peak.
DecemberNext CBK MPC meetingSets direction for yields into year-end.

Our House View: Keep your savings spread across currencies and asset types, watch fund fees closely because they add up more than most people expect, and treat any single month’s rankings as one data point rather than a conclusion.

This report is produced by Vasili Africa for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Fund figures are net of an assumed withholding tax of 15% and sourced from fund manager disclosures for October 2026. Macro data: KNBS, CBK, Stanbic Bank Kenya PMI (S&P Global), Nairobi Securities Exchange, National Treasury and Superbrands East Africa.

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