In this Market Wrap-Up for August 2025, we review the performance of Money Market Funds in Kenya, USD MMFs, Fixed Income Funds, and Special Funds.
Money Market Funds in Kenya
In August 2025, Money Market Funds in Kenya continued to face pressure as yields trended downward for the eighth month in a row. The decline reflects easing inflation and a more stable economic environment. Lower Treasury Bill (T-bill) rates an anchor for most MMF portfolios have directly reduced returns.
However, some funds have proven resilient. Strong portfolio management and better allocation strategies allowed them to deliver stable performance compared to peers.
Top Performing Money Market Funds (KES)
The Gulfcap Money Market Fund led the market with an average daily return of 12.89% p.a. (net 10.96%). It was followed by:
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- Cytonn MMF – 12.45% p.a. (net 10.58%)
- Nabo Africa MMF – 12.32% p.a. (net 10.47%)
- Lofty-Corban MMF – 11.88% p.a. (net 10.10%)
- Orient Kasha MMF – 11.59% p.a. (net 9.85%)
This shows that even in a declining rate environment, select fund managers can still outperform.
| Manager | Name of Fund | Average % | Net return -tax % |
| Gulfcap | Gulfcap Money Market Fund | 12.89 | 10.96 |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 12.45 | 10.58 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 12.32 | 10.47 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 11.88 | 10.10 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 11.59 | 9.85 |
| Etica Capital Limited | Etica Money Market Fund | 11.44 | 9.73 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 11.38 | 9.67 |
| Arvocap | Arvocap Money Market Fund | 11.19 | 9.51 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 10.63 | 9.03 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.59 | 9.01 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.51 | 8.93 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.46 | 8.89 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 10.37 | 8.81 |
| Madison Investment Managers Limited | Madison Money Market Fund | 10.35 | 8.80 |
| Faulu Microfinance BanK | Faulu Money Market Fund | 9.76 | 8.30 |
| Dry Associates | Dry Associates Money Market Fund | 9.75 | 8.28 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 9.67 | 8.22 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 9.48 | 8.06 |
| KCB Group | KCB Money Market Fund | 9.30 | 7.91 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.88 | 7.55 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 8.81 | 7.49 |
| Genghis Capital | Genghis Money Market Fund | 8.52 | 7.24 |
| ABSA Bank | Absa Shilling Fund MMF | 8.46 | 7.19 |
| Mayfair Asset managers | Mayfair Money Market Fund | 8.16 | 6.93 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.05 | 6.84 |
| African Alliance | African Alliance Kenya Money Market Fund | 7.48 | 6.36 |
| CPF | CPF Money Market fund | 6.98 | 5.94 |
| Equity Bank | Equity Money Market Fund | 4.99 | 4.24 |
| Cumulative Daily Average Return August 2025 | 9.87 | 8.39 |
Note: Past performance should not be used as a guide to future investment performance
Dollar Money Market Funds (USD)
Investors also showed increased interest in Dollar Money Market Funds as a way to hedge against local rate fluctuations.
The Kuza USD MMF ranked first, with an average return of 5.90% p.a. (net 5.01%). It was closely followed by:
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- Etica USD MMF – 5.86% (net 4.98%)
- Nabo Africa USD MMF – 5.71% (net 4.85%)
- Sanlam USD MMF – 5.42% (net 4.61%)
- Lofty-Corban USD MMF – 5.11% (net 4.35%)
| Dollar MMF | |||
| Manager | Name of Fund | Average % | Net return -tax % |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.90 | 5.01 |
| Etica Capital Limited | Etica MMF USD | 5.86 | 4.98 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.71 | 4.85 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.42 | 4.61 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.11 | 4.35 |
| Jubilee | Jubilee MMF USD | 5.11 | 4.34 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.03 | 4.28 |
| KCB Group | KCB Money Market Fund USD | 5.02 | 4.27 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 4.96 | 4.21 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.61 | 3.92 |
| ABSA Bank | Absa Dollar Fund MMF | 3.96 | 3.37 |
| Cumulative Daily Average Return August 2025 | 5.15 | 4.38 |
Note: Past performance should not be used as a guide to future investment performance
Fixed Income Funds
Fixed Income Funds (FIFs) continued to attract investors seeking higher yields than MMFs.
The Mayfair Fixed Income Fund stood out with an impressive 15.28% p.a. (net 12.99%), marking a strong rebound from the previous two months. In addition, Gulfcap, Nabo, Zimele, and Kuza FIFs also performed well, posting 13.13%, 12.09%, 11.92%, and 11.82%, respectively.
The strong performance signals that investors looking for medium-term options can still find attractive opportunities in FIFs, especially as MMF yields trend lower.
| Fixed Income Fund | |||
| Manager | Name of Fund | Average % | Net return-tax % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 15.28 | 12.99 |
| Gulfcap | Gulf cap fixed income fund | 13.13 | 11.16 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 12.09 | 10.28 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 11.92 | 10.13 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 11.82 | 10.05 |
| Madison Asset Managers | Madison Fixed Income Fund | 11.50 | 9.78 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 11.16 | 9.49 |
| NCBA | NCBA Fixed Income Fund | 7.85 | 6.67 |
| Cumulative Daily Average Return August 2025 | 11.84 | 10.07 |
Note: Past performance should not be used as a guide to future investment performance
Special Funds
In the special funds category, Britam Asset Managers maintained leadership, offering competitive products across multiple tenors:
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- Britam Special FIF (1 Year) – 10.83% p.a. (net 9.20%)
- Britam Special FIF (6 Months) – 10.65% p.a. (net 9.05%)
- Britam Special FIF (3 Months) – 10.63% p.a. (net 9.04%)
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 | 10.83 | 9.20 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 10.65 | 9.05 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 10.63 | 9.04 |
| CIC Asset Managers Limited | CIC Wealth Fund | 7.00 | 5.95 |
| Cumulative Daily Average Return August 2025 | 9.78 | 8.31 |
Note: Past performance should not be used as a guide to future investment performance.
Key Takeaways for Investors
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- MMFs remain attractive for liquidity and stability but investors must adjust expectations as rates soften.
- USD MMFs are gaining traction as a hedge against currency volatility.
- Fixed Income Funds are delivering strong returns, making them a compelling complement to MMFs.
- Special Funds, particularly Britam’s offerings, provide above-average yields with varying lock-in periods.
