Money Market Funds
For the past one year, Money Market Fund (MMF) yields have experienced a steady and broad-based decline, reflecting easing inflation and more stable macroeconomic conditions. This environment has translated into lower returns on short-term instruments particularly Treasury Bills (T-Bills), which form a significant portion of Money Market Funds portfolios due to their low-risk and short-tenor characteristics. As a result, the majority of Money Market Funds closed the year at lower yield levels compared to the beginning of 2025.
Despite the general downward trend, a number of funds demonstrated notable resilience, maintaining relatively stable and competitive returns. This consistency underscores the importance of disciplined portfolio management, effective duration positioning, and strategic allocation within a challenging interest rate environment.
In this context, Cytonn Money Market Fund emerged as the top performer, recording an average gross return of 11.26% (net 9.61% p.a.). This was followed by Nabo Africa Money Market Fund with an average return of 11.11% (net 9.48% p.a.), Etica Money Market Fund at 10.99% (net 9.16% p.a.), Enwealth Money Market Fund at 10.54% (net 8.93% p.a.), and Lofty-corban Money Market Fund at 10.53% (net 8.93% p.a.). These funds stood out by delivering consistent performance despite the prevailing low-yield environment, reinforcing their relative strength within the MMF space.
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 11.26 | 9.57 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.11 | 9.45 |
| Etica Capital Limited | Etica Money Market Fund | 10.99 | 9.34 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.54 | 8.96 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 10.53 | 8.95 |
| Arvocap | Arvocap Money Market Fund | 10.50 | 8.92 |
| Gulfcap | Gulfcap Money Market Fund | 10.30 | 8.75 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.23 | 8.70 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 10.17 | 8.64 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.06 | 8.55 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 9.67 | 8.22 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 9.66 | 8.21 |
| Madison Investment Managers Limited | Madison Money Market Fund | 9.55 | 8.12 |
| Faulu Microfinance Bank | Faulu Money Market Fund | 9.11 | 7.74 |
| Dry Associates | Dry Associates Money Market Fund | 9.07 | 7.71 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 9.07 | 7.71 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 9.05 | 7.69 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 8.98 | 7.63 |
| KCB Group | KCB Money Market Fund | 8.85 | 7.52 |
| Genghis Capital | Genghis Money Market Fund | 8.37 | 7.11 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.22 | 6.99 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.19 | 6.96 |
| CPF | CPF Money Market fund | 8.03 | 6.83 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 7.83 | 6.66 |
| ABSA Bank | Absa Shilling Fund MMF | 7.36 | 6.25 |
| Mayfair Asset managers | Mayfair Money Market Fund | 6.88 | 5.85 |
| African Alliance | African Alliance Kenya Money Market Fund | 6.36 | 5.41 |
| Equity Bank | Equity Money Market Fund | 4.85 | 4.13 |
| Daily Cumulative Average December 2025 | 9.10 | 7.73 |
Note: Past performance should not be used as a guide to future investment performance.
Money Market Funds remain a compelling choice for investors who prioritize:
- Liquidity: Easy access to funds for unforeseen needs.
- 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.
Dollar Money Market Fund Returns
For the Dollar Money Market Funds, Nabo capital Money Market Fund USD fund has secured the top position with an average return of 5.72% (Netting 4.83% p .a), followed by Kuza Money Market Fund USD, Old mutual Money Market Fund USD and Dry Associates Money Market fund USD which posted daily .
| Dollar MMF | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.72 | 4.86 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.66 | 4.81 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.64 | 4.79 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.46 | 4.64 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.39 | 4.58 |
| Etica Capital Limited | Etica MMF USD | 5.20 | 4.42 |
| Jubilee | Jubilee MMF USD | 5.04 | 4.28 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 4.99 | 4.24 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 4.63 | 3.94 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.63 | 3.93 |
| KCB Group | KCB Money Market Fund USD | 4.48 | 3.81 |
| ABSA Bank | Lofty-Corban Money Market Fund USD | 3.99 | 4.24 |
| Daily Cumulative Average December 2025 | 5.07 | 3.39 |
Note: Past performance should not be used as a guide to future investment performance.
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
2. Fixed Income Funds
The Mayfair Fixed Income Fund recorded an impressive average return of 16.04% (netting 13.64% p.a.), reflecting a consistent significant improvement from the past half of 2025. It was followed by Nabo Africa Fixed Income Fund , Zimele Fixed Income Fund , and Britam Fixed Income Fund, which posted average daily effective annual returns of 11.88%, 11.52%, and 11.06%, respectively.
| Fixed Income Fund | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 16.04 | 13.64 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 11.88 | 10.10 |
| Zimele Asset Management | Zimele Fixed Market Fund | 11.52 | 9.80 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 11.06 | 9.40 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 10.90 | 9.27 |
| Madison Asset Managers | Madison Fixed Income Fund | 10.80 | 9.18 |
| Gulfcap | Gulfcap fixed income fund | 10.59 | 9.00 |
| NCBA | NCBA Fixed Income Fund | 7.31 | 6.21 |
| Daily Cumulative Average December 2025 | 11.26 | 9.57 |
Note: Past performance should not be used as a guide to future investment performance.
3. Special Funds
For special funds, Britam Asset Managers have consistently taken the lead with three of their funds For the year ended despite the decline of their performance . They include funds with lock-in periods of one year, six months, and three months respectively, each delivering a stable performance in their categories. Theis positions Britam as a frontrunner in the special funds category the past year.
| Special Funds | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 1 year | 9.94 | 8.45 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 9.77 | 8.30 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 9.74 | 8.28 |
| CIC Asset Managers Limited | CIC Wealth Fund | 7.00 | 5.95 |
| Daily Cumulative Average December 2025 | 9.11 | 7.75 | |
Note: Past performance should not be used as a guide to future investment performance.
