Performance Review of Kenyan Money Market Funds, Dollar MMFs, Fixed Income Funds & Special Funds
Money Market Funds (MMFs) continued to show a gradual decline in yields for the 11th consecutive month, reflecting easing inflation, stable macroeconomic conditions, and lower returns on short-term instruments like Treasury Bills (T-Bills). Despite this environment, a number of fund managers demonstrated impressive resilience by maintaining relatively stable returns through sound portfolio management.
Top performers for November 2025 were:
Enwealth MMF – Average 10.58% p.a. (Net 8.99%)
Cytonn MMF – Average 11.39% p.a. (Net 9.68%)
Etica MMF – Average 11.15% p.a. (Net 9.48%)
Nabo MMF – Average 11.01% p.a. (Net 9.36%)
Lofty-Corban MMF – Average 10.78% p.a. (Net 9.17%)
KES Money Market Funds – November 2025 Performance
Top Performers (Gross & Net Returns)
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 11.39 | 9.68 |
| Etica Capital Limited | Etica Money Market Fund | 11.15 | 9.48 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.01 | 9.36 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 10.78 | 9.17 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.58 | 8.99 |
| Gulfcap | Gulfcap Money Market Fund | 10.41 | 8.85 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 10.41 | 8.85 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 10.34 | 8.79 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.23 | 8.69 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 9.99 | 8.50 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 9.98 | 8.48 |
| Arvocap | Arvocap Money Market Fund | 9.93 | 8.44 |
| Faulu Microfinance Bank | Faulu Money Market Fund | 9.62 | 8.18 |
| Madison Investment Managers Limited | Madison Money Market Fund | 9.55 | 8.12 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 9.40 | 7.99 |
| Dry Associates | Dry Associates Money Market Fund | 9.37 | 7.96 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 8.98 | 7.63 |
| KCB Group | KCB Money Market Fund | 8.98 | 7.63 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 8.94 | 7.60 |
| CPF | CPF Money Market fund | 8.60 | 7.31 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.30 | 7.05 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.22 | 6.99 |
| Genghis Capital | Genghis Money Market Fund | 8.03 | 6.82 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 8.02 | 6.82 |
| Mayfair Asset managers | Mayfair Money Market Fund | 7.92 | 6.73 |
| ABSA Bank | Absa Shilling Fund MMF | 7.58 | 6.44 |
| African Alliance | African Alliance Kenya Money Market Fund | 6.45 | 5.49 |
| Equity Bank | Equity Money Market Fund | 4.76 | 4.04 |
| Daily Cumulative Average November 2025 | 9.25 | 7.86 |
Note: Past performance is not a guide to future results.
Key Insights for Investors
Money Market Funds in Kenya remain attractive for:
- Liquidity – Quick and easy access to cash.
- Stability – Lower exposure to market volatility.
However, as returns continue trending downward, investors may need to:
– Adjust expectations, or
– Complement MMFs with other income-generating instruments like Fixed Income os Special Funds.
Dollar Money Market Funds – November 2025
Dollar MMFs remain a strong hedge against Kenya shilling volatility.
In November 2025, Old Mutual USD MMF led the market with 5.92% (Net 5.03%).
| Dollar MMF | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.92 | 5.03 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.73 | 4.87 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.67 | 4.82 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.58 | 4.74 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.41 | 4.59 |
| Etica Capital Limited | Etica MMF USD | 5.23 | 4.45 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.00 | 4.25 |
| Jubilee | Jubilee MMF USD | 4.96 | 4.22 |
| KCB Group | KCB Money Market Fund USD | 4.90 | 4.17 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.80 | 4.08 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 4.47 | 3.80 |
| ABSA Bank | Absa Dollar Fund MMF | 3.94 | 3.35 |
| Daily Cumulative Average November 2025 | 5.13 | 4.36 |
Note: Past performance is not a guide to future results.
Fixed Income Funds – November 2025
Fixed Income Funds outperformed traditional MMFs, with Mayfair Fixed Income Fund leading at 15.94% (Net 13.55%)
| Fixed Income Fund | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 15.94 | 13.55 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 11.79 | 10.03 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 11.50 | 9.78 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 11.19 | 9.51 |
| Gulfcap | Gulfcap fixed income fund | 10.92 | 9.28 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 10.89 | 9.26 |
| Madison Asset Managers | Madison Fixed Income Fund | 10.68 | 9.08 |
| NCBA | NCBA Fixed Income Fund | 7.44 | 6.32 |
| Daily Cumulative Average November 2025 | 11.30 | 9.60 |
Note: Past performance is not a guide to future results.
Special Funds – November 2025
Britam continues to dominate the special-funds category with consistent returns across all its locked-in funds.
| Special Funds | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 1 year | 10.27 | 8.73 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 10.09 | 8.58 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 10.07 | 8.56 |
| CIC Asset Managers Limited | CIC Wealth Fund | 7.08 | 6.01 |
| Daily Cumulative Average November 2025 | 9.38 | 7.97 | |
Note: Past performance is not a guide to future results.
