- MONEY MARKETS FUNDS
The steady decline in Money Market Fund (MMF) rates over the last few months reflects the direct impact of falling inflation and stabilizing economic conditions, leading to lower yields on short-term investments like Treasury Bill (T-bill) returns, which form a significant component of MMF yields due to their low-risk, short-term nature.
Despite the overall decline, Gulfcap Money Market Fund has outperformed its peers, achieving an average daily return of 13.94% p.a. (netting 11.84% p.a.), followed closely by Cytonn Money Market Fund, achieving an average of 13.67% p.a (netting 11.62%p.a), Kuza Money Market fund, achieving an average of 12.90% p.a (netting 10.97%), Etica money market fund achieving an average of 12.58% p.a (netting 10.69%), and Orient Kasha money market fund achieving 12.54% p.a (netting 10.66%), demonstrating resilience amidst a challenging rate environment.
| Fund Manager | Name of Fund | Average | net return -tax |
| gulfcap | Gulfcap Money Market Fund | 13.94 | 11.84 |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 13.67 | 11.62 |
| Kuza Asset Management Limited | Kuza Money Market Fund(KES) | 12.90 | 10.97 |
| Etica Capital Limited | Etica Money Market Fund | 12.58 | 10.69 |
| Orient Asset managers | Orient kasha Money market Fund | 12.54 | 10.66 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 12.53 | 10.65 |
| Enwealth Financial Services | Enwealth Money Market Fund | 11.98 | 10.18 |
| Arvocap | Arvocap Money Market Fund | 11.84 | 10.06 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.79 | 10.03 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 11.74 | 9.98 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 11.73 | 9.97 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 11.69 | 9.94 |
| Madison Investment Managers Limited | Madison Money Market Fund | 11.36 | 9.65 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 11.20 | 9.52 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 11.14 | 9.47 |
| Dry Associates | Dry Associates Money Market Fund | 11.12 | 9.45 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 11.05 | 9.39 |
| Faulu Microfinance Bank | Faulu Money Market Fund | 10.95 | 9.31 |
| ABSA Bank | Absa Shilling Fund MMF | 10.45 | 8.88 |
| CIC Asset Managers | CIC Money Market fund | 10.42 | 8.86 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 10.19 | 8.66 |
| KCB Group | KCB Money Market Fund | 10.16 | 8.64 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 10.15 | 8.62 |
| African Alliance | African Alliance Kenya Money Market Fund | 9.64 | 8.19 |
| Genghis Capital | Genghis Money Market Fund | 9.45 | 8.03 |
| Mayfair Asset managers | Mayfair Money Market Fund | 9.16 | 7.78 |
| Equity Bank | Equity Money Market Fund | 5.51 | 4.69 |
| DAILY CUMULATIVE AVERAGE APRIL 2025 | 11.14 | 9.47 |
Past performance should not be used as a guide to future investment performance
Note
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, Etica Money Market Fund USD fund secured the top position with an average return of 6.10%, followed by Kuza Money Market Fund USD, Jubilee Money Market Fund USD and CIC Money Market fund USD which posted daily .
| Fund Manager | Name Of The Fund | Net Return After tax |
| Etica Capital Limited | Etica MMF USD | 6.10 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.91 |
| Jubilee | Jubilee MMF USD | 5.75 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 5.41 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.25 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.17 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.14 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.14 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 4.97 |
| ABSA Bank | Absa Dollar Fund MMF | 4.40 |
| KCB Group | KCB Money Market Fund USD | 4.25 |
| DAILY CUMULATIVE AVERAGE APRIL 2025 | 5.23 |
Past performance should not be used as a guide to future investment performance
Fixed Income Funds
The Gulfcap Fixed Income Fund delivered a return of 14.34% per annum, followed by Mayfair, Etica, Kuza and Madison Fixed Income Funds, which recorded average daily effective returns of 14.14%, 13.59, 12.97% and12.32% per annum, respectively.
| FUND MANAGER | NAME OF THE FUND | AVERAGE | NET RETURN AFTER TAX |
| Gulfcap | Gulf cap fixed income fund | 14.34 | 12.19 |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 14.14 | 12.02 |
| Etica Capital Limited | Etica Fixed Income Fund | 13.59 | 11.56 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 12.97 | 11.02 |
| Madison Asset Managers | Madison Fixed Income Fund | 12.32 | 10.47 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 12.22 | 10.39 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 11.99 | 10.19 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 11.35 | 9.65 |
| NCBA | NCBA Fixed Income Fund | 8.94 | 7.60 |
| DAILY CUMULATIVE AVERAGE APRIL 2025 | 12.28 | 10.44 |
Past performance should not be used as a guide to future investment performance.
