MARKET WRAP-UP REPORT – February 2025

1. MONEY MARKETS FUNDS

The average daily effective rate for MMFs had a significant drop to 11.93% p.a. in February, from 12.19% in January because of the significant drop of the Treasury Bills as the benchmark.

In terms of individual performance, Gulfcap Money Market Fund outperformed its peers, achieving an average daily return of 15.06% p.a. (netting 12.08% p.a.). Followed by Cytonn, Lofty Corban, Etica and Kuza MMFs which had daily average returns 15.05%, 14.14%, 14.00% and 13.91%, per annum respectively.

Manager	Name of Fund	Average	Net Return after tax
Gulfcap	Gulfcap Money Market fund	15.06	12.80
Cytonn Asset Managers Limited	Cytonn Money Market Fund	15.05	12.79
Lofty-Corban	Lofty-Corban Money Market Fund	14.14	12.02
Etica Capital Limited	Etica Money Market Fund	14.00	11.90
Kuza Asset Management Limited	Kuza Money Market Fund (KES)	13.91	11.82
Arvocap	Arvocap Money Market Fund	12.72	10.81
Genghis Capital	Genghis Money Market Fund	12.69	10.79
Orient Asset Managers	Orient Kasha Money Market Fund	12.65	10.75
Dry Associates	Dry Associates Money Market Fund	12.53	10.65
GenAfrica Asset Managers Limited	GenAfrica Money Market Fund	12.12	10.30
Britam Asset Managers (Kenya) Limited	Britam Money Market Fund	12.12	10.30
Madison Investment Managers Limited	Madison Money Market Fund	12.12	10.30
Jubilee Financial Services Limited	Jubilee Money Market Fund	12.04	10.23
Sanlam Investments East Africa Limited	Sanlam Money Market Fund	11.97	10.17
Enwealth Financial Services	Enwealth Money Market Fund	11.91	10.12
Old Mutual Investment Group	Old Mutual Money Market Fund	11.84	10.07
Nabo Capital Limited	Nabo Africa Money Market Fund	11.44	9.72
ICEA Asset Lion Asset Management Limited	ICEA Lion Money Market Fund	11.31	9.62
CIC Asset Managers Limited	CIC Money Market Fund	11.31	9.61
Co-op Trust Investment Services Limited	Co-op Money Market Fund	11.28	9.59
Apollo Asset Management Company Limited	Apollo Money Market Fund	11.09	9.43
ABSA Bank	Absa Shilling Fund MMF	11.04	9.39
Faulu Microfinance Bank	Faulu Money Market Fund	11.00	9.35
KCB Group	KCB Money Market Fund	10.68	9.07
African Alliance	African Alliance Kenya Money Market Fund	10.16	8.64
Mayfair Asset managers	Mayfair Money Market Fund	9.22	7.83
Equity Bank	Equity Money Market Fund	6.64	5.65
Cumulative Monthly average Return Feb 2025		11.93	10.14

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:

1. Liquidity: Easy access to funds for unforeseen needs.

1. 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, Kuza MMF USD fund secured the top position with an average return of 6.23%, followed by Etica, Dry Associates, Lofty Corban and Sanlam MMF USD which posted daily average returns of 5.98%, 5.53 %, 5.42%, and 5.21% per annum, respectively.

Manager	Name of Fund	Average
Kuza Asset Management Limited	Kuza Money Market Fund USD	6.23
Etica MMF	Etica MMF USD	5.98
Dry Associates	Dry Associates Money Market Fund USD	5.53
Lofty-Corban	Lofty-Corban Money Market Fund USD	5.42
CIC Asset Managers Limited	CIC Money Market Fund USD	5.21
Jubilee	Jubilee MMF USD	5.18
Sanlam Investments East Africa Limited	Sanlam Money Market Fund USD	5.05
Old Mutual Investment Group	Old Mutual Money Market Fund USD	4.89
Nabo Capital Limited	Nabo Africa Money Market Fund USD	4.76
ABSA Bank	Absa Dollar Fund MMF	4.66
KCB Group	KCB Money Market Fund USD	4.57

Past performance should not be used as a guide to future investment performance

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