- MONEY MARKETS FUNDS
The steady decline in Money Market Fund (MMF) rates over the last few months reflects the direct impact of falling 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 15.06% p.a. (netting 12.80% p.a.). Followed closely by Cytonn Money Market Fund(14.60%), Etica (13.37%), Lofty Corban (13.30%), and Kuza (13.28%), demonstrating resilience amidst a challenging rate environment.
| Manager | Name of Fund | Average % | Net return -tax % |
| Gulfcap | Gulfcap Money Market Fund | 15.06 | 12.80 |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 14.60 | 12.41 |
| Etica Capital Limited | Etica Money Market Fund | 13.37 | 11.36 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 13.30 | 11.31 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 13.28 | 11.29 |
| Arvocap | Arvocap Money Market Fund | 13.19 | 11.21 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 12.40 | 10.54 |
| Enwealth Financial Services | Enwealth Money Market Fund | 12.10 | 10.29 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 11.90 | 10.11 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 11.84 | 10.06 |
| Madison Investment Managers Limited | Madison Money Market Fund | 11.73 | 9.97 |
| Dry Associates | Dry Associates Money Market Fund | 11.70 | 9.94 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 11.60 | 9.86 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 11.57 | 9.84 |
| Genghis Capital | Genghis Money Market Fund | 11.46 | 9.74 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 11.38 | 9.67 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 11.26 | 9.57 |
| Faulu Microfinance Bank | Faulu Money Market Fund | 11.24 | 9.56 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.20 | 9.52 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 11.00 | 9.35 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 10.77 | 9.15 |
| KCB Group | KCB Money Market Fund | 10.51 | 8.93 |
| CIC Asset Managers Limited | CIC Money Market Fund | 10.50 | 8.92 |
| ABSA Bank | Absa Shilling Fund MMF | 10.46 | 8.89 |
| African Alliance | African Alliance Kenya Money Market Fund | 10.17 | 8.64 |
| Mayfair Asset managers | Mayfair Money Market Fund | 9.25 | 7.86 |
| Equity Bank | Equity Money Market Fund | 5.66 | 4.81 |
| DAILY CUMULATIVE AVERAGE FOR MARCH 2025 | 11.03 | 9.38 | |
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, Kuza MMF USD fund secured the top position with an average return of 5.15%, followed by Etica, Jubilee and CIC MMF USD which posted daily average returns of 4.99%, 4.51 %, and 4.48% per annum, respectively.
| FUND MANAGER | NAME OF FUND | AVERAGE RETURN % (P.A) |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.15 |
| Etica MMF | Etica MMF USD | 4.99 |
| Jubilee | Jubilee MMF USD | 4.51 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.48 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 4.44 |
| Dry Associates | Dry Associates Money Market Fund USD | 4.43 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 4.36 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 4.35 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 4.10 |
| KCB Group | KCB Money Market Fund USD | 3.93 |
| ABSA Bank | Absa Dollar Fund MMF | 3.36 |
| DAILY CUMULATIVE AVERAGE | 4.37 |
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 12.29% per annum, followed by Mayfair, Kuza, Madison, and Etica Fixed Income Funds, which recorded average daily effective returns of 11.88%, 11.13%, 11.00%, and 10.84% per annum, respectively.
| FUND MANAGER | NAME OF THE FUND | DAILY AVERAGE RETURN |
| Gulfcap | Gulf cap fixed income fund | 12.29 |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 11.88 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 11.13 |
| Madison Asset Managers | Madison Fixed Income Fund | 11.00 |
| Etica | Etica Fixed Income Fund | 10.84 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 10.79 |
| Britam Asset Managers (Kenya) Limited | British Bond Plus Fund | 10.53 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 9.52 |
| NCBA | NCBA Fixed Income Fund | 8.06 |
| DAILY CUMULATIVE AVERAGE FOR MARCH 2025 | 10.67 |
Past performance should not be used as a guide to future investment performance
