MARKET WRAP-UP REPORT – MAY 2025
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- MONEY MARKETS FUNDS
The steady decline in Money Market Funds (MMF) rates over the last months, reflects the direct impact of falling inflation and stabilizing economic conditions, which have led to lower yields on short-term investments such as Treasury Bills (T-bills), a key component of MMF portfolios due to their low-risk, short-term nature. Despite this overall decline, some MMFs have shown resilience by maintaining relatively stable returns, demonstrating strong portfolio management and strategic allocation.
Despite the overall decline, Gulfcap Money Market Fund has outperformed its peers once again, achieving an average daily return of 13.06% p.a. (netting 11.10% p.a.). Followed closely by Cytonn Money Market Fund, achieving an average of 12.83% p.a (netting 10.91% p.a), Kuza Money Market fund, achieving an average of 12.58% p.a (netting 10.69% p.a), GenAfrica money market fund achieving an average of 12.30% p.a (netting 10.45% p.a), and Etica money market fund achieving 12.21% p.a (netting 10.38% p.a), demonstrating resilience amidst a challenging rate environment.
| FUND MANAGER | NAME OF THE FUND | Average % | Net return – tax % |
| Gulfcap | Gulfcap Money Market Fund | 13.06 | 11.10 |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 12.83 | 10.91 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 12.58 | 10.69 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 12.30 | 10.45 |
| Etica Capital Limited | Etica Money Market Fund | 12.21 | 10.38 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 11.85 | 10.07 |
| Arvocap | Arvocap Money Market Fund | 11.79 | 10.02 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 11.75 | 9.98 |
| Enwealth Financial Services | Enwealth Money Market Fund | 11.58 | 9.84 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 11.44 | 9.73 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 11.28 | 9.59 |
| Madison Investment Managers Limited | Madison Money Market Fund | 11.03 | 9.38 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.81 | 9.19 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 10.78 | 9.16 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.54 | 8.96 |
| Dry Associates | Dry Associates Money Market Fund | 10.47 | 8.90 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 10.40 | 8.84 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 10.24 | 8.70 |
| Genghis Capital | Genghis Money Market Fund | 9.79 | 8.32 |
| KCB Group | KCB Money Market Fund | 9.75 | 8.29 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 9.70 | 8.24 |
| CIC Asset Managers Limited | CIC Money Market Fund | 9.54 | 8.11 |
| ABSA Bank | Absa Shilling Fund MMF | 9.40 | 7.99 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.98 | 7.64 |
| Mayfair Asset managers | Mayfair Money Market Fund | 8.86 | 7.53 |
| African Alliance | African Alliance Kenya Money Market Fund | 7.93 | 6.74 |
| Equity Bank | Equity Money Market Fund | 5.26 | 4.47 |
| DAILY CUMULATIVE AVERAGE MAY 2025 | 10.60 | 9.01 |
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.
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- 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 6.00%, followed by Jubilee Money Market Fund USD, Kuza Money Market Fund USD and Nabo Africa Money Market fund USD which posted daily.
- Dollar Money Market Fund Returns
| Dollar MMF | |||
| FUND MANAGER | NAME OF THE FUND | Average % | Net return – tax % |
| Etica MMF | Etica MMF USD | 6.00 | 5.10 |
| Jubilee | Jubilee MMF USD | 5.89 | 5.00 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.78 | 4.91 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.37 | 4.57 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 5.37 | 4.56 |
| KCB Group | KCB Money Market Fund USD | 5.23 | 4.45 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.08 | 4.31 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.04 | 4.29 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 4.99 | 4.24 |
| Dry Associates | Dry Associates Money Market Fund USD | 4.98 | 4.24 |
| ABSA Bank | Absa Dollar Fund MMF | 4.49 | 3.82 |
| DAILY CUMULATIVE AVERAGE MAY 2025 | 5.29 | 4.50 |
Past performance should not be used as a guide to future investment performance.
3. Fixed Income Funds
The Mayfair Fixed Income Fund delivered a return of 14.58% per annum, followed by Gulfcap, Kuza, Zimele, and Madison Fixed Income Funds, which recorded average daily effective returns of 14.25%, 12.92% 12.12%, and 11.98% per annum, respectively.
| FIXED INCOME FUNDS | |||
| FUND MANAGER | NAME OF THE FUND | Average % | Net return – tax % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 14.58 | 12.39 |
| Gulfcap | Gulf cap fixed Income fund | 14.25 | 12.11 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 12.92 | 10.99 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 12.12 | 10.30 |
| Madison Asset Managers | Madison Fixed Income Fund | 11.98 | 10.18 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 11.89 | 10.10 |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 11.44 | 9.73 |
| NCBA | NCBA Fixed Income Fund | 8.62 | 7.32 |
| DAILY CUMULATIVE AVERAGE MAY 2025 | 12.23 | 10.39 |
Past performance should not be used as a guide to future investment performance.
4. Special Funds
For special funds, Britam Asset Managers have taken the lead with three of their funds. These include funds with lock-in periods of one year, six months, and three months respectively, each delivering strong performance in their categories. This positions Britam as a frontrunner in the special funds category.
| SPECIAL FUNDS | |||
| FUND MANAGER | NAME OF THE FUND | Average % | Net return – tax % |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 1 year | 12.01 | 10.20 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 11.83 | 10.06 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 11.81 | 10.04 |
| Lofty Corban Asset Management | Lofty-Corban Special Money Market Fund | 9.26 | 7.88 |
| CIC Asset Managers Limited | CIC Wealth Fund | 7.89 | 6.70 |
| DAILY CUMULATIVE AVERAGE APRIL 2025 | 10.56 | 8.98 |
Past performance should not be used as a guide to future investment performance.
