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- MONEY MARKETS FUNDS
The steady decline in Money Market Fund (MMF) rates over the last four 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. The average daily effective rate for MMFs dropped to 13.82% p.a. in November, down from 14.21% p.a. in October, marking a notable trend for investors.Despite the overall decline, Cytonn Money Market Fund outperformed its peers, achieving an average daily return of 16.60% p.a. (netting 14.11% p.a.). Followed closely by Lofty-Corban (16.24%), Etica (15.80%), Arvocap (15.44%), and Kuza (15.14%), demonstrating resilience amidst a challenging rate environment.
- MONEY MARKETS FUNDS
| Fund Manager | Name of Fund | Daily Average Return % | Net Return after Tax % |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 16.60 | 14.11 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 16.24 | 13.81 |
| Etica Capital Limited | Etica Money Market Fund | 15.80 | 13.43 |
| Arvocap | Arvocap Money Market Fund | 15.44 | 13.12 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 15.14 | 12.87 |
| KCB Group | KCB Money Market Fund | 14.29 | 12.14 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 14.21 | 12.08 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 14.21 | 12.08 |
| Faulu Microfinance | Faulu Money Market Fund | 14.15 | 12.03 |
| Madison Investment Managers Limited | Madison Money Market Fund | 13.87 | 11.79 |
| Genghis Capital | Genghis Money Market Fund | 13.76 | 11.70 |
| Mayfair Asset managers | Mayfair Money Market Fund | 13.74 | 11.68 |
| Enwealth Financial Services | Enwealth Money Market Fund | 13.72 | 11.66 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 13.72 | 11.66 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 13.64 | 11.59 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 13.60 | 11.56 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 13.55 | 11.52 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 13.47 | 11.45 |
| ABSA Bank | Absa Shilling Fund MMF | 13.20 | 11.22 |
| Dry Associates | Dry Associates Money Market Fund | 13.16 | 11.18 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 12.97 | 11.02 |
| CIC Asset Managers Limited | CIC Money Market Fund | 12.68 | 10.78 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 12.65 | 10.75 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 12.57 | 10.69 |
| African Alliance | AA Kenya Money Market Fund | 12.42 | 10.55 |
| Equity Bank | Equity Money Market Fund | 10.49 | 8.92 |
| Cumulative Daily Average Return Nov 2024 | 13.82 | 11.75 | |
Note: Past performance should not be used as a guide to future investment performance.
Money Market Funds remain a compelling choice for investors who prioritize:
1.Liquidity: Easy access to funds for unforeseen needs.
2.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 MMF USD fund secured the top position with an average return of 7.03%, followed by Kuza, Lofty Corban Dry Associates and Jubilee MMF USD which posted daily average returns of 6.66%, 6.05 %, 5.86%, and 5.71% per annum, respectively.
| Fund Manager | Name of Fund | Daily Average Return % |
| Etica MMF | Etica MMF USD | 7.03 |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 6.66 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 6.05 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.86 |
| Jubilee Insurance | Jubilee MMF USD | 5.71 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.39 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.16 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 5.10 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 5.04 |
| KCB Group | KCB Money Market Fund USD | 4.97 |
| ABSA Bank | Absa Dollar Fund MMF | 4.94 |
| Cumulative Daily Average Return Nov 2024 | 5.63 | |
Past performance should not be used as a guide to future investment performance
Fixed Income Funds
The Nabo Fixed Income Fund delivered a return of 14.84% per annum, followed by Etica, Etica, Madison, Kuza and Zimele Fixed Income Funds, which recorded average daily effective returns of 14.47%, 14.44%, 14.24%, and 13.93% per annum, respectively.
| Fund Manager | Name of Fund | Daily Average Return % |
| Nabo Asset Managers | Nabo Africa Fixed income Fund | 14.84 |
| Etica | Etica Fixed Income Fund | 14.47 |
| Madison Asset Managers | Madison Fixed Income Fund | 14.44 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 14.24 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 13.93 |
| Britam Asset Managers (Kenya) Limited | British Bond Plus Fund | 12.92 |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 12.47 |
| NCBA | NCBA Fixed Income Fund | 11.09 |
| Sanlam Investments East Africa Limited | Sanlam Fixed Income Fund | 6.87 |
Past performance should not be used as a guide to future investment performance
