- MONEY MARKETS FUNDS
The steady consistent decline in Money Market Funds (MMF) rates over the past 10 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 are showing resilience by maintaining relatively stable returns, demonstrating strong portfolio management and strategic allocation.
Despite the overall decline, Cytonn Money Market Fund has outperformed its peers, achieving an average daily return of 11.86% p.a. (netting 10.08% p.a.). Followed by Nabo Africa Money Market Fund, achieving an average of 11.59% p.a (netting 9.86% p.a), Etica Money Market fund achieving an average of 11.41% p.a (netting 9.70% p.a) , Gulfcap Money Market fund achieving an average of 11.36% p.a (netting 9.66% p.a), and Lofty -corban Money Market fund achieving 11.16% p.a (netting 9.48% p.a), demonstrating consistent resilience amidst a challenging rate environment.
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 11.86 | 10.08 |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 11.59 | 9.86 |
| Etica Capital Limited | Etica Money Market Fund | 11.41 | 9.70 |
| Gulfcap | Gulfcap Money Market Fund | 11.36 | 9.66 |
| Lofty-Corban | Lofty-Corban Money Market Fund | 11.16 | 9.48 |
| Enwealth Financial Services | Enwealth Money Market Fund | 10.56 | 8.97 |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 10.54 | 8.96 |
| Orient Asset Managers | Orient Kasha Money Market Fund | 10.31 | 8.77 |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 10.26 | 8.72 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 10.20 | 8.67 |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 10.18 | 8.65 |
| Arvocap | Arvocap Money Market Fund | 10.15 | 8.62 |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 10.14 | 8.62 |
| Madison Investment Managers Limited | Madison Money Market Fund | 9.82 | 8.35 |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 9.54 | 8.11 |
| Dry Associates | Dry Associates Money Market Fund | 9.47 | 8.05 |
| Faulu Microfinance BanK | Faulu Money Market Fund | 9.47 | 8.05 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 8.98 | 7.63 |
| KCB Group | KCB Money Market Fund | 8.76 | 7.45 |
| CPF | CPF Money Market fund | 8.75 | 7.44 |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 8.38 | 7.12 |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 8.35 | 7.10 |
| CIC Asset Managers Limited | CIC Money Market Fund | 8.22 | 6.99 |
| Genghis Capital | Genghis Money Market Fund | 8.11 | 6.89 |
| Mayfair Asset managers | Mayfair Money Market Fund | 8.08 | 6.87 |
| ABSA Bank | Absa Shilling Fund MMF | 7.73 | 6.57 |
| African Alliance | African Alliance Kenya Money Market Fund | 7.06 | 6.00 |
| Equity Bank | Equity Money Market Fund | 4.93 | 4.19 |
| Daily Cumulative Average October 2025 | 9.48 | 8.06 |
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:
- 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 Money Market Fund USD fund has secured the top position with an average return of 5.75% (Netting 4.89% p .a), followed by Etica Money Market Fund USD, Old Mutual Money Market Fund USD and Sanlam Money Market fund USD which posted daily .
| Dollar MMF | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 5.75 | 4.89 |
| Etica Capital Limited | Etica MMF USD | 5.44 | 4.62 |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.16 | 4.38 |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.10 | 4.34 |
| Dry Associates | Dry Associates Money Market Fund USD | 5.07 | 4.31 |
| Jubilee | Jubilee MMF USD | 5.07 | 4.31 |
| KCB Group | KCB Money Market Fund USD | 5.03 | 4.27 |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 5.00 | 4.25 |
| Nabo Capital Limited | Nabo Africa Money Market Fund USD | 4.99 | 4.25 |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 4.77 | 4.05 |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 4.73 | 4.02 |
| ABSA Bank | Absa Dollar Fund MMF | 3.95 | 3.35 |
| Daily Cumulative Average October 2025 | 5.00 | 4.25 |
Note: Past performance should not be used as a guide to future investment performance.
- Fixed Income Funds
The Mayfair Fixed Income Fund recorded an impressive average return of 15.80% (netting 13.43% p.a.), reflecting a consistent significant improvement from the past 4 months performance. It was followed by Nabo, Zimele, Gulfcap , and Britam Fixed Income Funds, which posted average daily effective annual returns of 12.46%, 11.86%, 11.75%, and 11.01%, respectively.
| Fixed Income Fund | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Mayfair Asset Managers | Mayfair Fixed Income Fund | 15.80 | 13.43 |
| Nabo Capital Ltd | Nabo Africa Fixed income Fund | 12.46 | 10.59 |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 11.86 | 10.08 |
| Gulfcap | Gulf cap fixed income fund | 11.75 | 9.99 |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 11.01 | 9.36 |
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 11.01 | 9.36 |
| Madison Asset Managers | Madison Fixed Income Fund | 10.94 | 9.30 |
| NCBA | NCBA Fixed Income Fund | 7.58 | 6.45 |
| Daily Cumulative Average October 2025 | 11.55 | 9.82 |
Note: Past performance should not be used as a guide to future investment performance.
- Special Funds
For special funds, Britam Asset Managers have consistently taken the lead with three of their funds. They include funds with lock-in periods of one year, six months, and three months respectively, each delivering a stable performance in their categories. These positions, Britam is a frontrunner in the special funds category.
| Special Funds | |||
| FUND MANAGER | NAME OF FUND | AVERAGE % | NET RETURN -TAX % |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 1 year | 10.28 | 8.74 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 6 Months | 10.13 | 8.61 |
| Britam Asset Managers (Kenya) Limited | Britam Special Fixed Income Fund 3 months | 10.11 | 8.59 |
| CIC Asset Managers Limited | CIC Wealth Fund | 7.00 | 5.95 |
| Daily Cumulative Average October 2025 | 9.38 | 7.97 |
Note: Past performance should not be used as a guide to future investment performance.
