During the month of March, the following fund managers stood out posting the top 5 money market fund rates as of 31st March 2020.
1. Cytonn Money Market Fund
Cytonn maintained top spot closing the month with an average daily yield of 10.44% and an average effective annual yield of 11.01%, an impressive performance considering it replicated the rates posted in February. As was the case in January and February, CMMF also retained the top position throughout the month of March 2020, ensuring is held steady throughout Q1’2020.
2. Nabo Africa Money Market Fund
Nabo Africa climbed 3 positions from the posting in February to 2nd spot posting an average daily yield of 9.61% and an average effective annual yield of 10.05, up from an average effective yield of 9.30% and an average effective annual yield of 9.71% on February 2020.
3. Zimele Money Market Fund
Zimele dropped one spot to 3rd amongst the top 5 funds, having recorded no changes on its average daily yield and average annual yield postings to close the month with an average daily yield of 9.56% and an average effective annual yield of 9.91% throughout Q1’2020.
4. CIC Money Market Fund
CIC retained 4th spot in March to close the month with an average daily yield of 9.41% and an average effective annual yield of 9.76%, maintaining the rates it posted in February 2020.
5. Sanlam Pesa Market Fund
Sanlam dropped 2 spots to 5th having dropped .16% off its average daily yield and .17% off its effective annual yield to close the month with an average daily yield of 9.24% and an average effective annual yield of 9.68% respectively.
See the tabular representation for March 2020 average performance below:
Learn more about Money Market Funds investments by reading Money Market Investments in 5 steps.
This article was written by Caroline Musau, Chief Operating Officer at Vasili Africa. Get in touch with Caroline for free investment advice via info@vasiliafrica.com or fill in the form below.
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