Money Market Fund rates continued on a decline streak during the month of October 2024, with the overall average daily effective rate falling to 14.21% p.a. compared to September's return baseline of 14.48% p.a.
The consistent yield compression across the market is directly attributed to a drop in Treasury Bill (T-bill) returns. Because licensed Money Market Funds (MMFs) inside the Kenyan investment space rely heavily on T-bills to optimize liquidity safety features and match low-risk profiles, moving yields at national debt auctions directly recalibrate underlying asset pool performance matrices.
In terms of performance leadership configurations, The Lofty Corban and Cytonn Money Market Funds captured the top position for the month of October 2024, posting an average daily return of 16.64% per annum. This translates to a net return of 14.15% per annum after accounting for statutory Withholding Tax deductions. Etica, Arvocap, and Kuza Money Market Funds followed closely behind the performance leaders.
| Fund Manager | Name of Fund | Daily Average Return % | Net Return after Tax % |
|---|---|---|---|
| Lofty-Corban | Lofty-Corban Money Market Fund | 16.64% | 14.15% |
| Cytonn Asset Managers Limited | Cytonn Money Market Fund | 16.64% | 14.15% |
| Etica Capital Limited | Etica Money Market Fund | 15.95% | 13.56% |
| Arvocap | Arvocap Money Market Fund | 15.78% | 13.41% |
| Kuza Asset Management Limited | Kuza Money Market Fund (KES) | 15.73% | 13.37% |
| GenAfrica Asset Managers Limited | GenAfrica Money Market Fund | 14.98% | 12.73% |
| Apollo Asset Management Company Limited | Apollo Money Market Fund | 14.86% | 12.63% |
| Nabo Capital Limited | Nabo Africa Money Market Fund | 14.67% | 12.47% |
| Jubilee Financial Services Limited | Jubilee Money Market Fund | 14.60% | 12.41% |
| KCB Group | KCB Money Market Fund | 14.41% | 12.25% |
| Co-op Trust Investment Services Limited | Co-op Money Market Fund | 14.29% | 12.14% |
| Madison Investment Managers Limited | Madison Money Market Fund | 14.28% | 12.14% |
| ABSA Bank | Absa Shilling Fund MMF | 14.09% | 11.98% |
| Enwealth Financial Services | Enwealth Money Market Fund | 14.08% | 11.97% |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund | 14.00% | 11.90% |
| Faulu Microfinance | Faulu Money Market Fund | 13.93% | 11.84% |
| Orient Asset Managers | Orient Kasha Money Market Fund | 13.82% | 11.74% |
| Genghis Capital | Genghis Money Market Fund | 13.51% | 11.48% |
| Dry Associates | Dry Associates Money Market Fund | 13.21% | 11.22% |
| Mayfair Asset managers | Mayfair Money Market Fund | 13.20% | 11.22% |
| Old Mutual Investment Group | Old Mutual Money Market Fund | 13.19% | 11.22% |
| African Alliance | AA Kenya Money Market Fund | 12.98% | 11.04% |
| CIC Asset Managers Limited | CIC Money Market Fund | 12.90% | 10.96% |
| ICEA Asset Lion Asset Management Limited | ICEA Lion Money Market Fund | 12.80% | 10.88% |
| Equity Bank | Equity Money Market Fund | 12.43% | 10.56% |
| Britam Asset Managers (Kenya) Limited | Britam Money Market Fund | 12.41% | 10.55% |
| Industry Baseline Metric | Cumulative Daily Average Return | 14.21% | 12.08% |
Disclaimer: Past performance configurations should not be relied upon as single, definitive guides for upcoming fiscal allocations.
For the hard currency investment allocations, the Dollar Money Market Funds sector recorded highly stable parameters. Kuza MMF USD fund secured the top leading spot with an average daily return profile of 6.79% per annum, followed tightly by alternative offerings from Etica, Dry Associates, and Lofty Corban.
| Manager | Name of Fund | Daily Average Return % |
|---|---|---|
| Kuza Asset Management Limited | Kuza Money Market Fund USD | 6.79% |
| Etica MMF | Etica MMF USD | 6.72% |
| Dry Associates | Dry Associates Money Market Fund USD | 6.22% |
| Lofty-Corban | Lofty-Corban Money Market Fund USD | 6.20% |
| Jubilee | Jubilee MMF USD | 6.03% |
| Sanlam Investments East Africa Limited | Sanlam Money Market Fund USD | 5.55% |
| ABSA Bank | Absa Dollar Fund MMF | 5.46% |
| Old Mutual Investment Group | Old Mutual Money Market Fund USD | 5.25% |
| CIC Asset Managers Limited | CIC Money Market Fund USD | 5.09% |
Short-to-medium tenor asset distributions also showcased competitive features during October 2024. The Kuza Fixed Income Fund delivered a return of 14.96% per annum, outperforming alternate managers inside the Collective Investment Schemes space including structures from Madison and Etica Capital.
| Manager | Name of Fund | Daily Average Return % |
|---|---|---|
| Kuza Asset Management | Kuza Fixed Income Fund (KES) | 14.96% |
| Madison Asset Managers | Madison Fixed Income Fund | 14.70% |
| Etica | Etica Fixed Income Fund | 14.62% |
| Nabo Asset Managers | Nabo Africa Fixed Income Fund | 14.19% |
| Zimele Asset Management | Zimele Fixed Income Market Fund | 13.36% |
| Britam Asset Managers (Kenya) Limited | Britam Bond Plus Fund | 12.95% |
Connect with an Infinity Wealth consultant to align your short-term reserves or institutional cash balances with target yield opportunities across the market.