Articles
Weekly Money Market Fund Performance Update – 23rd May 2025
Kenya’s top-performing money market funds remained stable this week, reflecting a consistent environment for short-term savers and liquidity managers. Despite broader macroeconomic headwinds, MMFs continued to offer attractive yields above Treasury Bills (T-Bills), supporting their appeal as secure, flexible investment vehicles.
Top 10 Money Market Funds by Effective Annual Rate (EAR)
| Rank | Money Market Fund | EAR (%) |
|---|---|---|
| 1 | Gulfcap Money Market Fund | 13.9% |
| 2 | Cytonn Money Market Fund | 13.6% |
| 3 | Kuza Money Market Fund | 13.3% |
| 4 | Ndovu Money Market Fund | 13.1% |
| 5 | Arvocap Money Market Fund | 13.1% |
| 6 | GenAfrica Money Market Fund | 13.1% |
| 7 | Etica Money Market Fund | 12.9% |
| 8 | Lofty-Corban Money Market Fund | 12.8% |
| 9 | Enwealth Money Market Fund | 12.1% |
| 10 | Old Mutual Money Market Fund | 12.0% |
Average EAR for the top 10 MMFs: 13.0%
(unchanged from the previous week)
T-Bills vs. MMFs: Relative Performance
During the week, Treasury Bill yields stood at:
- 91-day: 8.3%
- 182-day: 8.57%
- 364-day: 10.0%
➡️ Insight: The top MMFs continued to outperform T-Bills across all tenors, underscoring their superior return potential for investors seeking higher liquidity with capital preservation.
Week-on-Week Movements: Stability Amidst Softening
Compared to the previous week, MMF performance remained largely unchanged:
- Top 10 average EAR: unchanged at 13.0%
- Slight decrease in Cytonn (13.7% → 13.6%)
- Britam MMF exited the top 10, replaced by Old Mutual MMF
➡️ Key Message: The consistency in yields indicates a stable underlying fixed income market and disciplined asset allocation strategies among the top-tier MMFs.
Bottom 10 MMFs: Persistently Low Returns
| MMF | EAR (%) |
|---|---|
| Equity Money Market Fund | 5.4% |
| Ziidi Money Market Fund | 7.2% |
| Stanbic Money Market Fund | 7.5% |
| AA Kenya Money Market Fund | 7.8% |
| Mayfair Money Market Fund | 9.2% |
The gap between the best and worst performers remains wide — over 8.5 percentage points — suggesting that investors must assess MMF strategies, cost structures, and risk profiles beyond headline returns.
YTD Leaders: Who’s Ahead in 2025?
| Rank | MMF | YTD EAR (%) |
|---|---|---|
| 1 | Gulfcap MMF | 15.6% |
| 2 | Cytonn MMF | 15.4% |
| 3 | Etica MMF | 14.4% |
| 4 | Kuza MMF | 14.4% |
| 5 | Lofty-Corban MMF | 14.3% |
| 6 | Ndovu MMF | 14.2% |
These funds continue to provide reliable alpha for fixed-income investors looking for liquidity and stability in a moderately easing rate environment.
Final Thoughts
Despite declining T-Bill yields, Kenya’s top MMFs are maintaining strong returns and outperforming key benchmarks. Investors and treasury managers seeking stability, liquidity, and relatively better risk-adjusted returns would be well-positioned with a diversified MMF strategy. That said, attention to fund composition, fee structures, and historical volatility remains essential.