The Capital Markets Authority (CMA) has published its latest quarterly report, highlighting the leading Money Market Funds (MMFs) in Kenya based on total Assets Under Management (AUM).
The report gives insight into which funds are handling the most investor cash and where Kenyans are placing their trust for short-term investment returns.
Money Market Funds are a type of unit trust investment managed by professional fund managers. They offer a relatively safe way for investors to grow their money, often delivering better interest rates than traditional savings accounts in banks.
MMFs are popular for their stability, liquidity, and the ability to withdraw funds on short notice.
According to CMA’s Collective Investment Schemes (CIS) Quarterly Report, the CIC Money Market Fund emerged as the largest MMF in the country, with total AUM valued at Ksh81.8 billion, commanding a 25.6% share of the market.
Following closely in second place was the Sanlam Money Market Fund, managing Ksh72.2 billion, which translates to a 22.6% share of the total MMF market. The ICEA Lion Money Market Fund came in third with Ksh20.1 billion, holding a 6.3% market share.
In the fourth position was the ABSA Shilling Money Market Fund, which recorded Ksh19.2 billion in AUM, equivalent to 6% of the market.
Completing the top five was the Co-op Money Market Fund, managing Ksh16.3 billion and capturing 5.1% of the market.
The Old Mutual Money Market Fund came sixth, managing Ksh14.7 billion, accounting for 4.6% of the market share. In seventh place was the KCB Money Market Fund KES, holding Ksh12.7 billion with a 4% share.
Ranked eighth, the Britam Money Market Fund held Ksh10.7 billion, representing a 3.4% market share. The Etica Money Market Fund took ninth place with Ksh9.1 billion, making up 2.9% of the market.
The Jubilee Money Market Fund KES rounded off the top ten, managing Ksh7.5 billion, or 2.4% of the market share.
Notably, the Ziidi Money Market Fund, with Ksh7.7 billion, placed just outside the top ten in 11th position. Meanwhile, the Genghis Money Market Fund, managing Ksh612.9 million, ranked 28th overall.
Other funds worth mentioning include the Lofty-Corban KES Money Market Fund with Ksh3.2 billion, the Stanbic Money Market Fund with Ksh2.6 billion, and the Apollo Money Market Fund holding Ksh2.3 billion.
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On the other end of the spectrum, the smallest MMF reported by CMA was the CPF USD Money Market Fund, with only Ksh2.5 million in AUM.
Other funds with minimal AUM included the XENO Kenya Money Market Fund, GenCap Hela Money Market Fund, Amana Shilling Fund, Enwealth Dollar Money Market Fund, Cytonn Money Market Fund USD, and the Taifa Money Market Fund.
CMA reported that as of the latest review, Money Market Funds accounted for 64% of the total unit trust market, reflecting their dominant role among collective investment schemes. Overall, Kenya has 49 licensed MMFs.
The authority emphasized that while size is a key metric, a fund’s performance is best evaluated by its yield – the annual return investors earn, often expressed as a percentage.
Therefore, a larger MMF doesn’t automatically mean it is the highest earning one for investors.
In terms of where the funds were invested, government securities made up the largest allocation, with Ksh229.7 billion, or 46% of the total AUM, invested in instruments like treasury bills, treasury bonds, infrastructure bonds, and Eurobonds.
In contrast, only 0.2% of the total AUM (about Ksh1.3 billion) was allocated to offshore unlisted investments, making it the smallest category of allocation.
Other key investment destinations for MMFs included fixed deposits, listed and unlisted securities, cash and demand deposits, offshore listed investments, alternative investments, and participation in other collective investment schemes.
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This report not only reflects current investor confidence in Kenya’s money market sector but also shows the growing sophistication and diversity of investment products available to the public.
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