For Kenyan investors seeking safe havens that beat inflation, the latest performance data for Money Market Funds (MMFs) paints a clear picture: the bulls are running. The September 2025 report reveals that the market is delivering robust returns, with leading funds consistently crossing the 11% mark, offering a lucrative alternative to traditional savings accounts.

Leading the pack is Etica Money Market Fund, which has retained its top position with an impressive average return of 11.45%. It is closely followed by Orient Kasha Money Market Fund at 11.06% and Kuza Money Market Fund at 10.92%. These figures highlight a competitive landscape where fund managers are aggressively optimizing their portfolios to attract capital from retail investors who are increasingly savvy about where they park their shillings.

The Heavyweights vs. The Challengers

The report, released by Vasili Africa, shows a mix of established giants and agile challengers. While Etica leads, household names like Cytonn (12.23% in some metrics) and Nabo Capital (11.85%) continue to post strong numbers, proving their resilience. On the other hand, traditional banking-led MMFs like Co-op Money Market Fund (8.73%) and Absa Shilling Fund (8.49%) are trailing the more aggressive independent managers, reflecting a risk-return trade-off that investors must weigh.

The data also sheds light on the dollar-denominated funds, where Etica again leads with a 5.79% return, followed by Kuza and Nabo. This segment is becoming increasingly popular for investors looking to hedge against currency depreciation.

• Top Performer: Etica MMF at 11.45% annual yield.
• Runners Up: Orient Kasha (11.06%) and Kuza (10.92%).
• Market Trend: Independent managers outperforming bank-affiliated funds.

With the average inflation rate stabilizing, these real returns are significant. For the Kenyan investor, the message is simple: loyalty to your bank might be costing you money. The smart money is moving to where the yields are highest, and right now, that is with the nimble fund managers who are navigating the fixed-income market with precision.