Top 10 Money Market Funds Worth Investing In

Cytonn Investments has released a least of the top money market funds against their effective annual rates. According to the list, Cytonn Money Market Fund is still leading its peers as the top money market fund in Kenya.

As of March 2022, Cytonn Money Market Fund was the top money market fund in Kenya with an effective annual rate of 10.6 percent followed by Zimele Money Market Fund with an effective annual rate of 9.9 percent.

Nabo Money Market Fund and Sanlam Money Market Fund had an effective annual rate of 9.7 percent each while Apollo Money Market Fund and GenCap Hela Imara had 9.5 and 9.4 percent in an effective annual rate respectively.

Dry Associates, CIC, and Madison Money Market Fund had an effective annual rate of 9.1, 9.0, and 8.9 percent respectively while Orient Kasha had an effective annual rate of 8.6 percent.

Here is the list:

1. Cytonn Money Market Fund
2. Zimele Money Market Fund
3. Nabo Money Market Fund
4. Sanlam Money Market Fund
5. Apollo Money Market Fund
6. GenCap Hela Imara Money Market Fund
7. Dry Associates Money Market Fund
8. CIC Money Market Fund
9. Madison Money Market Fund
10. Orient Kasha Money Market Fund

The 3-month bank placements ended the week at 7.7 percent, while the yield on the 91-day T-bill increased by 3.1 bps to 7.3 percent.

The average yield of the Top 5 Money Market Funds increased marginally by 0.1 percentage points to 9.9 percent, from 9.8 percent recorded the previous week while the yield on the Cytonn Money Market Fund increased by 0.2 percentage points to 10.6 percent, from 10.4 percent recorded the previous week.

At the same time, during the week, liquidity in the money markets remained ample, with the average interbank rate remaining relatively unchanged at 4.3 percent, as recorded the previous week, partly attributable to government payments that offset tax remittances.

The average interbank volumes traded declined by 36.9 percent to 10.9 billion shillings, from 17.2 billion shillings recorded the previous week.

Read More: Top 10 Money Market Funds In Kenya As March Snails On