Top 10 Money Market Funds In Kenya As Of 17th June 2022

Cytonn Money Market Fund is still the best performing fund as of June 17, 2022. The Fund has an effective annual rate of 10.5 percent followed by the Zimele Money Market Fund with an effective annual rate of 9.9 percent.

Sanlam Money Market Fund and Apollo Money Market Fund have effective annual rates of 9.4 percent each while Madison Money Market Fund has an annual rate of 9.3 percent.

At the same time, Nabo Africa Money Market Fund has an effective annual rate of 9.1 percent while CIC Money Market Fund and Dry Associates Money Market Fund have a 9.0 percent effective annual rate each. The Co-op Money Market Fund has an effective annual rate of 8.9 percent.

Related Content: Understanding Money Market Funds and Why You Should Invest in Them

Here is the full list:

1. Cytonn Money Market Fund
2. Zimele Money Market Fund
3. Sanlam Money Market Fund
4. Apollo Money Market Fund
5. Madison Money Market Fund
6. Nabo Africa Money Market Fund
7. CIC Money Market Fund
8. Old Mutual Money Market Fund
9. Co-op Money Market Fund

At the same time, the 3-month bank placements ended the week at 7.7 percent (based on what we have been offered by various banks). The yield on the 91-day T-bill increased by 5.9 bps to 7.9 percent.

The average yield of the Top 5 Money Market Funds declined to 9.7 percent from 9.8 percent last week while the yield on the Cytonn Money Market Fund remained unchanged at 10.5% as was recorded the previous week.

On liquidity, during the week, liquidity in the money markets tightened, with the average interbank rate rising to 5.1 percent from 4.8 percent recorded the previous week, partly attributable to tax remittances that offset government payments.

The average interbank volumes traded declined by 62.2 percent to 10.5 billion shillings from 27.9 billion shillings recorded the previous week.

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Related Content: Top 10 Money Market Funds On Account Of Effective Annual Rate