News and Analysis
October 12, 2026
Investors who placed Ksh300,000 in Etica Special Multi Asset Fund would have earned the highest return among the four special funds whose third-quarter performance figures were provided, with the investment growing by Ksh16,560 to Ksh316,560.
The fund delivered a net return of 5.52% between July and September 2026, outperforming Mansa-X Special Fund (KES), Oak Special Fund (KES), and Kuza Momentum Special Fund over the same period.
Special funds offer investors exposure to different asset classes, including stocks, metals, and bonds, among others.
Here are the top-performing funds for Q3 and how Ksh300,000 invested in each of the funds would have performed.
Also Read: Special Funds With the Highest Returns in Q1 of 2026
Etica Special Multi Asset Fund recorded the highest net return among the special funds in Q3 2026, delivering a net return of 5.52% between July and September.
A Ksh300,000 investment made at the beginning of July would have generated a profit of approximately Ksh16,560 by the end of September.
In the year to September 2026, the fund recorded a net return of 16.61% for investors who chose to reinvest their returns.
Mansa-X Special Fund (KES) delivered a net return of 4.71% in the third quarter of 2026.
A Ksh300,000 investment made at the beginning of July would have generated a profit of approximately Ksh14,130 by the end of September, bringing the total value to Ksh314,130.
Over the first nine months of 2026, the fund recorded a cumulative net return of 16.2% for investors who chose to reinvest their returns.
The fund projects its reported annualised net return for 2026 at 22.16% for investors who will reinvest their returns.
Oak Special Fund (KES) posted a net return of 3.90% between July and September 2026.
An investor who placed Ksh300,000 in the fund at the beginning of the quarter would have earned approximately Ksh11,700, bringing the investment value to Ksh311,700 by the end of September.
The fund's cumulative return from January to September 2026 stood at 12.28% for investors who reinvested their returns.
Kuza Momentum Special Fund posted a net return of 2.17% in the third quarter of 2026.
An investor who committed Ksh300,000 at the beginning of July would have earned approximately Ksh6,510 by the end of September, bringing the total investment value to Ksh306,510.
The fund's cumulative return for the nine months to September 2026 stood at 9.44% for investors who chose to reinvest their returns.
Mansa-X Special Fund (USD) delivered a net return of 2.51% in the third quarter of 2026.
The fund recorded a cumulative net return of 9.22% in the nine months to September 2026 for investors who choose to reinvest their returns.
Oak Special Fund (USD) recorded a net return of 2.40% during the third quarter of 2026.
The fund's cumulative year-to-date return stood at 7.93% as of September 2026 for investors who chose to reinvest their returns.
Also Read: Ksh MMF vs. USD MMF – Which Money Market Fund Should You Choose?
The returns provide a comparison of how the funds performed between July and September 2026. However, past performance does not guarantee future returns.
Investors should consider each fund's investment strategy, risk profile, fees, minimum investment requirements and withdrawal terms before committing their money.
Assets Under Management (AUM) in Special Funds increased by Ksh49.2 billion in the three months to June 2026, equivalent to an average of approximately Ksh547 million in daily growth during the period.
Data from the Capital Markets Authority (CMA) shows that total AUM rose from Ksh203.5 billion at the end of March 2026 to Ksh252.8 billion by the end of June.
Mansa-X Special Fund had the largest AUM at Ksh163.8 billion, followed by Mansa-X Special Fund USD at Ksh20.5 billion and Oak Multi Asset Special KES Fund at Ksh19 billion.
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