Highest Paying Special Funds by Net Returns in the First Half of 2026

Special Funds are increasingly attracting Kenyan investors looking to earn higher returns than those typically offered by Money Market Funds (MMFs).

Performance results released by several fund managers for the first half of 2026 show that some Special Funds generated double-digit returns in just six months.

Unlike MMFs, Special Funds invest across a wider range of asset classes, including equities, currencies, commodities, government securities, offshore investments and other alternative assets. 

This broader investment allows fund managers to pursue higher returns, although it also exposes investors to greater market risk.

Also Read: Mansa-X Special Fund Posts 10.97% Net Return for 2026 Half-Year 

Below are the best-performing Kenya shilling-denominated Special Funds for the first half of 2026.

1. Mansa X Special Fund (KES)

Mansa X Special Fund (KES) recorded the highest net return among the funds that have released their half-year performance, delivering 10.97% in the first six months of 2026.

If an investor reinvested the returns earned over the year, this would translate to an annualised return of approximately 23.15%.

A Ksh300,000 investment made at the beginning of January would have generated a profit of about Ksh32,910 by the end of June.

If you would like to invest in the Mansa X Special Fund, get started here.

2. Etica Special Multi Asset Fund

Etica Special Multi Asset Fund posted a 10.51% net return during the first half of the year.

If the returns were reinvested over a full year, the performance translates to an annualised return of approximately 22.13%.

An investor who committed Ksh300,000 at the start of the year would have earned around Ksh31,530 in profit by the end of June.

3. Oak Special Fund (KES)

Oak Special Fund (KES) delivered a 8.06% return over the six-month period. On an annualised basis, assuming returns are reinvested, this is equivalent to 16.77%.

A Ksh300,000 investment would have earned approximately Ksh24,180 during the first half of the year.

Also Read: 5 Differences Between Special Funds and MMFs

4. Kuza Momentum Special Fund

Kuza Momentum Special Fund posted a 6.16% return between January and June 2026.

If those returns were compounded over a full year, they would translate to an annualised return of 12.70%.

An investor with Ksh300,000 in the fund would have earned approximately Ksh18,480 over the six-month period.

Best-Performing USD-Denominated Special Funds

Investors looking to diversify into dollar-denominated assets also had a number of strong-performing options.

Mansa X Special Fund (USD) delivered a 6.54% return during the first half of 2026. If those returns were reinvested over a full year, the fund would generate an annualised return of approximately 13.51%.

Oak Special Fund (USD) posted a 5.40% half-year return, equivalent to an annualised return of 11.10% on a compounded basis.

Investor interest in Special Funds has continued to grow throughout 2026.

According to industry data, assets under management (AUM) in Special Funds increased to Ksh203 billion at the end of March 2026, up from Ksh162 billion in December 2025.

Also Read: Top 15 MMFs By Their Net Returns in June 2026

What Investors Should Know Before Investing

Although Special Funds have recently outperformed many traditional investment products, they may not be suitable for every investor.

Most funds have lock-in periods, meaning investors cannot access their money immediately after investing. They also charge management fees.

Most importantly, because these funds invest in higher-risk assets, returns are not guaranteed and can fluctuate depending on market conditions.