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News and Analysis
April 30, 2025
Collective investment scheme (CIS) funds that offer relatively high returns have been attracting investors' interest, particularly with the declining interest offered by the majority of passive investment vehicles.
An example is Mansa X from Standard Investment Bank (SIB), which has accumulated a Ksh47 billion portfolio since its inception in 2019. In 2024 alone, the fund achieved an annual net return of 19.53 per cent.
In this article, we review the Mansa-X Fund with details of how it works, who qualifies, and all the information you need to decide if it's a good option for you.
Mansa-X special Fund is a medium to high-risk investment product that uses the principle of collective investing. Investors pool their money into a fund that is run by professionals who then invest in a diversified portfolio in stocks, rare commodities, fixed-income securities, and other investments in Kenya and across the globe.
Regulated by the Capital Markets Authority (CMA), Mansa-X is the largest special CIS fund operating in Kenya. It was inspired by Mansa Musa, the illustrious 9th Emperor of Mali and one of history’s wealthiest figures. Musa is known for his successful trade in salt and gold among others.
To invest in Mansa-X, individuals have an option to choose between trading with the Kenya Shilling as well as in USD, both options have different sets of characteristics.
According to legally-mandated disclosures by SIB, the Fund's Ksh option, launched in 2019, has more than Ksh47.05 billion assets under management (AUM).
To invest, one must meet a list of requirements, including;
On the flipside, customers will enjoy a 0% initial fee as well as a 0% redemption fee.
According to the 2025 report by SIB, the Fund's USD option, launched in 2022, has more than Ksh63.08 million assets under management (AUM).
To invest, however, an investor must meet a list of requirements, including;
On the flipside, customers will enjoy a 0% initial fee as well as a 0% redemption fee.
I & M Bank is the overall custodian of both funds.
The Fund is designed to offer above market average returns with a keen interest in accelerating client's capital growth through diversification.
To achieve this, Mansa-X invests in more than a dozen asset classes both locally and internationally, offering access to a 24-hour market.
Locally, it invests in;
Globally, the fund invests in;
The CIS has investments across major global stock exchanges such as the New York Stock Exchange (NYSE), London Stock Exchange (LSE), Frankfurt Stock Exchange (FRA) and Hong Kong Stock Exchange (HKG).
According to its spreadsheet, investors of Mansa-X KES portfolio enjoyed a full year gross returns of 24.53 per cent and a net return of 19.53 per cent in 2024, placing it among top return earners of any fund within the Kenyan republic.
Broken down, the returns for the first quarter were 5.62%, second quarter was 4.99%, third quarter was 5.14% and the fourth quarter closed the year with 3.78%.
According to SIB, the Mansa X Fund has never returned annual returns that are below 17%. This means that over a period of 72 months, an investor who staked Ksh1 million reaped a combined Ksh1,803,460 in net return."Important to note is that past performance is not a guarantee of future returns.
The USD Account, on the other hand, afforded its investors a full-year gross return of 17.50% and a full year net return of 12.50 per cent.
In the first quarter, the return was 3.48%, the second quarter was 2.93%, the third quarter was 3.12%, and the last quarter of 2024 gained 2.97% interest.
Individuals who staked USD10,000 earned a net return of $3,011.62 in the Fund's 27 months of existence.
Diversification - Investors enjoy higher than market-standard returns since the fund has diversified its investments globally and invests in over 200 asset classes.
Access to 24-Hour Market - The Fund's guaranteed returns are a result of its access to trading markets 24 hours a day since it places its stake in stock markets of Sydney, Tokyo, Nairobi, London, and New York, among others, maximising its earning potential
Superior Dollar Return - Investors have an option of earning a superior Dollar return through their dollar investment option, shielding them from the depreciation of the shilling and inflation.
Liquidity - With a return of over 17 per cent, the Mansa-X Fund offers attractive liquidity for investors who can access their funds fairly quickly, with withdrawals taking 2 or 3 working days to be completed. This is fairly flexible compared to other forms of passive investments such as bonds (which are fixed for at least 3 months) and sacco deposits (whose access can only be unlocked after a 60-day written notice).
High Capital and Top-ups - According to its requirements, the fund eyes high-brow Kenyan investors. Its Ksh250,000 initial capital and Ksh100,000 minimum top-up requirements lock out a section of Kenya’s middle class and nearly the entire lower class.
Management Fees - Whereas investors enjoy a 0% per cent in both initial and redemption fees, they still face a 5% financial services charge and a 10 per cent performance charge.
Medium to High Risk Investment - Unlike some lower risk investments where returns are guaranteed, the Mansa X Fund investors are likely to experience frequent fluctuations in the value of their investments, including potential losses.
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