News and Analysis
April 14, 2026
The MansaX Special Fund (KSH) posted a 4.74% net return for investors in the first quarter of 2026, with the annualised return projected at 18.96%.
The fund, which is managed by Standard Investment Bank (SIB), noted that the returns were realised following investments made in the local and global markets.
Locally, the funds pooled from investors were put into fixed income securities, Exchange Traded Funds (ETFs), and NSE-listed stocks.
Globally, the funds were invested in fixed income instruments, derivatives, precious metals, and currencies.
An investor who put Ksh1 million at the start of the year realised Ksh47,400. However, these funds cannot be withdrawn as investments are locked in for 6 months.
Also Read: Mansa X: All You Need to Know About the Special Fund Offering 24% Returns
At the end of March 2026, the fund had assets under management amounting to Ksh132.18 billion.
In 2025, MansaX Special Fund (KSH) posted the highest return for special funds in Kenya at 20.74%.
Notably, the fund also has a dollar-denominated investment option. Investors who chose this option realised returns of 2.88%.
An investor who had put the minimum investment required of USD 2,500 (Ksh323,000) would have made a profit of USD 72 (Ksh9,288).
At the end of March 2026, the assets under management for the USD fund were Ksh17 billion.
“The first quarter of 2026 proved exceptionally volatile for global financial markets, defined by a dramatic shift from technological optimism to stark geopolitical reality. Investors entered the year grappling with stretched artificial intelligence valuations and harbouring hopes for imminent Federal Reserve interest rate cuts,” the fund noted in its report.
Also Read: Special Funds With The Highest Returns in 2025
“However, the macroeconomic landscape was abruptly upended late in the quarter by the outbreak of war with Iran. This severe geopolitical shock rippled across all asset classes, fundamentally altering market trajectories and reviving dormant fears of entrenched inflation.”
Alongside the main funds, the MansaX Shariah Special Fund, which offers an ethical investment option aligned with Islamic finance principles, delivered a 2.84% net return in Q1 2026.
Anyone who put the minimum investment required, which was Ksh100,000 for the Kenyan shilling option, earned interest of Ksh2,840.
The USD Shariah Special Fund option delivered a return of 1.69%. With a minimum investment of USD 1,000, an investor would have made USD 16.9 (Ksh2,180).
Funds pooled from investors for the Shariah funds are put into Islamic indices, sukuk (Islamic bonds), halal equities, and Islamic ETFs.
In recent years, there has been growing interest in special funds. Unlike traditional investments, MMFs focus on low-risk, short-term instruments with moderate returns.
Special funds, on the other hand, take on slightly higher risk in exchange for potentially higher returns.
Over the past years, declining Treasury bill rates have reduced MMF returns, pushing investors toward alternatives like special funds that can tap into global markets and diverse asset classes.
Editor's Note: We know many of our readers are looking for opportunities that go beyond standard market returns. If you're interested in learning more about special funds from the fund managers directly, please fill your details here.
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