Last updated: April 2026
Mansa X is a multi-asset special fund managed by Standard Investment Bank (SIB) in Kenya that has delivered an average net return of 18.13% per year since its launch in January 2019. The fund invests in global markets — including stocks on the NYSE, LSE, and Hong Kong exchanges, plus commodities, bonds, and currencies — and requires a minimum investment of KSh 250,000. With over KSh 132 billion in assets under management as of March 2026, Mansa X is the largest and highest-returning special fund in Kenya.
If you have been searching for an investment that beats money market funds and treasury bills in Kenya by a wide margin, Mansa X is the fund you have heard about. In 2025, while the best money market funds returned around 10-12% and 91-day T-bills yielded roughly 9.5%, the Mansa X special fund delivered 20.74% net — nearly double. That performance, combined with a KRA tax exemption on returns, has turned it into Kenya’s fastest-growing investment vehicle.
But is Mansa X right for you? This guide covers everything: how the Mansa X special fund works, its full return history from 2019 to Q1 2026, the fee structure, step-by-step instructions on how to invest, the Shariah-compliant option, risks, and how it compares to alternatives. Whether you are considering your first investment or diversifying an existing portfolio, this article will help you make an informed decision.
For official information, visit Standard Investment Bank’s Mansa X page or the Capital Markets Authority of Kenya for regulatory details on special funds.
What Is Mansa X Special Fund and Who Manages It?
Mansa X is a special collective investment scheme (special fund) launched in January 2019 by Standard Investment Bank (SIB), one of Kenya’s oldest investment firms founded in 1995. The fund is regulated by the Capital Markets Authority (CMA) of Kenya and operates under the Standard Investment Trust Funds (SITF) umbrella. The portfolio is overseen by Jesse James A’ruwa, Portfolio Manager for Global Markets at SIB, supported by a team with over 25 years of combined treasury management experience.
Unlike regular unit trust funds that invest mainly in government securities and local equities, the Mansa X special fund employs a sophisticated long/short multi-asset trading strategy. This means the fund can profit in both rising and falling markets by taking long positions (betting prices will rise) and short positions (betting prices will fall) across global exchanges.
| Detail | Mansa X Special Fund |
|---|---|
| Fund Manager | Standard Investment Bank (SIB) |
| Launch Date | January 2019 |
| Fund Type | Multi-Asset Strategy (Long/Short) |
| Regulation | Capital Markets Authority (CMA) Kenya |
| AUM (March 2026) | KSh 132.18 billion (~USD 1 billion) |
| Currency Options | KES and USD |
| Shariah Option | Yes — Mansa X Shariah via SIB Najah |
| Minimum Investment | KSh 250,000 (USD 2,500) |
| Minimum Top-Up | KSh 100,000 (USD 1,000) |
| Lock-in Period | 6 months |
| Tax Status | KRA tax-exempt returns |
The Mansa X special fund invests primarily on the world’s major stock exchanges including the New York Stock Exchange (NYSE), London Stock Exchange (LSE), Frankfurt Stock Exchange (FRA), and Hong Kong Stock Exchange (HKG). The fund also trades futures and options on metals, commodities, and interest rate products. In early 2026, the fund shifted exposure from traditional technology stocks toward essentials like consumer staples and energy, responding to global energy price surges (Source: SIB Q1 2026 Fact Sheet).
The most important question for any investor considering the Mansa X special fund is: what returns has it actually delivered? Here is the complete track record since inception.
What Are the Mansa X Returns From 2019 to 2026?
Mansa X has delivered consistent double-digit annual returns every year since inception. The table below shows the full year-by-year performance of the Mansa X KES fund (Source: SIB quarterly and annual fact sheets, 2019–2026).
| Year | Gross Return | Net Return (After Fees) |
|---|---|---|
| 2019 | 15.59% | 15.45% |
| 2020 | 18.75% | 19.01% |
| 2021 | 24.01% | 23.75% |
| 2022 | 20.45% | 20.59% |
| 2023 | 18.01% | 23.01% |
| 2024 | — | 19.53% |
| 2025 | — | 20.74% |
| Q1 2026 (annualised) | — | 18.96% (4.74% actual) |
The Mansa X special fund’s best year was 2021, when investors earned 23.75% net of fees. Even in 2022 — a year when global markets saw significant turbulence — the Mansa X fund still delivered 20.59%, demonstrating the long/short strategy’s ability to generate returns in both bull and bear markets.
For a more granular look, here is the quarterly breakdown of Mansa X returns for 2025 — the fund’s strongest full year at 20.74% net (Source: SIB 2025 Annual Fact Sheet).
| Quarter | KES Net Return | USD Net Return |
|---|---|---|
| Q1 2025 | 4.89% | 3.14% |
| Q2 2025 | 6.05% | 3.47% |
| Q3 2025 | 5.09% | 3.52% |
| Q4 2025 | 4.71% | 3.24% |
| Full Year 2025 | 20.74% | 13.37% |
Notice that the USD-denominated Mansa X fund returned 13.37% in 2025 compared to 20.74% for the KES fund. The difference is partly because KES returns benefit from local currency dynamics. The USD fund is better suited for investors who want dollar-denominated returns or plan to use the funds abroad. Since inception, the Mansa X KES fund has averaged 18.13% per year while the USD fund has averaged approximately 12-13% annually.
To put these Mansa X returns in real terms: an investor who put KSh 1 million into the Mansa X special fund in January 2019 would have grown their investment to approximately KSh 3.12 million by June 2025 — a 212% total return over 6.5 years, after all fees (Source: SIB Mansa X 5-year celebration page). That same KSh 1 million in a typical money market fund earning 10% per year would have grown to about KSh 1.77 million over the same period.
How Do You Invest in Mansa X Special Fund? (Step by Step)
Investing in the Mansa X special fund requires opening an account with Standard Investment Bank. Unlike app-based platforms such as Ziidi or Ndovu, the process involves direct interaction with SIB’s team. Here is how to get started with your Mansa X investment.
Step 1: Contact SIB. Reach out to Standard Investment Bank via phone (+254 777 333 000), email (invest@sib.co.ke), or visit their offices at JKUAT Towers, 16th Floor, Kenyatta Avenue, Nairobi. You can also visit the Mombasa office at Nyali Centre, 1st Floor. SIB is open Monday to Friday, 8:30 AM to 5:30 PM.
Step 2: Complete account opening. A Relationship Manager will guide you through the onboarding process. You will need your national ID or passport, KRA PIN certificate, and proof of source of funds. The account setup typically takes 1-3 business days.
Step 3: Choose your Mansa X fund option. Select between the KES fund or USD fund. You can also opt for the Shariah-compliant Mansa X Shariah fund if you prefer ethical investing aligned with Islamic principles.
Step 4: Deposit the minimum KSh 250,000. Fund your Mansa X account via M-Pesa, Pesalink, or bank transfer. When you fund via M-Pesa or Pesalink, you receive an SMS confirmation and your account is updated instantly once SIB receives the funds.
Step 5: Monitor your investment. SIB provides quarterly fact sheets and performance updates. Your Relationship Manager is available for questions. Note the 6-month lock-in period — you cannot withdraw your Mansa X investment within the first six months.
After the initial lock-in period, you can top up your Mansa X special fund investment with a minimum of KSh 100,000 at any time. You can also request withdrawals, which are typically processed within 2-3 business days (Source: SIB FAQs page).
Understanding the fee structure is essential before investing in any special fund. Here is exactly what you will pay when you invest in the Mansa X special fund.
What Are the Mansa X Fees and Charges?
The Mansa X special fund uses a performance-aligned fee structure, meaning SIB earns more only when your investment performs well. This is a positive sign for investors because it aligns the fund manager’s interests with yours (Source: SIB Mansa X Product Summary).
| Fee Type | Amount | Details |
|---|---|---|
| Initial Fee | 0% | No entry charge when you invest |
| Annual Financial Services Charge | 5% | Prorated daily over 365 days |
| Performance Fee | 10% | Only on surplus above hurdle rate |
| Hurdle Rate (KES Fund) | 25% | Performance fee only kicks in above 25% gross return |
| Hurdle Rate (USD Fund) | 15% | Performance fee only kicks in above 15% gross return |
| Redemption Fee | 0% | No exit charge when you withdraw |
Here is what the Mansa X fee structure means in practice: you pay zero to get in, zero to get out, and a 5% annual management charge. The 10% performance fee only applies if the fund exceeds the hurdle rate — 25% gross for the KES fund. Since the KES fund’s gross return has not exceeded 25% in most years, the performance fee rarely triggers. In 2025, for example, the gross return would have needed to exceed 25% before any performance fee applied. This is one reason why the Mansa X special fund’s net returns are often very close to the gross returns.
For Muslim investors or anyone seeking ethically screened investments, the Mansa X special fund offers a dedicated Shariah-compliant option.
What Is Mansa X Shariah and How Does It Compare?
Mansa X Shariah is the Islamic-compliant version of the Mansa X special fund, offered through SIB Najah — Standard Investment Bank’s Islamic Investment Banking division. The fund follows the same multi-asset strategy but only invests in Shariah-compliant assets, avoiding interest (riba), excessive uncertainty (gharar), and industries such as alcohol, gambling, and conventional banking.
In 2025, the Mansa X Shariah KES fund delivered 17.25% net returns, while the Mansa X Shariah USD fund returned 11.64% net — both the highest returns since the Shariah funds’ inception (Source: SIB press release, February 2026). While slightly lower than the conventional Mansa X fund’s 20.74% (KES), the Shariah option still significantly outperforms money market funds and treasury bills.
| Fund | 2025 Net Return | Available In |
|---|---|---|
| Mansa X KES (Conventional) | 20.74% | Kenya Shilling |
| Mansa X USD (Conventional) | 13.37% | US Dollar |
| Mansa X Shariah KES | 17.25% | Kenya Shilling |
| Mansa X Shariah USD | 11.64% | US Dollar |
All four Mansa X fund variants — conventional KES, conventional USD, Shariah KES, and Shariah USD — are regulated by the CMA and have their returns declared tax-exempt by the KRA. The minimum investment and fee structure for the Shariah options are the same as the conventional Mansa X special fund.
To help you decide whether the Mansa X special fund is right for your portfolio, here is how it stacks up against the most common investment options available to Kenyan investors.
How Does Mansa X Compare to Money Market Funds, T-Bills, and Other Investments?
| Feature | Mansa X | Money Market Fund | 91-Day T-Bill | NSE Stocks |
|---|---|---|---|---|
| 2025 Return | 20.74% | 10-12% | ~9.5% | Varies widely |
| Minimum Investment | KSh 250,000 | KSh 100-1,000 | KSh 100,000 | KSh 100+ |
| Lock-in Period | 6 months | None | 91-364 days | None (T+3) |
| Liquidity | 2-3 days after lock-in | Same day or T+1 | Hold to maturity | T+3 |
| Risk Level | Medium-High | Low | Very Low | High |
| Tax on Returns | Exempt (KRA) | 15% WHT | 15% WHT | Varies |
| Global Exposure | Yes | No (local only) | No | No (local only) |
| Regulation | CMA Kenya | CMA Kenya | CBK | CMA/NSE |
The Mansa X special fund is not a replacement for your emergency fund or short-term savings — those should stay in a money market fund where you can access them instantly. Mansa X is designed for medium to long-term wealth building with money you will not need for at least six months. The KSh 250,000 minimum also means it suits investors who have already built a savings foundation and are ready to pursue higher returns.
Are Mansa X Returns Tax-Free in Kenya?
Yes. Returns from all Mansa X special fund variants — both conventional and Shariah, in KES and USD — have been declared tax-exempt by the Kenya Revenue Authority (KRA). This is a significant advantage over most other investments in Kenya. For context, money market fund returns are subject to 15% withholding tax, and treasury bill interest is also taxed at 15%. With the Mansa X special fund, your stated net return is what you actually take home (Source: SIB press release, February 2026).
This tax exemption means a 20.74% net return from the Mansa X special fund is truly 20.74% in your pocket. Compare that to a money market fund advertising 12%: after the 15% withholding tax, your effective return drops to about 10.2%. The tax advantage alone adds 1.5-2 percentage points of real return compared to taxed alternatives, making the Mansa X special fund even more attractive on an after-tax basis.
No investment is without risk, and the Mansa X special fund is no exception. Before investing your KSh 250,000 or more, you need to understand exactly what could go wrong.
What Are the Risks of Investing in Mansa X Special Fund?
1. Market volatility risk. The Mansa X special fund invests in global equities, commodities, and derivatives. While the long/short strategy aims to profit in any market direction, extreme market events (like a global financial crisis) could still cause losses. Past returns of 18-21% per year are not guaranteed to continue.
2. Liquidity constraints. Your money is locked in for six months after your initial investment. Even after the lock-in period, withdrawals take 2-3 business days (some sources report up to 5-14 days depending on fund liquidity). If you need emergency cash, you cannot access your Mansa X investment quickly.
3. High minimum investment. At KSh 250,000, the Mansa X special fund is not accessible to most entry-level investors. This is roughly 2-3 months’ salary for a mid-level professional in Kenya. You should only invest money you can afford to lock away for at least six months.
4. Currency risk. Since Mansa X invests in global markets denominated in foreign currencies, fluctuations in the KES/USD exchange rate can affect your returns positively or negatively. A strengthening Kenya shilling could reduce your KES-denominated returns from global investments.
5. Concentration risk. With over KSh 132 billion in AUM, the Mansa X special fund is by far the largest special fund in Kenya. If a significant number of investors tried to withdraw simultaneously, the fund could face liquidity pressure. While SIB has managed this well so far, rapid growth always carries this tail risk.
6. Regulatory risk. Special funds operate under the CMA’s Special Collective Investment Schemes regulations. Changes to these regulations, or to the KRA’s tax exemption policy, could affect the fund’s operations or your after-tax returns. The tax exemption is not guaranteed to be permanent.
7. Strategy opacity. The long/short multi-asset strategy is more complex than a simple buy-and-hold fund. Investors have limited visibility into the specific positions the fund holds at any given time. You are trusting SIB’s team to execute the strategy effectively.
For investors looking to compare the Mansa X special fund against other options in this category, read our guide on the best special funds in Kenya where we compare Mansa X with OAK, Kibaba, and Britam.
Who Should Invest in Mansa X and Who Should Not?
Mansa X is a good fit if you: have at least KSh 250,000 you can lock away for six months or longer, already have an emergency fund in a liquid vehicle like a money market fund, want returns that significantly beat inflation and government securities, are comfortable with moderate-to-high risk for higher potential returns, and want tax-efficient global market exposure without opening a foreign brokerage account.
Mansa X is not right for you if you: cannot afford to lose your principal investment, need the money within six months, have not yet built an emergency fund (start with our emergency fund guide), prefer to pick your own stocks (consider buying US stocks from Kenya or starting with NSE stocks from KSh 1,000 instead), or are very risk-averse and would lose sleep over short-term dips.
The Verdict: Is Mansa X Special Fund Worth It in 2026?
Bull case: The Mansa X special fund has delivered 18.13% average net annual returns over seven years, making it the highest-returning regulated investment product in Kenya. It offers global diversification, tax-exempt returns, zero entry and exit fees, and a Shariah-compliant option. An investor who put KSh 1 million in at launch would have over KSh 3 million today. No money market fund, treasury bill, or NSE stock index has come close to this track record over the same period.
Bear case: Past performance does not guarantee future results. The 6-month lock-in and KSh 250,000 minimum exclude many investors. The fund’s rapid growth to KSh 132 billion raises questions about whether the same strategy can deliver similar returns at scale. The long/short model is complex and opaque. And the KRA tax exemption — one of the fund’s biggest selling points — could theoretically be revised.
Bottom line: For Kenyan investors with at least KSh 250,000 to invest, a solid emergency fund in place, and a time horizon of one year or more, the Mansa X special fund remains the standout option for higher returns with regulated, tax-efficient global exposure. It should not be your only investment, but it deserves a place in a diversified portfolio alongside your money market fund, treasury bills, and perhaps some NSE stocks. Apply the 50/30/20 budget rule first, then allocate a portion of your investment funds to Mansa X.
Frequently Asked Questions About Mansa X Special Fund
Here are the most common questions Kenyan investors ask about the Mansa X special fund, based on real search queries and the SIB FAQs page.
Is Mansa X legit and regulated?
Yes. The Mansa X special fund is regulated by the Capital Markets Authority (CMA) of Kenya and managed by Standard Investment Bank, which has been operating since 1995. SIB is also a licensed member of the Nairobi Securities Exchange (NSE) and an authorised Central Depository Agent. Mansa X is not a pyramid scheme or unregulated investment — it is a CMA-approved special collective investment scheme.
What is the minimum investment for Mansa X?
The minimum initial investment in the Mansa X special fund is KSh 250,000 (or USD 2,500 for the dollar fund). After the initial investment, you can top up with a minimum of KSh 100,000 (or USD 1,000). These minimums apply to both the conventional and Shariah-compliant versions of the fund.
Can I withdraw my money from Mansa X anytime?
Not during the first six months — there is a mandatory lock-in period. After six months, you can request a withdrawal at any time. Withdrawals are typically processed within 2-3 business days, though some sources report it can take up to 5-14 days depending on fund liquidity conditions at the time of your request.
Are Mansa X returns taxed in Kenya?
No. Returns from all Mansa X special fund variants have been declared tax-exempt by the Kenya Revenue Authority (KRA). This includes the conventional KES and USD funds as well as the Shariah KES and USD funds. Unlike money market funds and treasury bills which are subject to 15% withholding tax, Mansa X returns are received in full.
What is the difference between Mansa X and Mansa X Shariah?
Both use the same multi-asset long/short strategy, but the Mansa X Shariah fund only invests in Shariah-compliant assets — avoiding interest-based instruments, alcohol, gambling, and other non-halal sectors. In 2025, the conventional Mansa X KES returned 20.74% while the Shariah KES returned 17.25%. The minimum investment, fees, and lock-in period are identical.
How does Mansa X make money for investors?
The Mansa X special fund uses a long/short multi-asset strategy. It buys assets expected to increase in value (long positions) and simultaneously bets against assets expected to decline (short positions). The fund trades on major global exchanges in equities, commodities, currencies, bonds, and derivatives. This approach aims to generate positive returns regardless of whether markets are going up or down.
Can I invest in Mansa X via M-Pesa?
Yes. After opening your account with Standard Investment Bank, you can fund your Mansa X special fund investment via M-Pesa, Pesalink, or bank transfer. You will receive an SMS confirmation when your payment is received, and your investment account is updated once the funds clear in SIB’s accounts.
How does Mansa X compare to OAK and other special funds in Kenya?
Mansa X is the largest and longest-running special fund in Kenya with over KSh 132 billion in AUM and a 7-year track record. OAK by Faida Investment Bank returned 18.99% in 2025 — strong but slightly below Mansa X’s 20.74%. Newer funds like Kibaba (Ndovu) and Britam Special Fixed Income have less track record. For a full comparison, read our article on the best special funds in Kenya in 2026.
Ready to start investing? If the Mansa X special fund matches your goals, contact Standard Investment Bank at +254 777 333 000 or invest@sib.co.ke to begin the account opening process. If you are still building your investment foundation, start with our guide on how to start investing in Kenya with KSh 1,000.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in special funds involves risk, including the potential loss of principal. Past performance does not guarantee future results. Always do your own research and consider consulting a licensed financial advisor before making investment decisions. Sarafu is not affiliated with Standard Investment Bank or any fund mentioned in this article.
