Last updated: 3 July 2026 | Performance figures sourced from Arvocap Asset Managers (fund data as at 30 June 2026). Arvocap is licensed and regulated by the Capital Markets Authority of Kenya.
The Arvocap Thamani Equity Fund has been one of the strongest performing funds in Kenya, returning about 35% over the past twelve months and nearly 89% since it launched in 2024, by investing in top NSE-listed stocks and using derivatives to cushion against sharp market falls. So is it worth your money? In short, the Arvocap Thamani Equity Fund offers high, equity-driven returns and a clever hedging strategy, but it is a high-risk fund with a KSh 100,000 minimum and a six-month lock-in, which makes it suitable for investors with a long horizon and a strong stomach for volatility, not for anyone who needs quick or guaranteed access to their cash.
This review covers exactly what the fund is, how it works, its returns, fees, risks, who it suits, and how to invest, so you can decide whether it belongs in your portfolio.
Arvocap Asset Managers: The Company Behind the Fund
It is worth knowing who manages your money. Arvocap Asset Managers is one of Kenya’s newer but fast-growing investment firms, licensed and regulated by the Capital Markets Authority. Its assets under management reportedly grew to around KSh 8 billion in 2025, on the back of strong returns across its range of funds, which is a sign of rising investor confidence.
Alongside the Arvocap Thamani Equity Fund, the firm runs money market funds and a global equity special fund, so investors can spread money across different risk levels within the same manager. As with any fund, the regulation by the CMA, the use of an independent custodian and trustee, and clear reporting are the safeguards that matter, and Arvocap operates within that framework.
Common Mistakes to Avoid with Equity Funds
The biggest mistake investors make with a fund like this is putting in money they will soon need. The 182-day lock-in and the ups and downs of the stock market mean this is long-term money, not savings for next term’s school fees. A second mistake is panic-selling after a dip, which turns a temporary paper loss into a real one.
Other traps include chasing last year’s return without understanding the risk behind it, and putting your entire savings into a single high-risk fund. The smarter approach is to invest only a portion of your long-term money in an equity fund like Thamani, keep a safety cushion elsewhere, and hold for years so the strategy has time to work.
The Bottom Line on the Arvocap Thamani Equity Fund
The Arvocap Thamani Equity Fund is a strong option for a long-term, risk-tolerant investor: excellent recent returns, an innovative hedging strategy, and professional access to Kenya’s best listed companies, all within a CMA-regulated structure.
Just match it to your situation. With a KSh 100,000 minimum, a six-month lock-in and real equity risk, it belongs in the growth part of a diversified plan, held for years, not as a home for money you cannot afford to see fall in value.
How does the Arvocap Thamani Equity Fund manage risk?
It is Kenya’s first fund to use derivatives, specifically single-stock and equity-index futures on the NSE, to hedge against price falls. This cushions the portfolio during market downturns, though it reduces rather than removes risk, and the fund can still lose value in a bad market.
Table of Contents
Key Takeaways
- The Arvocap Thamani Equity Fund returned about 34.9% over the last twelve months and around 88.9% since inception (to 30 June 2026).
- It invests in high-value, liquid stocks on the NSE 25 index and is Kenya’s first fund to use derivatives to hedge against price swings.
- The minimum investment is KSh 100,000, with a 182-day (six-month) lock-in period.
- It is a high-risk, category 5 fund, so returns can swing sharply and are not guaranteed.
- It suits long-term investors comfortable with equity risk, rather than anyone seeking safety or instant access to their money.
What Is the Arvocap Thamani Equity Fund?
The Arvocap Thamani Equity Fund is a Kenyan-shilling equity fund managed by Arvocap Asset Managers, one of the country’s fast-growing investment firms. It is a collective investment scheme, meaning your money is pooled with that of other investors and managed by professionals, and it is licensed and regulated by the Capital Markets Authority.
Its goal is straightforward: to beat the market average by investing in the best, most liquid companies listed on the Nairobi Securities Exchange, specifically the top-tier stocks tracked by the NSE 25 index. In other words, when you invest, your money buys a professionally managed basket of Kenya’s leading listed companies, aimed at long-term capital growth rather than steady income.
How the Arvocap Thamani Equity Fund Works
What sets this fund apart is its use of derivatives. The Arvocap Thamani Equity Fund is the first fund in Kenya to use single-stock and equity-index futures listed on the NSE to hedge against price volatility. Crucially, Arvocap uses these tools for risk mitigation, not speculation.
In plain terms, hedging is like insurance for the portfolio. When markets fall, the fund’s derivative positions can offset some of the losses on its shares, cushioning your investment against extreme swings. This does not remove risk entirely, and the fund can still lose money in a bad market, but it is a more sophisticated approach to managing volatility than most local equity funds offer.
Arvocap Thamani Returns and Performance
Performance has been strong. As of 30 June 2026, the Arvocap Thamani Equity Fund reported the following returns:
| Period | Return (to 30 June 2026) |
|---|---|
| Year to date (2026) | +10.86% |
| Last twelve months | +34.93% |
| Since inception (2024) | +88.92% |
Figures are the fund’s reported performance as at 30 June 2026, per Arvocap. Equity returns are not guaranteed and can be negative in a falling market, so always check the latest fact sheet before investing.
To put that in context, the fund delivered roughly 40% in the 2025 calendar year, comfortably ahead of a typical money market fund. But remember the flip side: an equity fund that can rise 40% in a good year can also fall hard in a bad one. These returns reward patience and carry real risk.
Fees and Minimum Investment
The Arvocap Thamani Equity Fund is aimed at more serious investors. The minimum initial investment is KSh 100,000, the minimum top-up is also KSh 100,000, and there is a lock-in period of 182 days, meaning you cannot withdraw your money for the first six months.
On fees, Arvocap charges an annual management fee on the fund, and equity funds like this often also apply a performance fee on returns above a set benchmark. Arvocap does not publish the full fee schedule on the fund’s summary page, so before investing, confirm the exact management and performance fees in the fund’s Key Investor Information Document, which you can request from Arvocap.
Risks of the Arvocap Thamani Equity Fund
This is a high-risk fund, and Arvocap is upfront about it. The fund is rated category 5, reflecting its full exposure to equities, whose prices and dividends can fluctuate sharply. In a market downturn, the value of your investment can fall, and the derivative hedges reduce but do not eliminate that risk.
There is also a liquidity consideration. The six-month lock-in means your money is not instantly accessible, and in extreme market conditions selling shares to meet withdrawals can be difficult. This is not a place to keep your emergency fund or any money you might need at short notice.
Who Is the Arvocap Thamani Equity Fund For?
The fund suits a specific type of investor. It is a good fit if you have a long time horizon of five years or more, you already have savings you will not need in the near term, and you are comfortable watching the value of your investment rise and fall in exchange for the potential of higher long-term returns.
It is not a good fit if you are a beginner taking your very first step into investing, if KSh 100,000 is a large share of your total savings, or if you need steady income or quick access to your cash. For those investors, a lower-risk option is a better starting point.
Thamani vs a Money Market Fund vs Mansa X
It helps to see where the Arvocap Thamani Equity Fund sits against calmer options. A money market fund pays around 10% to 13% a year with very low risk and no lock-in, but its returns are capped. A multi-asset special fund like Mansa X spreads money across several asset classes and returned about 11% in the first half of 2026, sitting somewhere in the middle on risk.
Thamani, by contrast, is a pure equity fund: higher potential returns, as its recent 35% shows, but higher risk and a six-month lock-in. Many investors use a mix, keeping stability in a money market fund and adding an equity or special fund like this for growth. See also our review of the Mansa X Special Fund.
What KSh 100,000 in the Arvocap Thamani Equity Fund Would Have Become
Let us make it concrete using the fund’s minimum. If you had invested KSh 100,000 in the Arvocap Thamani Equity Fund a year ago, at its reported 34.93% return it would now be worth about KSh 134,900, before any performance fee. That is a strong one-year result.
Stretch it back to the fund’s launch in 2024 and the picture is even more striking: an inception-to-date return of 88.92% means an early KSh 100,000 investment would be worth roughly KSh 188,900 today. The catch, as always with equities, is that these are past returns in a rising market, and a future downturn could reverse a chunk of those gains just as quickly.
How to Invest in the Arvocap Thamani Equity Fund
Investing is straightforward once you have the minimum ready. You open an account with Arvocap Asset Managers, either through their website or app, and then fund it. Arvocap accepts deposits through its M-Pesa Paybill or by bank transfer, and top-ups can be made the same way.
If the KSh 100,000 minimum is out of reach for now, you can build towards it with a lower-cost option first. Our guides on how to start investing with just KSh 1,000 and the minimum investment you need to start in Kenya show you how to begin small and grow.
Is the Arvocap Thamani Equity Fund Worth It?
For the right investor, the Arvocap Thamani Equity Fund is a compelling option. Its returns have been excellent, its derivative-hedging approach is genuinely innovative for the Kenyan market, and it gives you professionally managed exposure to the country’s best listed companies. If you have a long horizon and can handle equity risk, it deserves a look.
But be honest with yourself about the risk. This is not a savings account, the KSh 100,000 minimum and six-month lock-in are real commitments, and past returns are no promise of future ones. Treat it as one growth-focused piece of a diversified plan, not as a place for money you cannot afford to see fall in value.
How We Reviewed the Arvocap Thamani Equity Fund
To review the Arvocap Thamani Equity Fund, we used the fund’s own reported performance and fund facts from Arvocap Asset Managers, dated 30 June 2026, along with its stated strategy, risk rating and investment terms. We weighed the strong returns against the risks, the lock-in and the minimum, rather than simply highlighting the headline numbers.
Our aim is to give an everyday Kenyan investor the full picture, the potential and the pitfalls together, so you can decide for yourself. Fund performance and terms can change, so treat every figure here as a snapshot and confirm the current fact sheet and fee schedule with Arvocap before you invest.
Frequently Asked Questions
What returns does the Arvocap Thamani Equity Fund offer?
As at 30 June 2026, the fund reported a return of about 34.93% over the last twelve months and around 88.92% since inception in 2024. Returns are driven by equities, so they are not guaranteed and can be negative in a falling market.
What is the minimum investment in the Arvocap Thamani Equity Fund?
The minimum initial investment is KSh 100,000, with a minimum top-up of KSh 100,000 and a lock-in period of 182 days (six months).
Is the Arvocap Thamani Equity Fund safe?
It is a high-risk, category 5 equity fund. It uses derivatives to hedge against sharp price swings, which reduces but does not remove risk, and the value of your investment can fall. It suits long-term investors comfortable with volatility.
How do I invest in the Arvocap Thamani Equity Fund?
You open an account with Arvocap Asset Managers through their website or app and fund it via their M-Pesa Paybill or a bank transfer. You need at least KSh 100,000 to start.
Is the Arvocap Thamani Equity Fund better than a money market fund?
They serve different goals. A money market fund is low-risk with steady returns around 10% to 13% and no lock-in, while Thamani targets higher equity returns with more risk and a six-month lock-in. Many investors hold both.
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- Buying Shares in Kenya: The Complete Guide for Beginners
Prefer a lower-risk home for your cash than an equity fund? See our review of the Etica Money Market Fund.
See how the largest special fund compares in our Mansa X H1 2026 performance update.
If you are weighing aggressive, growth-focused funds, it is worth reading our review of the Kuza Momentum Fund alongside this one.
Disclaimer: The content on Sarafu is for educational and informational purposes only. It does not constitute financial, investment, or professional advice. Fund returns, fees and figures mentioned are approximate and were sourced from Arvocap Asset Managers at the time of writing (as at 30 June 2026), and fund performance fluctuates constantly.
Past performance is not a promise of future results, and equity funds can fall sharply in value. All investments carry risk; the value of your investment can go down as well as up, and you may receive back less than you invest. Confirm the current fact sheet, fees and terms directly with Arvocap, do your own research, and consider consulting a licensed financial advisor before making any investment decision.
