The best performing special funds in Kenya delivered another strong run into the middle of 2026. As of the latest figures, the Etica Special Multi-Asset Fund posted a Q2 2026 net annualised yield of about 22.13%, while the Mansa X Special Fund returned 10.97% net for the first half of the year, which works out to roughly 23.15% annualised. Both sit well ahead of any money market fund, and this update ranks the best performing special funds in Kenya on the most recent verified data for each.
One honest caveat up front: not every fund reports on the same clock. Some publish quarterly, some half-yearly, and a few only give full-year numbers. So this leaderboard labels the exact period and metric for each fund rather than pretending they are all measured the same way. Read it as a guide to who is performing, not a precise like-for-like race.
Table of Contents
Key takeaways
- The best performing special funds in Kenya are again beating money market and fixed income funds in 2026, but with far more risk and volatility.
- On the freshest data, Etica Special Multi-Asset (about 22.13% Q2 2026 net annualised) and Mansa X (23.15% annualised on a 10.97% H1 net return) lead the pack.
- On 2025 full-year numbers, the Arvocap Africa Equity Special Fund (22.59%) and the Kuza Momentum Fund (about 20.6%) were standouts, while the Oak Special Fund returned about 19% in 2025 after a 29.38% first year in 2024.
- Returns swing hard year to year. Kuza returned 45.86% in 2024 but around 20.6% in 2025, a reminder that one big year is not a promise.
- Special funds suit money you can leave for years and often carry a lock-in, so they are not a home for short-term or emergency cash.
Best performing special funds in Kenya: the Q2 2026 leaderboard
The table ranks funds by their most recent verified return. Crucially, the period and metric differ between funds, so each row is labelled. Treat the Q2 and half-year figures as the freshest signal, and the 2025 full-year figures as context while those funds await their next update.
| Fund | Return | Period / metric |
|---|---|---|
| Oak Special Fund | ~18.99% | 2025 full-year net (29.38% in 2024) |
| Mansa X Special Fund (KES) | 23.15% annualised (10.97% H1 net) | H1 2026, annualised |
| Etica Special Multi-Asset Fund | ~22.13% | Q2 2026 net annualised yield |
| Arvocap Africa Equity Special Fund | 22.59% | 2025 full-year net |
| Kuza Momentum Special Fund | ~20.6% | 2025 full-year net (45.86% in 2024) |
Fund by fund: who is performing and why
Here is the detail behind the numbers on our best performing special funds in Kenya list.
Oak Special Fund. Run by Faida Investment Bank, the Oak Special Fund is a leveraged asset-allocation special fund that posted a 29.38% net return in 2024, its standout first year, moderating to about 19% in 2025. Leverage can amplify gains, but it cuts both ways, so the same feature that drove that number adds risk in a down year.
Mansa X Special Fund. Kenya’s largest special fund by assets, Mansa X uses a long/short multi-asset strategy. Its 10.97% net for H1 2026 (about 23.15% annualised) continues a steady, risk-managed track record. For the full detail see our Mansa X review and its latest H1 2026 performance update.
Etica Special Multi-Asset Fund. A newer entrant operationalised in late 2025, the Etica Special Multi-Asset Fund came out strong with a Q2 2026 net annualised yield near 22.13%. As a young fund, it has a shorter track record, so weigh that promising start against its limited history.
Arvocap Africa Equity Special Fund. Arvocap’s equity-focused special fund returned 22.59% in 2025. Being equity-heavy, it can move sharply with the Nairobi Securities Exchange. Our Arvocap Thamani review covers the manager’s lineup.
Kuza Momentum Special Fund. Kuza swings the hardest of the group: a huge 45.86% in 2024, then a more normal 20.6% in 2025. That range is the whole story of momentum investing. Our full Kuza Momentum Fund review breaks down the fees and lock-in.
What is a special fund, in one minute?
A special fund is a unit trust the regulator allows to invest more freely than a money market or fixed income fund. That freedom lets it hold shares, bonds, offshore assets and even use leverage or long/short strategies, all in pursuit of higher returns. The trade-off is higher risk and more ups and downs. For the full explainer and the wider list, see our guide to the best special funds in Kenya.
The reason the best performing special funds in Kenya beat cash-like funds is simple: they take more risk. In a good year, like much of 2024 and 2025, that pays off handsomely. In a bad year, the same funds can fall while a money market fund quietly ticks along. That is the deal you are accepting.
Why special funds performed well into Q2 2026
Two forces helped. First, the Nairobi Securities Exchange has had a strong run, lifting the equity-heavy funds. Second, bond yields stayed attractive, which helped the multi-asset funds that blend shares with fixed income. Add active management, and the best performing special funds in Kenya were able to compound gains through the first half of the year.
The honest flip side: these conditions will not last forever. If the NSE cools or rates move against them, the same funds that led this leaderboard could lag. Strong recent performance is a reason to understand a fund, not a reason to assume it repeats.
Worked example: what KSh 1 million would have done
Numbers make it real. Imagine KSh 1,000,000 invested for a year.
- In Oak at its 2024 return of 29.38%, it would have grown to about KSh 1,293,800, a gain of KSh 293,800.
- In Mansa X at roughly 23% annualised, it would have grown to about KSh 1,230,000.
- In a top money market fund at about 10.5% net, it would have reached about KSh 1,105,000.
The gap is large in a good year. But remember the same funds can give back a chunk in a weak year, which a money market fund would not. If you want the calmer option, compare the best money market funds in Kenya and the best fixed income funds.
The risks behind the returns
Volatility. Special funds can and do fall in value. A fund that leads one year can lag the next.
Lock-ins. Many special funds lock your money for three to six months or longer, so this is not a place for cash you might need soon.
Leverage and complexity. Some of the best performing special funds in Kenya use leverage or derivatives. These boost good years but deepen bad ones, and they are harder to understand.
Short track records. Newer funds with eye-catching numbers have not yet been tested through a full down cycle. Weigh a great start against limited history.
How to choose among the best performing special funds in Kenya
Start with your horizon and your stomach for swings. If you can leave money for several years and sleep through a bad quarter, a special fund can fit. Then look past the single highest number: favour funds with a consistent multi-year record over one-year wonders, check the fees and the lock-in, and read what the fund actually holds. Finally, size your position sensibly. Even the best performing special funds in Kenya belong as one part of a balanced plan, not your entire savings.
How special funds fit in a balanced plan
Chasing the best performing special funds in Kenya is only smart if they fit a plan. Because these funds swing, they work best as the growth engine of a portfolio, not the whole thing. A common, sensible split is to keep your emergency cash and short-term money in a money market fund, hold medium-term money in a fixed income fund, and put the slice you can leave for years into one or two special funds. That way a bad quarter in the risky part does not threaten money you actually need.
Position size matters as much as fund choice. Even a fund with a stellar record can have a rough year, so committing your entire savings to a single special fund is a gamble, not a strategy. Many experienced investors cap any one special fund at a modest share of their total, so a setback stings but does not sink them. The best performing special funds in Kenya reward patience and discipline, not all-in bets.
Special funds versus buying shares directly
Some investors ask why not skip the fund and buy shares on the Nairobi Securities Exchange yourself. It is a fair question. Buying shares directly gives you full control and no management fee, but it also puts every decision, and every mistake, on you. The best performing special funds in Kenya earn their fee by spreading money across many assets, timing entries and exits, and in some cases hedging with long/short strategies most individuals cannot run alone.
The right answer depends on you. If you enjoy research and can stomach picking your own winners and losers, direct shares can work. If you would rather a professional team manage a diversified, actively traded pot while you get on with life, a special fund is the cleaner route. Plenty of people do both: a core in funds, and a small satellite of hand-picked shares.
Frequently asked questions
What are the best performing special funds in Kenya in 2026?
On the latest data, Etica Special Multi-Asset (about 22.13% Q2 2026 net annualised) and Mansa X (23.15% annualised on a 10.97% H1 net return) lead. On 2025 full-year figures, Arvocap Africa Equity (22.59%) and Kuza Momentum (around 20.6%) stood out, while Oak returned about 19% in 2025 after 29.38% in 2024. Always confirm the current figure on each fund fact sheet.
Are special funds better than money market funds?
They pay more in a good year but carry far more risk. Special funds can fall in value and often lock your money for months, while a money market fund stays stable and liquid. Many investors hold a money market fund for safety and a small slice in a special fund for growth.
How much do I need to invest in a special fund?
It varies by fund. Some, like the Kuza Momentum Fund, start at KSh 100,000, while others set higher minimums. Check each fund fact sheet, and factor in the lock-in period before you commit.
Can I lose money in a special fund?
Yes. Special funds hold shares and other assets that can fall, and some use leverage that deepens losses in a bad year. Past strong returns do not guarantee future ones, so only invest money you can leave for the long term.
Why do the returns use different time periods?
Funds report on different schedules. Some publish quarterly, some half-yearly and some only annually. This ranking labels each fund’s period and metric so you can compare fairly, rather than treating a Q2 figure as identical to a full-year one.
For the calmer, capital-stable alternative, see the best performing money market funds in Kenya.
For the full breakdown of the highest-returning fund on this list, see our Oak Special Fund review.
Disclaimer: The content on Sarafu is for educational and informational purposes only. It does not constitute financial, investment, or professional advice. Returns mentioned are approximate, cover different periods as labelled, and were sourced at the time of writing (Q2 2026 and 2025 full-year data), and they fluctuate constantly. Past performance is not a promise of future results. 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. Always do your own research, verify current figures on each fund fact sheet or the latest market wrap-up, and consider consulting a licensed financial advisor before making any decision.
