The Kuza Momentum Fund is one of the most talked-about special funds in Kenya, and for good reason: it reported a 45.86% return in 2024. That is an eye-catching number, but it is only half the story. In 2025 the same fund returned closer to 20.6%, which tells you these returns swing a lot from year to year. This review breaks down what the Kuza Momentum Fund actually is, what it has really earned, the fees, the six-month lock-in, and the honest risks before you put in a shilling.
Here is the short version. The Kuza Momentum Special Fund is a higher-risk, higher-reward multi-asset fund from Kuza Asset Management. You need at least KSh 100,000 to start, your money is locked in for six months, and you pay a 2% annual fee plus a share of any strong performance. If you understand and accept those terms, it can be a powerful growth tool. If you need steady, predictable income, it is not for you.
Table of Contents
Key takeaways
- The Kuza Momentum Fund reported a 45.86% return in 2024 and around 20.6% in 2025, so past returns are strong but clearly not fixed or guaranteed.
- It is a special fund: a multi-asset fund that mixes shares, bonds and other funds to chase capital growth, with a risk rating of 3 out of 5.
- The minimum investment is KSh 100,000, with top-ups from KSh 50,000, so it targets investors with a lump sum, not beginners saving small amounts.
- Fees are a 2% annual management fee plus a 20% outperformance fee on returns above the 12% benchmark, and there is a six-month lock-in.
- As of 31 May 2026 the fund managed about KSh 858 million, up sharply as more investors piled in after its strong run.
Kuza Momentum Fund returns: the real track record
Returns are why most people look at this fund, so let us be precise about them. The figures below are as reported by the fund and in independent coverage, measured over calendar-year periods. Special fund returns are not annual interest like a money market fund pays. They reflect the changing value of shares and bonds the fund holds, so they can be high one year and modest the next.
| Period | Reported return | Context |
|---|---|---|
| 2024 (full year) | 45.86% | An exceptional year, driven by a strong equity and bond rally |
| Jan to Oct 2025 | 21.51% | Still strong, but well below 2024 |
| 2025 (full year) | about 20.6% | A more normal year for the fund |
| Benchmark | 12.0% | The absolute target the fund aims to beat |
The pattern matters more than any single number. A fund that does 45% one year and 20% the next is doing what a growth fund is supposed to do: capturing big gains when markets run, and giving you less in calmer years. What it will not do is hand you a smooth, predictable payout every month. Anyone selling you the 45.86% as if it were a yearly promise is misreading the fund.
For a current, dated figure, always check the latest Kuza Momentum fact sheet before investing, because these numbers move with the markets and can change well before you read this.
What is the Kuza Momentum Special Fund?
The Kuza Momentum Special Fund is a collective investment scheme run by Kuza Asset Management. It launched in December 2022 and is built for one goal: long-term capital growth. A special fund is a category the regulator allows to invest more freely than a money market fund, so it can hold a wider mix of assets and take more risk in pursuit of higher returns.
In plain terms, when you invest you are handing your money to a professional team that spreads it across several asset types. The Kuza Momentum Fund invests in a blend of quoted shares on the Nairobi Securities Exchange, government securities such as Treasury bills and bonds, corporate debt, and other collective investment schemes. Some of this can be offshore, which adds diversification beyond the Kenyan market.
That mix is the whole idea. The shares give the fund its growth punch, while the bonds and money market holdings cushion the ride when equities fall. The fund carries a risk rating of 3 on a scale of 5, which is a fair description: meaningfully riskier than a money market or fixed income fund, but not a pure, all-in equity bet. If you want to see how it sits against rivals, our roundup of the best special funds in Kenya puts it in context.
Fees, minimum investment and the lock-in
This is where you need to read carefully, because the terms are stricter than a typical money market fund. The minimum initial investment is KSh 100,000, with top-ups from KSh 50,000. That entry point tells you who the fund is really for: someone with a lump sum to commit, not a beginner drip-feeding KSh 1,000 a month.
On fees, there are two layers. First, a 2% annual management fee, charged on your balance. Second, an outperformance fee of 20% on any return above the fund’s 12% benchmark. So in a year like 2024, when the fund returned about 45%, the manager would take a fifth of the return earned above 12%. That is common for growth-focused funds, but it is a real cost, and it means your net return is lower than the headline figure suggests.
Then there is the lock-in. Your money is tied up for six months from the date you invest. You cannot pull it out on a whim during that window. That is a deliberate design choice: it lets the manager invest in less liquid, higher-return assets without worrying about sudden withdrawals. But it also means this is money you must be sure you will not need for at least half a year, and realistically a lot longer to ride out the ups and downs.
Worked example: what KSh 500,000 could have done
Numbers make the trade-offs concrete. Imagine you had invested KSh 500,000 in the Kuza Momentum Fund.
- At the 2024 reported return of 45.86%, your KSh 500,000 would have grown to about KSh 729,300 in that year, a gain of roughly KSh 229,300.
- At the softer 2025 return of about 20.6%, the same KSh 500,000 would have grown to about KSh 603,000, a gain of roughly KSh 103,000.
- By comparison, a top money market fund at about 9.7% net would have turned KSh 500,000 into about KSh 548,500 in a year.
Two lessons jump out. First, in a strong year the Kuza Momentum Fund can leave a money market fund far behind. Second, the gap between its own good and average years (KSh 229,300 versus KSh 103,000) is huge, which is exactly the volatility you are signing up for. If a calm, capital-safe return is what you want instead, our guide to the best money market funds in Kenya covers the safer option.
The risks you should weigh honestly
No fund with returns like these is low risk, and a fair review says so plainly.
Your capital can fall. Because the fund holds shares, its value drops when the market drops. In a bad year you could see your balance go down, not up, and there is no guarantee you get back what you put in.
Past returns will not repeat on demand. The 45.86% of 2024 came from specific market conditions. Chasing a fund purely because of one stellar year is one of the most common investing mistakes. Judge it on its strategy and its team, not on the best number in the brochure.
The six-month lock-in. If an emergency hits in month three, you cannot simply withdraw. Keep a separate emergency fund in a money market fund so you are never forced to need this money early.
The high minimum and fees. KSh 100,000 is a large single commitment for many people, and the 2% fee plus 20% outperformance fee take a real bite out of returns. Make sure you are comfortable with both before committing.
Kuza Momentum Fund vs Mansa X and other special funds
The Kuza Momentum Fund does not exist in a vacuum. Its main rivals include the Mansa X Special Fund and the Arvocap Thamani Equity Fund, and each has a slightly different flavour. Mansa X has built a reputation for steadier, high single-digit to low double-digit net returns with a strong risk-management story, which you can read about in our Mansa X Special Fund review and its most recent H1 2026 performance update.
Kuza Momentum, by contrast, has shown it can post much bigger numbers in a good year, at the cost of bigger swings. The Arvocap Thamani Equity Fund sits nearer the aggressive, equity-heavy end too. There is no single winner here. The right pick depends on how much volatility you can stomach and how long you can leave the money. Many investors who want less drama pair a special fund with a calmer fixed income fund so the whole portfolio does not rise and fall together.
How to invest in the Kuza Momentum Fund
The process is straightforward once you have your lump sum ready. You fill in an application form from Kuza Asset Management, which you can get on the Kuza Momentum Fund page. You will need your KRA PIN, ID details, physical address and next-of-kin information for the KYC checks.
Once your form is approved, you fund the account by transferring your money to the fund’s designated bank account. Your money then buys units in the fund, and you can track the value over time. Remember the six-month lock-in starts from your deposit date, so plan your cash flow around it. For independent background, the money254 team has also published a helpful breakdown of the fund.
Frequently asked questions
What return does the Kuza Momentum Fund give?
The Kuza Momentum Fund reported a 45.86% return in 2024 and about 20.6% in 2025. These are not fixed rates. They reflect the performance of the shares and bonds the fund holds, so they change every year and can be negative in a bad market. Always confirm the latest figure on the fund fact sheet before investing.
What is the minimum investment for the Kuza Momentum Fund?
The minimum initial investment is KSh 100,000, with top-ups from KSh 50,000. This makes it a fund for investors with a lump sum rather than beginners saving small monthly amounts.
Is there a lock-in period?
Yes. Your money is locked in for six months from the date you invest. You cannot withdraw during that window, so only invest money you are sure you will not need in the short term.
What are the fees on the Kuza Momentum Fund?
There is a 2% annual management fee, plus an outperformance fee of 20% on returns above the fund’s 12% benchmark. Both reduce the return you actually keep, so factor them in when comparing funds.
Is the Kuza Momentum Fund safe?
It is riskier than a money market or fixed income fund. It carries a risk rating of 3 out of 5, holds shares that can fall in value, and does not guarantee your capital. It suits investors who want growth and can accept swings, not those who need a safe, predictable return.
Compare Kuza with its peers in our ranking of the best performing special funds in Kenya.
Another aggressive, high-return option worth comparing is the Oak Special Fund.
Disclaimer: The content on Sarafu is for educational and informational purposes only. It does not constitute financial, investment, or professional advice. Prices, returns and figures mentioned are approximate and were sourced at the time of writing (2024 and 2025 reported returns, and fund data as of 31 May 2026), and they fluctuate constantly and can change quickly. 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 a live source such as the fund fact sheet, and consider consulting a licensed financial advisor before making any decision.
