Special Fund Returns in Kenya: Like-for-Like Quarterly Performance Table — Net of Fees

Comparing special fund returns in Kenya sounds simple: find the fund with the highest percentage and rank it first.

Unfortunately, that can produce a misleading comparison.

One fund may report an actual three-month return, another a six-month return, and another an annualised yield. Some figures are net of fees while others may use different reporting methods.

A useful comparison therefore starts by making the numbers as like-for-like as possible.

Quick Answer: What Does Like-for-Like Mean?

Like-for-like means comparing funds using the same measurement period and return basis.

For example, if Fund A earned 5% during Q2 and Fund B earned 4% during Q2, those actual quarterly returns can reasonably be compared.

But comparing Fund A's 5% quarterly return with Fund B's 20% annualised return would be misleading.

The percentages describe different periods.

For investors researching the best special funds in Kenya, always check what the number actually represents before comparing it.

Imagine This

Imagine two advertisements:

Fund A: 5.95% net return

Fund B: 22.13% net annualised yield

At first glance, Fund B appears to have performed almost four times better.

But suppose Fund A's 5.95% is the actual return earned during Q2 2026, while Fund B's 22.13% represents an annualised rate.

You are no longer comparing the same thing.

Annualising asks what a shorter-period performance could look like over a year if the relevant rate continued or compounded. It does not mean investors have already earned that full-year percentage.

Quarterly Special Fund Performance

One of the clearest publicly reported quarterly series comes from Standard Investment Bank's Mansa-X Special Fund.

Its official Q1 2026 factsheet reports the following KES returns, all after fees:

SIB subsequently reported that the 5.95% Q2 2026 result took the KES fund's first-half return to 10.97% net, equivalent to a 23.15% compounded annualised net return.

Notice the distinction: 5.95% is Q2 performance, 10.97% is H1 performance, and 23.15% is annualised.

They should not occupy the same column in a performance ranking.

Why Isn't Every Special Fund in One Quarterly Table?

This is where comparing special funds investment in Kenya becomes more difficult.

Fund managers do not always publish performance using identical periods and methodologies.

For example, available H1 2026 reporting shows Mansa-X at 10.97% net, Etica Special Multi Asset Fund at 10.51%, and Oak Special Fund at 8.06%. These six-month figures provide a more useful comparison because they cover the same broad period.

However, inserting a fund's 2025 full-year return into that table simply because its Q2 figure is unavailable would destroy the like-for-like comparison.

Missing data is better than misleading data.

Why "Net of Fees" Matters

Fees reduce the amount investors actually keep.

Suppose two funds generate a hypothetical 15% gross investment return.

After all applicable fund-level charges, Fund A might leave investors with 13%, while Fund B might leave them with 11.5%.

Comparing their gross figures would hide this difference.

That is why a useful special funds returns in Kenya calculator should ideally work with net returns when estimating what an investor could actually accumulate.

It is also why investors should verify whether published figures are gross or net before comparing funds.

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What Would KSh 1 Million Have Earned?

Using Mansa-X's reported H1 2026 net return of 10.97% as an example:

KSh 1,000,000 × 10.97% = KSh 109,700

The investment would therefore have been approximately:

KSh 1,109,700

by the end of June, before considering any investor-specific tax consequences.

This example illustrates historical performance. It does not mean another KSh 1 million investment will earn the same return during the next six months.

Don't Confuse Annualised Returns With Actual Returns

This is one of the easiest mistakes to make when researching the top 10 special funds in Kenya.

An annualised return converts shorter-period performance into an equivalent yearly rate.

It is useful for comparison, but it is not a guaranteed forecast.

If a fund earns strongly during one quarter, markets can behave completely differently during the following quarter.

Investors should therefore prioritise actual quarterly, half-year and full-year results when evaluating historical performance.

Are Higher-Return Special Funds Better?

Not necessarily.

Higher returns can come with greater exposure to equities, currencies, commodities, leverage, private markets or other risks.

This is also why the question "are special funds safe?" cannot be answered from a performance table.

When considering how safe special funds are in Kenya, examine the fund's underlying investments, liquidity, strategy, track record and regulatory status alongside its returns.

A 20% return with substantial volatility is fundamentally different from a lower return produced through a more conservative strategy.

How to Compare Special Funds Properly

Before deciding on the best special funds in Kenya, check five things: the reporting period, whether returns are net of fees, whether the figure is actual or annualised, the fund's investment strategy and the level of risk taken to generate the return.

Where possible, compare funds over several quarters rather than judging them from one exceptional period.

Frequently Asked Questions

What does net return mean?

Net return is the investment performance remaining after the relevant fund fees and charges included in the fund's calculation have been deducted.

Is an annualised return guaranteed?

No. Annualising shorter-term performance does not mean the fund will actually earn that percentage over the full year.

Why can't all special funds be ranked quarterly?

Not every manager publishes comparable quarterly data at the same time or using identical reporting measures. Mixing different periods can create inaccurate rankings.

Final Thoughts

Comparing special fund returns in Kenya requires more than arranging percentages from highest to lowest.

The fairest comparison uses the same period, same return basis and preferably net-of-fees figures.

When comparable data is unavailable, don't manufacture a ranking.

A smaller, accurate table tells investors much more than a larger table built from mismatched numbers.

Quick Tip

Always read the label beside the return.

Before comparing two percentages, ask: Is this quarterly, half-year, full-year or annualised—and is it net of fees?

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