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Market Commentary

Key Features

Fund Manager

CIC Asset Management Ltd

Launch Date

Jun - 11

Risk Profile

High

Trustee

Kenya Commercial Bank

Custodian

Co-op Custodial Services

Auditors

PWC

Minimum Investment

Ksh 5,000.00

Minimum Additional Investment

Ksh 1,000.00

Initial Fee

2.50%

Annual Management Fee

2.00%

Distribution

Semi-Annual

Fund Objective
  • Long-term investments
  • Long-term capital growth at high risk
  • Benefit from a well-diversified portfolio of market instruments.
Fund Outlook

The fund continues to be conservative, being overweight short-term near cash assets cognizant of the downturn in the equity market due to the impact of currency depreciation and low USD liquidity which continue to weigh on market prices.

GDP

In Q2 2023, economic activity grew 5.4% with positive effects from a recovery in the agricultural sector and tourism receipts. CBK projections show that Kenya’s annual real GDP growth is expected to come in at 5.5% in 2023.

Inflation

Inflationary pressures have eased on the back of declining food inflation, non-food non-fuel (NFNF) inflation remained stable in Q3, reflecting muted demand pressures in the economy.

Interest Rates

In 3Q23, yield curve inverted with the 2-year bonds increasing by a cumulative 5.93%, the 10-year by 1.89% and the 20-year by 1.99% y/y.

Equities

The NSE-20 and NASI declined by 4.2% and 11% respectively led by sell off in blue-chip counters such as KCB Bank, Equity Bank and Safaricom. Overall, investor risk appetite remains muted due to the tough macroeconomic environment and high interest rates in the money markets.

Fund Performance

Asset Allocation

Statutory Disclaimer: The value of units may go down as well as up and past performance is not necessarily a guide to the future. There are no guarantee on the client’s capital as the performance of units in the fund is determined by change in the value of underlying investments hence value of your unit trust investment

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