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Recent Topicals

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Unit Trust Funds Performance- Q2’2021

Oct 24, 2021

Unit Trust Funds (UTFs) are Collective Investment Schemes that pool funds from different investors and are managed by professional fund managers. The fund managers invest the pooled funds in a portfolio of securities with the aim of generating returns to meet the specific objectives of the fund. Following the release of the Capital Markets Authority (CMA) Quarterly Statistical Bulletin – Q3’2021, we analyze the performance of Unit Trust Funds, as the total Assets Under Management (AUM) have been steadily increasing and they are among the most popular investment options in the Kenyan market. We will further analyze the performance of Money Market Funds, a product under Unit Trust Funds. In our previous focus on Unit Trust Funds, we looked at the

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Unit Trust Funds Performance- Q1’2021

Oct 17, 2021

Unit Trust Funds (UTFs) are collective investment schemes that pool funds from different investors and are managed by professional fund managers. The fund managers invest the pooled funds in a portfolio of securities with the aim of generating returns to meet the specific objectives of the fund. Following the release of the Capital Markets Authority (CMA) Quarterly Statistical Bulletin – Q2’2021, we analyze the performance of Unit Trust Funds, as the total Assets Under Management (AUM) have been steadily increasing and they are among the most popular investment options in the Kenyan market. We will further analyze the performance of Money Marke...

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Kenya Macroeconomic Q3’2021 Review

Oct 10, 2021

According to the 2021 Economic Survey Report by the Kenya National Bureau of Statistics (KNBS), the Kenyan economy contracted by 0.3% in 2020, from the restated 5.0% growth recorded in 2019 due to the lockdowns following the emergence of the COVID-19 pandemic. However, the first 9 months of 2021 have seen a gradual recovery evidenced by improved business conditions in the Kenyan private sector. Notably, the average Stanbic Bank Monthly Purchasing Managers’ Index (PMI) for the first eight months averages 50.2, higher than the 45.2 recorded during a similar period in 2020, and the 50.0 recorded at the end of Q2’2021. For the month of August 2021, the index increased to 51.1 from the 50.6 recorded in July 2021 partially driven by an acceleration in new order growth and a rise in sales in four of the five monitored sectors. On the other hand, the overall inflation has been on the rise wi...

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Kenya’s Public Debt: On a path to Distress?

Oct 10, 2021

Kenya’s Public Debt has been on the rise, increasing at a 10-year CAGR of 18.5% to Kshs 7.7 tn in June 2021, from Kshs 1.5 tn in June 2011. The rising debt has been brought about by the government’s significant borrowing to fund infrastructural projects and bridge the fiscal deficit that has averaged 7.4% of GDP over the 10 years. The borrowing is both direct by government and also by guaranteeing state corporations. The debt mix, as at June 2021 stood at 52:48 external to domestic debt, respectively, compared to 49:51 external to domestic debt in June 2011. Kenya’s debt stock has increased significantly due to advances from Multilateral lenders such as the International Monetary Fund (IMF) of USD 2.3 bn ( Kshs 256.0 bn) and from the World Bank of

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Residential Sector Performance Maintains Stability

Oct 10, 2021

For detached units, the top markets were Ngong, Syokimau/Mlolongo, Karen and Kitengela, and for apartments, the top markets were Dagoretti, South C and South B. During Q3’2021, the residential sector recorded improved performance from increased activities supported by; i) the continued focus on the affordable housing initiative by the government, ii) availability of relatively affordable mortgages through the Kenya Mortgage Refinance Company (KMRC) and select lending institutions working in conjunction with developers to offer mortgage financing to a diverse number of clients with flexible repayment terms, iii) increased transactional volumes among buyers signifying a rise of investor confidence into the property market, and, iv) continued activities in the student housing sector. In terms of performance, the residential sector recorded improved performance with a 0.7% points y/y increase in average total returns to 5.5% from the 4.8% recorded...

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