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At CIC we are committed to maintaining open and transparent communication with our shareholders and investors in order to nurture a strong relationship with them.

Market Commentary

Key Features

Fund Manager

CIC Asset Management Ltd

Launch Date

Jun - 11

Risk Profile

Low - Medium

Trustee

Kenya Commercial Bank

Custodian

Co-op Custodial Services

Auditors

PWC

Minimum Investment

Ksh 5,000,000

Minimum Additional Investment

Ksh 1,000,000

Initial Fee

0

Annual Management Fee

2.00%

Distribution

Maturity

Asset Under Management

KES 4.5 Billion

Fund Objective
  • Capital preservation
  • Enhanced level of return with slightly elevated risk profile compared to Money market.
  • Ideal for short term cash management.
GDP

The CBK upwardly revised the 2023 real GDP growth estimate by 10 basis points to 5.6% while in 2024, growth is estimated to touch 5.7% . Leading indicators point to continued economic growth in the first quarter of 2024, reflecting robust activity in the agriculture and service sectors.

Inflation

– The average y/y inflation for 1Q24 stood at 6.3%, the slower growth in the general price levels was largely due to the deceleration in both food & fuel inflation which led to a slow down in the food and transport indices.

Interest Rates

– In April, the Monetary Policy Committee decided to maintain the policy rate at 13% citing that the current monetary stance is sufficient to reduce inflation. The short term papers continued to inch upwards with the 91, 182 and 365 day papers closing at 16.73%, 16.89% and 16.98% respectively. Investors’ appetite remains skewed towards shorter term maturities.

Outlook

An improved performance is expected for the fund as new inflows and maturities come in which will be reinvested at higher yields in the current high interest rate environment.

Fund Performance

Asset Allocation

90 Day T- Bill & Inflation Rate

Maturity Profile

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 guarantees on the client’s capital as the performance of units in the fund is determined by changes in the value of underlying investments hence value of your unit trust investment.

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