A special fund can show a return that looks far more exciting than a savings account, Treasury Bill or money market fund. But the headline number answers only one question: what happened over a stated past period? It does not tell you how the fund made the return, how much risk it took, what you will pay, or when you can get your money back.
What is a special fund in Kenya?
A special fund is a collective investment scheme with a mandate that can differ substantially from a conventional money market fund. Depending on its approved documents, it may invest across local and global shares, currencies, commodities, precious metals, fixed income, derivatives, private debt or other asset classes.
That flexibility can create opportunities, but it also makes simple league-table comparisons dangerous. Two special funds can use very different strategies even when their published returns appear side by side.
The seven checks that matter
1. What exactly does the fund invest in?
Read the mandate, not only the marketing headline. Standard Investment Bank says Mansa-X uses a multi-asset long/short strategy across currencies, metals, commodities, stock indices, individual shares, cash and fixed income, with exposure to futures and options. Oak describes Oak Special Fund as a leveraged asset-allocation fund investing locally and globally.
Those descriptions immediately signal that the return path and risk profile can differ from a fund holding short-term government and bank instruments.
2. Is the number a yield or a past return?
A money market fund may publish an annualised yield based on its current portfolio income. A special fund often reports historical or annualised performance for a period that has already ended. These measures are not interchangeable.
Past performance can help you understand history, but it is not a fixed rate, forecast or guarantee. Ask for the exact period, whether the figure is before or after fees, and whether it is denominated in Kenya shillings or US dollars.
3. Is there a lock-in?
A lock-in can stop you from redeeming during an initial period even if normal withdrawals are processed quickly afterward. SIB currently discloses a six-month lock-in for Mansa-X. Oak also publishes a six-month lock-in on its official fund page.
That makes these products unsuitable for money you might need next week, even where post-lock-in redemption looks fast.
4. How do withdrawals work after the lock-in?
Check the dealing days, notice period, cut-off time, settlement window and circumstances in which withdrawals can be delayed. A claim such as “48–72 hours” should be read together with the lock-in and the offering document—not treated as instant access.
5. What will you pay?
Look for initial fees, annual management or financial-services charges, performance fees, hurdle rates, redemption charges and transaction costs. SIB's current Mansa-X page, for example, discloses a financial-services charge and a performance charge above stated hurdle rates. The structure matters because two identical gross returns can leave investors with different net outcomes.
6. Can the investment value fall?
Strategies involving shares, currencies, derivatives, leverage, commodities or private debt can lose money. Diversification does not eliminate market, currency, credit, liquidity or strategy risk. Read the risk section of the information memorandum and ask how losses, leverage and valuation are handled.
7. How fresh and authoritative is the information?
Use the fund manager's current factsheet and offering documents, then confirm the manager and scheme through the Capital Markets Authority. Record the document date. Oak's site, for example, currently lists Q2 June 2026 factsheets; a number copied from an older social post may no longer describe the same reporting period or terms.
A practical comparison checklist
| Question | What to verify |
|---|---|
| Strategy | Assets, countries, currencies, leverage and derivatives |
| Return basis | Period, annualisation, currency, and gross or net treatment |
| Entry | Minimum investment and minimum top-up |
| Access | Lock-in, dealing days, notice and settlement time |
| Costs | Management/service, performance, transaction and exit fees |
| Risk | Possible losses, leverage, currency, liquidity and credit exposure |
| Evidence | Current factsheet, information memorandum and CMA status |
Special fund or MMF?
If your priority is short-term access and capital stability, start by understanding how to compare money market funds. If you can tolerate a longer holding period and materially more complex risk, a special fund may be worth researching—but only after reading its documents and understanding the downside.
Primary sources checked
- Capital Markets Authority — regulatory framework and Collective Investment Schemes Regulations, 2023 ↗
- Standard Investment Bank — Mansa-X strategy, current product features and resources ↗
- Oak Special Fund / Faida Investment Bank — strategy, terms and dated factsheets ↗
Editorial review: source pages checked 4 October 2026. Product terms can change. See AMKA's Methodology, Editorial Guidelines and Corrections.
Frequently asked questions
Are special funds regulated in Kenya?
Some are licensed as special collective investment schemes. Confirm the specific scheme and manager with CMA; do not infer approval from a brand name or social-media post.
Does a high past return mean the fund is better?
No. It may reflect more market risk, leverage, currency exposure or a different measurement period. Compare like with like and examine net outcomes and downside risk.
Can I use a special fund for an emergency fund?
A product with a lock-in, market-loss risk or variable redemption terms is generally not designed for money that must remain immediately accessible. This is an educational comparison, not personalised advice.