Mansa-X Special Fund Kenya: Returns, Fees, Risks and How It Works
September 10, 2026
Mansa-X Special Fund is no longer a niche name in Kenya’s investment market.
At the end of March 2026, the Standard Investment Trust Fund was still chasing Sanlam for the top position in Kenya’s collective investment schemes market. Three months later, it had surged ahead. Its assets under management reached KSh 188.6 billion, turning the umbrella scheme behind Mansa-X into the largest CIS in the country.
That growth has pushed Mansa-X into the centre of Kenya’s investment conversation. Its returns attract attention, but its real difference lies in how it invests. This is not a Money Market Fund holding mainly Treasury bills and bank deposits. Mansa-X trades across global shares, currencies, commodities, precious metals, fixed income and derivatives.
Here is how the fund works, what it has earned, what it costs and how it compares with an MMF.
Mansa-X Special Fund at a glance
| Feature | Mansa-X details |
|---|---|
| Fund type | Special Collective Investment Scheme |
| Fund manager | Standard Investment Bank (SIB) |
| Umbrella scheme | Standard Investment Trust Funds |
| Main options | Mansa-X KES, Mansa-X USD, Mansa-X Shariah KES and Mansa-X Shariah USD |
| Minimum initial investment | KSh 250,000 or USD 2,500 |
| Minimum top-up | KSh 100,000 or USD 1,000 |
| Initial lock-in | Six months |
| Withdrawal processing | 48–72 hours upon request |
| Initial fee | 0% |
| Redemption fee | 0% |
| Financial services fee | 5% per year, prorated daily |
| Performance fee | 10% above the applicable hurdle rate |
| Regulator | Capital Markets Authority of Kenya |
These are the terms published on Standard Investment Bank’s Mansa-X page.
What is Mansa-X?
Mansa-X is the flagship product of SIB Global Markets, a division of Standard Investment Bank. It was created to give Kenyan investors access to opportunities beyond the local bond and share markets.
The fund follows a multi-asset strategy. Instead of depending on one asset class, one country or one direction in the market, it can move across:
- Local and global shares
- Stock market indices
- Government and corporate fixed income
- Currencies
- Precious metals
- Commodities
- Cash and cash equivalents
- Futures, options and other derivatives
Its reach includes major markets in New York, London, Frankfurt and Hong Kong.
Mansa-X also uses a long/short trading model. A long position benefits when an asset rises. A short position benefits when an asset falls. That gives the fund room to pursue opportunities in both rising and falling markets.
It can also use leverage, which creates market exposure greater than the cash committed to a position. This flexibility is a major part of the Mansa-X strategy and one of the reasons it belongs in the Special Fund category.
The four Mansa-X funds
Mansa-X is a family of four funds rather than a single product.
| Fund | Currency and approach | H1 2026 net return | AUM in June 2026 |
|---|---|---|---|
| Mansa-X Special Fund KES | Conventional KES fund | 10.97% | KSh 163.84 billion |
| Mansa-X Special Fund USD | Conventional USD fund | 6.54% | KSh 20.55 billion equivalent |
| Mansa-X Shariah Special Fund KES | Shariah-compliant KES fund | 6.73% | KSh 3.63 billion |
| Mansa-X Shariah Special Fund USD | Shariah-compliant USD fund | 5.05% | KSh 599.4 million equivalent |
The KES fund is the giant of the family. By June 2026, it held almost KSh 164 billion and accounted for 64.8% of all Special Fund assets in Kenya.
The USD fund gives investors a dollar-denominated option. The two Shariah funds follow Islamic finance principles and operate under the oversight of an independent Shariah advisory board.
How Mansa-X rose to number one
The latest CMA Collective Investment Schemes Report for Q2 2026 captures how quickly the market changed.
In March 2026, Standard Investment Trust Fund had KSh 153.2 billion in assets. Sanlam was still ahead with KSh 161.0 billion. Our earlier article covered the close race between Mansa-X, Standard Investment Trust Fund and Sanlam in Q1 2026.
During Q2, Standard Investment Trust Fund grew by 23%, adding about KSh 35.5 billion. It closed June with KSh 188.6 billion, ahead of Sanlam’s KSh 171.4 billion.
| Largest CIS providers | AUM in March 2026 | AUM in June 2026 | Q2 growth |
|---|---|---|---|
| Standard Investment Trust Fund | KSh 153.2 billion | KSh 188.6 billion | 23% |
| Sanlam Unit Trust Scheme | KSh 161.0 billion | KSh 171.4 billion | 6% |
| CIC Unit Trust Scheme | KSh 103.2 billion | KSh 105.2 billion | 2% |
The wider Special Funds category was expanding just as quickly. Its AUM rose from KSh 203.5 billion to KSh 252.8 billion in one quarter, a 24% jump. Special Funds now hold 26.6% of Kenya’s CIS assets, compared with 48.5% held by Money Market Funds.
Mansa-X is the main force behind that growth. The four Mansa-X funds account for almost three-quarters of all Special Fund money in Kenya. Our guide to Special Funds in Kenya compares the wider market, including Oak, Madison, Britam, Old Mutual, Etica and Arvocap.
Mansa-X returns from 2019 to 2026
Returns are a big part of the fund’s appeal. The official Mansa-X fact sheet shows that the KES fund has delivered double-digit net returns every completed calendar year since its 2019 launch.
| Year | Mansa-X KES net return |
|---|---|
| 2019 | 19.01% |
| 2020 | 18.75% |
| 2021 | 15.45% |
| 2022 | 15.59% |
| 2023 | 18.01% |
| 2024 | 19.53% |
| 2025 | 20.74% |
SIB reported an average annual net return of 18.18% from the fund’s launch in January 2019 to the end of March 2026.
Performance strengthened further during the first half of 2026:
| Period | Mansa-X KES | Mansa-X USD |
|---|---|---|
| Q1 2026 | 4.74% | 2.88% |
| Q2 2026 | 5.95% | 3.56% |
| H1 2026 | 10.97% | 6.54% |
| H1 annualised equivalent | 23.15% | 13.51% |
The Q2 and H1 figures come from SIB’s 2026 Special Funds update.
The distinction between actual and annualised returns is simple. The KES fund had already earned 10.97% during H1. The 23.15% figure shows the annual equivalent if that pace continued and compounded; it is not the full-year result.
What the H1 2026 return meant in shillings
For an investor who started H1 2026 with KSh 250,000 and earned the full published 10.97% net return, the gain would be KSh 27,425.
| Starting amount | H1 2026 net return | Gain | Value after the gain |
|---|---|---|---|
| KSh 250,000 | 10.97% | KSh 27,425 | KSh 277,425 |
| KSh 500,000 | 10.97% | KSh 54,850 | KSh 554,850 |
| KSh 1,000,000 | 10.97% | KSh 109,700 | KSh 1,109,700 |
These examples apply the published H1 return directly to the starting amount. Individual results differ when money enters or leaves the fund partway through the period.
Mansa-X fees explained
Mansa-X has no initial fee and no redemption fee. Its main charges are the financial services fee and the performance fee.
The 5% financial services fee
SIB charges 5% per year, calculated daily. Published net returns already reflect the difference between the fund’s gross performance and this annual charge.
For example, the Mansa-X KES fund recorded a 25.74% gross return in 2025 and a 20.74% net return.
The performance fee
The performance fee is 10% of the return earned above the applicable hurdle rate:
- 25% hurdle for the KES fund
- 15% hurdle for the USD fund
The fee applies to the surplus above the hurdle, not to the entire return. If the applicable return stays below the hurdle, there is no performance fee.
The hurdle is a fee threshold, not the fund’s promised annual return.
Minimum investment and withdrawals
The conventional Mansa-X KES fund starts at KSh 250,000, with later top-ups beginning at KSh 100,000.
The USD fund starts at USD 2,500, followed by top-ups of at least USD 1,000.
Both funds have a six-month initial lock-in period. After that, SIB states that investors can access their capital or returns within 48 to 72 hours after submitting a withdrawal request.
The combination of a six-month lock-in and large top-up size positions Mansa-X as a medium- to long-term investment rather than a day-to-day savings account.
Mansa-X KES versus Mansa-X USD
The choice between the two funds starts with currency.
The KES fund fits money earned and spent in shillings. There is no need to convert the investment before entering or after withdrawing.
The USD fund fits investors who earn dollars, already hold dollar savings or expect future expenses in dollars. This includes Kenyans in the diaspora and people saving for international education, travel or imported assets.
An investor converting shillings into the USD fund will experience two moving parts: the fund return and the KES/USD exchange rate. A stronger dollar can increase the shilling value of the investment, while a stronger shilling can reduce it after conversion.
Our guide to investing in Kenya from abroad covers the broader choices available to diaspora investors.
Mansa-X versus a Money Market Fund
The two products can sit in the same portfolio, but they do different jobs.
| Feature | Mansa-X Special Fund | Typical Money Market Fund |
|---|---|---|
| Classification | Special Fund | Money Market Fund |
| Main investments | Global and local multi-asset strategy | Treasury bills, bank deposits and other short-term instruments |
| Return | Investment performance | Daily variable yield |
| Initial minimum | KSh 250,000 for the KES fund | Often between KSh 100 and KSh 1,000, depending on the fund |
| Lock-in | Six months initially | Usually none |
| Withdrawal time | 48–72 hours after request | Commonly one to three business days |
| Main fee structure | 5% annual fee plus possible performance fee | Management costs reflected in the fund’s quoted yield |
| Risk level | Higher and more complex | Lower and more stable |
| Best-known use | Long-term growth and global diversification | Emergency savings and short-term goals |
A Money Market Fund is built around liquidity and stability. Mansa-X is built around a wider search for returns across markets.
That makes an MMF the stronger home for emergency money, upcoming bills and short-term savings. Mansa-X makes more sense for capital that can stay invested and ride through changing global markets.
You can use the Kenya MMF Calculator to compare Kenyan MMF returns after fees and withholding tax.
Where Mansa-X gets its edge
Mansa-X has three clear strengths.
First, it opens global markets to investors through a locally managed, CMA-regulated structure. An investor gains exposure to international shares, currencies, metals, commodities and bonds without building and managing each position separately.
Second, its long/short strategy is not limited to markets going up. The fund can position for falling prices or use short positions to balance other exposures.
Third, its results have been consistent. The KES fund’s lowest completed annual net return between 2019 and 2025 was 15.45%, while its highest was 20.74%.
That record, combined with the fund’s rapid AUM growth, explains why Mansa-X has moved from an unfamiliar alternative investment to the centre of Kenya’s fund market.
The trade-off behind the returns
The same flexibility that creates opportunities also brings more moving parts.
- Global shares, currencies, commodities and bonds can move sharply.
- Leverage magnifies the effect of winning and losing positions.
- Derivatives and short trades depend heavily on timing, pricing and execution.
- The six-month lock-in limits immediate access to the money.
- USD investors who measure their wealth in shillings also face exchange-rate movements.
The fund fact sheet states directly that investors can lose some of their original investment. This is the essential difference between understanding Mansa-X as a growth investment and mistaking it for a high-paying savings account.
Who is Mansa-X built for?
Mansa-X makes the strongest case for an investor who:
- Has already set aside emergency savings
- Can invest beyond the six-month lock-in
- Wants exposure beyond Kenyan deposits and government securities
- Can meet the minimum without putting all available savings into one fund
- Is comfortable with returns that move with global markets
- Prefers a professionally managed multi-asset strategy
Money needed for rent, fees, medical bills or another near-term expense belongs in a more liquid account. Mansa-X is better viewed as part of a broader investment portfolio.
How to invest in Mansa-X
Applications begin through the official Mansa-X website or Standard Investment Bank’s verified contact channels.
The process follows five main steps:
- Choose the KES, USD or Shariah fund that matches your preferred currency and investment approach.
- Review the fund fact sheet and information memorandum.
- Complete the application, identity and source-of-funds checks.
- Fund the investment using payment instructions issued by SIB.
- Receive confirmation and follow the investment through the statements provided.
Standard Investment Bank lists its official telephone, email and office contacts on the Mansa-X page.
The bottom line
Mansa-X has changed the shape of Kenya’s investment-fund market.
Its flagship KES fund grew to KSh 163.8 billion by June 2026. The four Mansa-X funds together lifted Standard Investment Trust Fund to KSh 188.6 billion, overtaking Sanlam and becoming Kenya’s largest collective investment scheme.
The performance record is equally central to the story: a 20.74% net return in 2025, 10.97% in H1 2026 and an 18.18% average annual net return since the KES fund’s launch as reported at the end of Q1 2026.
Mansa-X earns those returns through a broad, active strategy spanning several markets and asset classes. It is a compelling option for investors seeking professionally managed global diversification, provided it is used for the right job.
An MMF remains the practical choice for emergency and short-term money. Mansa-X belongs on the growth side of the portfolio.
FAQs
What is Mansa-X Special Fund?
Mansa-X is a multi-asset Special Collective Investment Scheme managed by Standard Investment Bank under the Standard Investment Trust Funds umbrella. It invests across local and global equities, fixed income, currencies, commodities, precious metals and derivatives.
Is Mansa-X a Money Market Fund?
No. The Capital Markets Authority classifies Mansa-X as a Special Fund. It follows a broader multi-asset strategy than a Money Market Fund.
What is the minimum investment in Mansa-X?
The minimum initial investment is KSh 250,000 for the KES fund or USD 2,500 for the USD fund. The minimum top-up is KSh 100,000 or USD 1,000 respectively.
What return did Mansa-X earn in 2026?
Standard Investment Bank reported an H1 2026 net return of 10.97% for the Mansa-X KES fund and 6.54% for the USD fund. SIB annualised those results to 23.15% and 13.51% respectively.
How long is the Mansa-X lock-in period?
Mansa-X has a six-month initial lock-in period. SIB states that withdrawals are processed within 48 to 72 hours upon request.
What fees does Mansa-X charge?
SIB lists no initial or redemption fee for the conventional KES and USD funds. It charges a 5% annual financial services fee and a 10% performance fee on returns above the stated hurdle rate of 25% for the KES fund or 15% for the USD fund.
Is Mansa-X regulated by the CMA?
Yes. Mansa-X operates as a Special Collective Investment Scheme regulated by Kenya’s Capital Markets Authority.
Can I lose money in Mansa-X?
Yes. Mansa-X invests across markets whose prices rise and fall, and its official fact sheet states that investors can lose some of their original investment.
Should I choose the Mansa-X KES or USD fund?
The KES fund suits money earned and spent in shillings, while the USD fund is a natural fit for dollar income, dollar savings or future expenses in dollars.
How do I invest in Mansa-X?
Use Standard Investment Bank’s official Mansa-X website or verified contact channels, select the appropriate fund, complete the application and identity checks, and fund the account using SIB’s confirmed payment instructions.
Disclaimer: This content is for general informational purposes only and does not constitute financial advice. Read the full disclaimer.