If you invested Ksh 1,000,000 on 1st January 2025,
You would have earned Ksh 205,100 by 31st December 2025, net of all fees.
That’s not noise.
That’s serious performance.
A fixed income fund delivering a 20.51% net return — with low to medium risk — will naturally turn heads.
While many fixed income funds in Kenya are struggling to beat money market fund returns,
Arvocap Almasi Fixed Income Accumulation Fund disrupted the market in 2025.
The Numbers
2025 net return: 20.51%
Inception to date (gross): 42.49%
These numbers are not normal.
They are extraordinary.
What Exactly Is the Almasi Fund?
The Almasi Fund is managed by Arvocap Asset Managers Ltd,
Regulated by the Capital Markets Authority (CMA) under the Collective Investment Schemes (CIS) framework.
Core Mandate
Achieve long-term capital appreciation through active fixed income investing.
This is not a passive “buy-and-wait” fund.
What Does the Fund Invest In?
The fund invests in a diversified fixed income portfolio, including:
Kenyan government bonds.
Treasury bills.
High-quality corporate bonds and commercial papers.
Fixed deposits, cash, and demand deposits.
Portfolio Allocation (as at 31st December 2025)
Government bonds: 80.51%
Corporate bonds: 10.71%
Term deposits: 7.98%
Cash: 0.80%
This structure provides stability, while active trading drives performance.
What Makes Almasi Different?
Most fixed income funds simply hold bonds and wait for coupon payments.
Almasi does not.
Instead, it:
Actively trades bonds in the secondary market.
Captures price movements.
Targets returns above average bond yields.
This active bond trading strategy is the reason Almasi has emerged as an alpha performer.
Benchmark and Hurdle Rate Explained
Benchmark: Yield to Maturity (YTM) of Kenya’s 5-year government bond.
Hurdle rate: Benchmark plus 200 basis points (2%).
Current 5-year bond YTM: Approximately 10.18%.
Hurdle rate: 12.18%.
The fund must beat 12.18% before performance fees apply — and it has done so convincingly.
Risk Profile
Risk rating: 3 out of 7 (moderate risk).
Why?
Heavy allocation to government bonds.
Active market participation.
Limited corporate credit exposure.
Sensitivity to interest rate movements.
Balanced risk.
Disciplined strategy.
Capital Preservation
No CIS guarantees capital.
However, Almasi is designed to:
Preserve capital.
Grow capital.
Consistently beat its benchmark.
So far, it has delivered on all three.
Fees and Minimums
Entry fee: 0.5%
Exit fee: 0%
Management fee: 1% per annum
Performance fee: 20% above the hurdle rate
Minimum investment: Ksh 100,000
Minimum top-up: Ksh 100,000
Who Is This Fund Best For?
Ideal for medium to long-term goals such as:
Children’s education.
Home purchase.
Retirement planning.
Car purchase.
Long-term capital growth projects.
If you’re looking for a strong alternative to holding long-term government bonds, this fund fits perfectly.
My Final Take
Arvocap Almasi Fund is rewriting the rules of fixed income investing in Kenya.
If you want:
Stability.
Smart active management.
Above-market returns.
This is a solid option worth considering.
WhatsApp me “ALMASI” and I’ll help you get started.
Alex Mwangi | WhatsApp 0703472299
