Mansa X Special Fund, managed by Standard Investment Bank, posted a net return of 4.71% in its shilling-denominated class in the third quarter of 2026, down from the previous quarter, according to the fund’s latest fact sheet.

The dollar-denominated class returned 2.51% over the three months to September 30, after fees. It was the weakest quarterly performance recorded across the eight quarters presented in the document.

The shilling class returned 5.95% in the second quarter of 2026, while its return in the second quarter of 2025 was 6.05%.

Shilling class leads nine-month returns

For the nine months to September, the shilling class recorded an annualised net return of 22.16%, compared with 12.48% for the dollar class.

Since October 2024, the shilling class has averaged a quarterly return of 4.6%, while the dollar class has averaged 3.12%, the fact sheet showed.

The fund’s longer-term performance also reflects gains for investors who have remained invested. A 1 million shilling investment in the shilling class on January 1, 2019, was valued at 3.99 million shillings after fees at the end of September. An initial $10,000 investment in the dollar class on November 9, 2022, had grown to $16,564.18.

Fixed income leads portfolio holdings

Mansa X Special Fund invests across multiple asset classes and uses a long-short trading strategy, which allows it to take positions intended to benefit from rising or falling asset prices. The strategy aims to generate returns while limiting downside risk, according to the fund’s disclosures.

Fixed income instruments accounted for the largest reported holdings in both classes, representing 13.07% of the shilling portfolio and 12.45% of the dollar portfolio. Interest rate derivatives ranked second, at 4.30% and 4.10%, respectively.

The shilling portfolio also included exposure to the S&P 500, chipmaker Advanced Micro Devices, Family Bank and Taiwan Semiconductor Manufacturing Co.

Among the dollar class’s listed holdings were Advanced Micro Devices, exposure to the Nasdaq 100, Otis Worldwide and Alphabet. The manager noted that portfolio positions can change.

The fund also maintains exposure across several regions. The Americas accounted for 52.62% of the shilling class and 56.07% of the dollar class. Africa represented 25.44% of the shilling portfolio, while Europe accounted for 17.63%.

In the dollar class, Europe made up 26.85% of assets and Africa 12.69%.

Manager points to volatile market conditions

Portfolio manager Nahashon Mungai described the third quarter as “lacklustre” compared with the first half of the year, saying market conditions had tested investors’ nerves.

In his commentary, Mungai pointed to uneven equity market performance, geopolitical tensions and changes in interest rate expectations as factors shaping the investment environment.

The fund manager said gains in the S&P 500 during the quarter were concentrated in companies associated with artificial intelligence, which he said accounted for more than half of the index’s market capitalisation.

The commentary also highlighted tensions in the Middle East and uncertainty surrounding the Strait of Hormuz, citing swings in energy prices as another source of market volatility. Brent crude traded within a range of $70 to $110 a barrel during the period, according to the manager.

The report further cited movements in U.S. and European monetary policy, rising government bond yields and losses in corporate credit markets as challenges for investors.

These market assessments reflect the manager’s account of the quarter and should be checked against independent market data before being reported as independently established facts.

Looking ahead, the manager said the portfolio would maintain a balanced position as it navigates geopolitical risks, the cost of capital and the possibility of further monetary tightening.

Minimum investments, fees and risks

Investors need at least 250,000 shillings to enter the shilling class, with additional investments starting at 100,000 shillings. The dollar class has a minimum initial investment of $2,500 and a minimum top-up of $1,000.

Both classes have an initial six-month lock-in period and no redemption charges, according to the fact sheet.

The annual financial services charge is 5%, calculated on a pro-rated basis. The fund also charges a performance fee of 10% on returns above a specified hurdle rate. The hurdle is 25% for the shilling class and 15% for the dollar class.

The fund carries a risk rating of two on a five-point scale. Its disclosures warn that alternative investments can carry greater risks than traditional investments, may not be suitable for every investor and can result in the loss of some or all of the initial capital.

Fund background

Mansa X Special Fund is domiciled in Kenya and operates under Standard Investment Trust Funds, managed by Standard Investment Bank. The fund is regulated by Kenya’s Capital Markets Authority.

The shilling class began operations in January 2019, while the dollar class launched in October 2022.

Kingsland Court Trustees serves as trustee, I&M Bank is the custodian and Grant Thornton is the auditor, according to the fund’s disclosures.