肯尼亚一类正式推出仅三年的基金所管理的资产，预计到明年底将增至该国73亿美元共同基金市场的近一半，因其回报超越更传统产品而吸引投资者。
Kenyan assets under management by a class of funds formally introduced just three years ago are set to grow to almost half of the country’s $7.3 billion mutual-fund market by the end of next year, drawing investors as their returns have outpaced those of more conventional products.
“所谓的特殊基金‘将继续比我们的传统基金增长得更快，至少在未来两年内是这样’，”Britam Holdings Ltd.资产管理部门首席执行官Barack Obatsa表示。他说，到2027年底，这类基金占管理资产总额的比重可能高达45%。
So-called special funds “are going to be something that is going to continue growing faster, at least in the next two years, than our conventional funds,” said Barack Obatsa, the chief executive officer of Britam Holdings Ltd.’s asset-management unit. They could comprise as much as 45% of assets under management by the end of 2027, he said.
资本市场管理局（CMA）于2018年前后首次为这类基金敞开大门，并于2023年正式设立该品类，旨在拓宽肯尼亚人的投资选择。特殊基金是更灵活、风险更高的工具，允许管理人在获得CMA批准的前提下，追求传统单位信托基金无法采用的策略——包括大宗商品、离岸资产和杠杆运用。
The Capital Markets Authority first opened the door for the funds around 2018 and formally created the category in 2023 as part of a push to broaden options for Kenyans. Special funds are more flexible, higher-risk vehicles that let managers pursue strategies that conventional unit trusts can’t — including commodities, offshore assets and the use of leverage — subject to CMA approval.
据监管机构称，目前此类基金已超过20只，占肯尼亚集合投资基金管理的9487亿先令（约合73亿美元）的25%。
Now, there are more than 20 and they account for 25% of the 948.7 billion shillings ($7.3 billion) managed by Kenya’s collective investment funds, according to the regulator.
这种增长起步于一个仍处于萌芽阶段的行业的小基数：肯尼亚整个集合投资行业管理的资产相当于该东非国家经济体量的约5%，规模不及其养老金行业的三分之一，后者截至6月底持有3.17万亿先令资产。
The growth comes off a small base within a still-nascent sector: Kenya’s entire collective-investment industry manages the equivalent of about 5% of the East African nation’s economy and is less than a third of the size of its pension sector, which held 3.17 trillion shillings in assets at the end of June.
尽管中产阶级壮大和投资产品获取渠道拓宽，正将更多家庭储蓄引入专业管理基金，但基金管理行业依然相对浅薄。
That leaves the fund-management industry relatively shallow even as a growing middle class and wider access to investment products draw more household savings into professionally managed funds.
Obatsa表示，Britam于10月推出了两只特殊基金，目标是到明年底实现高达500亿先令的管理资产规模。
Britam introduced two special funds in October, targeting assets under management of as much as 50 billion shillings by the end of next year, Obatsa said.
他说：“‘正在发生的零售投资者激增尚未停歇，但机构投资者也开始关注了’。”
“There’s that retail proliferation that is happening, which is not stopping now, but also institutional investors are noticing,” he said.
货币市场基金仍主导东非国家的集合投资，占管理资产总额的一半左右。
Money-market funds still dominate collective investments in the East African nation, comprising about half of total assets under management.
根据其基金说明书，Arvocap Multi-Asset Strategy Special Fund 是今年前九个月表现最好的基金，年化收益率为 33%。Mansa X 紧随其后，收益率为 22%。该基金被视为肯尼亚首支此类基金，由 Standard Investment Bank Ltd. 于 2019 年在资产管理人许可下运营，随后于 2024 年转型为特别基金。
Arvocap Multi-Asset Strategy Special Fund was the best performer in the first nine months of this year with an annualized return of 33%, according to its fact sheet. Mansa X — regarded as Kenya’s first such fund after Standard Investment Bank Ltd. operated it under a money-manager license from 2019 and then transitioned into a special fund in 2024 — followed at 22%.
彭博社汇编的 11 支特别基金平均收益率为 15%。其中约一半以肯尼亚 91 天期国库券为基准，该国库券在该期间的平均收益率为 8.2%。根据彭博社汇编的数据，基准肯尼亚股票指数的总回报率为 32%。
The average among 11 special funds compiled by Bloomberg was 15%. About half of them cited Kenya’s 91-day Treasury bill — which had an average yield of 8.2% in the period — as their benchmark. The total return on the benchmark Kenyan stocks gauge was 32%, according to data compiled by Bloomberg.
所有基金均设有六个月锁定期，最低投资额在 10 万肯尼亚先令至 25 万肯尼亚先令之间。
All the funds have a six-month lock in period, while the minimum investment ranges from 100,000 shillings to 250,000 shillings.
内罗毕总部的 Sterling Capital 研究与投资分析师 Levin Karori 表示，特别基金将收益率年化的做法可能会误导投资者，因为这是一个滞后数字。
The practice of special funds annualizing their returns is likely to mislead investors because it is a trailing number, said Levin Karori, a research and investment analyst at Nairobi-based Sterling Capital.
他说：“目前缺乏用于跟踪业绩的基准，且我们一直依赖无风险利率，这是该资产类别的一个不足之处。”
“The fact that there isn’t any benchmark to track performance and that we keep relying on risk-free rates” is a shortcoming of the asset class for now, he said.
他还表示，应对其资产配置有更清晰的说明，让投资者更好地了解其是更侧重衍生品还是股票，并提高持仓透明度。
There should also be more clarity on their allocations — giving investors a better understanding of whether they are focusing more on derivatives or equities — and increased transparency on their holdings, he said.