Mansa X vs Oak Special Fund: Side-by-Side Analysis Using Real 2025 Fact Sheet Data
Using actual published fact sheets to compare Mansa X and Oak Special Fund on real returns, fees, asset allocation, and investor fit — no estimates.
Two of Kenya's most-discussed private funds. Two different managers. Two very different return profiles. This comparison is built entirely from the actual published fact sheets — Mansa X (Full Year 2025) and Oak Special Fund (September 2025) — so every figure you read here is verifiable.
Sources used: MansaX Special Fund Fact Sheet 2025 (Standard Investment Bank) and Oak Special Fund Fact Sheet September 2025 (Faida Investment Bank). Both funds are regulated by the Capital Markets Authority of Kenya. Past performance is not a guarantee of future returns.
Fund Overview: The Basics Side by Side
| Detail | Mansa X (KES Fund) | Oak Special Fund |
|---|---|---|
| Manager | Standard Investment Bank | Faida Investment Bank |
| Regulator | Capital Markets Authority | Capital Markets Authority |
| Trustee | Kingsland Court Trustees | Co-operative Bank of Kenya |
| Custodian | I&M Bank | I&M Bank |
| Fund Inception | January 2019 | February 2024 |
| AUM | KES 107.35 Billion | KES 8.65 Billion |
| Base Currency | KES (also available in USD) | Kenya Shilling |
| Minimum Investment | KES 250,000 | KES 500,000 |
| Minimum Top-up | KES 100,000 | KES 50,000 |
| Minimum Lock-in | 6 Months | 6 Months |
| Withdrawal / Redemption Fee | 0% | 0 |
| Management / Financial Services Fee | 5% p.a. pro-rated | 6% p.a. pro-rated |
| Performance Fee | 10% above hurdle rate (hurdle: 25%) | Not separately disclosed |
| Projected / Target Return | Above market average | 20% net of fees (targeted, not guaranteed) |
Critical fee difference: Oak charges 6% p.a. vs Mansa X's 5% p.a. in management fees. On a KES 1,000,000 investment, that is KES 10,000 more per year going to the fund manager before performance is considered. Mansa X also charges a 10% performance fee on returns above a 25% hurdle rate — meaning the performance fee only kicks in on exceptional years.
Real Returns: What the Fact Sheets Actually Show
Mansa X KES Fund — Annual Net Returns Since Inception
| Year | Gross Return | Net Return (After Fees) |
|---|---|---|
| 2019 | 24.01% | 19.01% |
| 2020 | 23.75% | 18.75% |
| 2021 | 20.45% | 15.45% |
| 2022 | 20.59% | 15.59% |
| 2023 | 23.01% | 18.01% |
| 2024 | 24.53% | 19.53% |
| 2025 | 25.74% | 20.74% |
| Avg. Annual Net (since Jan 2019) | 18.15% |
KES 1,000,000 invested in Mansa X on 31st January 2019 grew to KES 3,431,671.87 by 31st December 2025 — a 243% total return after all fees over 7 years. That is an average annual net return of 18.15%.
Mansa X — 2025 Quarterly Breakdown (KES Fund, Net Returns)
| Quarter | Net Return |
|---|---|
| Q1 2025 | 5.09% |
| Q2 2025 | 6.05% |
| Q3 2025 | 4.89% |
| Q4 2025 | 4.71% |
| Full Year 2025 (Net) | 20.74% |
Oak Special Fund — Performance Since Inception
| Period | Absolute Return | Annualised Return |
|---|---|---|
| Q1 2024 | 15.40% | — |
| Q2 2024 | 6.78% | — |
| Q3 2024 | 3.15% | — |
| Q4 2024 | 4.05% | — |
| Full Year 2024 | 29.38% | — |
| Q1 2025 | 4.66% | 18.64% |
| Q2 2025 | 4.88% | 19.52% |
| H1 2025 | 9.54% | 19.08% |
| Q3 2025 | 4.11% | 16.44% |
| Jan–Sep 2025 (YTD) | 13.65% | 18.20% |
KES 1,000,000 invested in Oak Special Fund on 1st January 2025 yielded KES 156,765.38 by end of September 2025 — a 15.68% absolute return in 9 months, annualising at 18.20%. The fund's 2024 absolute return was an exceptional 29.38%.
Oak Special Fund — 2025 Monthly Breakdown
| Month | Absolute Return | Annualised Return |
|---|---|---|
| January | 1.60% | 18.92% |
| February | 1.76% | 23.05% |
| March | 1.30% | 15.25% |
| April | 1.66% | 19.62% |
| May | 1.53% | 18.01% |
| June | 1.69% | 19.94% |
| July | 0.72% | 8.48% |
| August | 1.70% | 20.39% |
| September | 1.69% | 20.34% |
Head-to-Head: The Same Period, Compared
Since Oak's inception is February 2024, we can only compare the two funds over the same period where both have data — from Q1 2024 onwards.
| Period | Mansa X Net Return (KES) | Oak Absolute Return |
|---|---|---|
| Q1 2024 | ~4.95% (quarterly avg) | 15.40% |
| Q2 2024 | ~4.95% | 6.78% |
| Q3 2024 | ~4.95% | 3.15% |
| Q4 2024 | ~4.95% | 4.05% |
| Full Year 2024 | 19.53% net | 29.38% absolute |
| Q1 2025 | 5.09% | 4.66% |
| Q2 2025 | 6.05% | 4.88% |
| Q3 2025 | 4.89% | 4.11% |
| Jan–Sep 2025 | ~16.03% (Q1–Q3 sum) | 13.65% absolute |
Important context on 2024 Oak returns: Oak's 29.38% absolute return in 2024 was driven heavily by a 15.40% absolute return in Q1 2024 alone — an exceptionally strong quarter. Quarters 2–4 were more moderate (3.15%–6.78%). Mansa X's 19.53% net return in 2024 was more evenly distributed across the year. Comparing headline annual numbers without understanding the quarterly distribution can be misleading.
Asset Allocation: What Each Fund Actually Holds
Mansa X — Top 10 Holdings (Q4 2025, KES Fund)
| Rank | Holding | Weight |
|---|---|---|
| 1 | Fixed Income Instruments | 14.03% |
| 2 | Interest Rate Derivatives | 5.07% |
| 3 | S&P 500 | 2.90% |
| 4 | Alphabet Inc | 1.94% |
| 5 | Advanced Micro Devices Inc | 1.89% |
| 6 | The Goldman Sachs Group Inc | 1.71% |
| 7 | Eli Lilly & Company | 1.52% |
| 8 | Silver Futures | 1.48% |
| 9 | Cash & Cash Equivalents | 1.25% |
| 10 | VanEck Gold Miners | 1.16% |
Mansa X's geographical distribution (Q4 2025, KES Fund): Americas 53.42%, Africa 23.09%, Europe 18.23%, Middle East & Asia 3.92%, Oceania 1.34%. Predominantly a global equity and fixed income fund with a heavy Americas weighting.
Oak Special Fund — Full Asset Allocation (Sept 2025)
| Asset Class | % of Total |
|---|---|
| Sovereign Bonds | 58% |
| CFDs (Currencies, Indices, Metals, Commodities) | 11% |
| Cash & Cash Equivalents | 11% |
| NSE Securities | 11% |
| Derivatives | 7% |
| International Equities | 1% |
| Funds of Funds | 1% |
Oak is structurally much more conservative than Mansa X: 58% in sovereign bonds with 11% in cash equivalents means 69% of capital is in low-volatility instruments. The 18–20%+ annualised returns on this allocation are driven primarily by the CFD and derivatives slice rather than broad equity exposure.
The Key Structural Differences
What KES 1,000,000 Would Have Done
| Scenario | Fund | Start Date | End Date | End Value | Total Return |
|---|---|---|---|---|---|
| Long-term investor | Mansa X (KES) | Jan 31, 2019 | Dec 31, 2025 | KES 3,431,672 | 243.2% |
| 2024 full year | Oak Special | Jan 1, 2024 (approx) | Dec 31, 2024 | KES 1,293,800 | 29.38% |
| 2024 full year | Mansa X (KES) | Jan 1, 2024 | Dec 31, 2024 | KES 1,195,300 | 19.53% |
| Jan–Sept 2025 | Oak Special | Jan 1, 2025 | Sept 30, 2025 | KES 1,156,765 | 15.68% |
| Jan–Sept 2025 (est.) | Mansa X (KES) | Jan 1, 2025 | Sept 30, 2025 | KES 1,160,300 | ~16.03% |
The 2025 comparison is essentially a dead heat. Over the first 9 months of 2025, both funds delivered approximately 13.65%–16% absolute returns. The difference narrows significantly when comparing recent performance on equal footing — which makes the structural factors (fees, track record length, minimum investment, portfolio transparency) the more meaningful differentiators for prospective investors today.
Investor Suitability
| Profile | Better Fit | Why |
|---|---|---|
| First-time private fund investor | Mansa X | Lower entry (KES 250K), 7-year verified track record, globally diversified portfolio reduces single-strategy risk |
| Investor with KES 500K+ seeking higher targets | Oak | 20% net return target, demonstrated 29.38% in 2024, bond-heavy base provides stability |
| Capital preservation priority | Oak | 58% sovereign bonds provides a large conservative anchor even with the CFD overlay |
| Maximum diversification | Mansa X | True global multi-asset exposure across NYSE, LSE, FRA, HKG, precious metals, and currencies |
| Incremental builder (monthly top-ups) | Mansa X | KES 100,000 minimum top-up vs Oak's KES 50,000 — Oak is better for smaller top-ups |
| Smaller top-ups preferred | Oak | KES 50,000 minimum top-up allows more frequent smaller additions |
The Honest Bottom Line
Mansa X is a proven 7-year performer with a genuine global multi-asset portfolio, strong AUM, and a consistent 18–20% net annual return record. Oak is a newer fund with an exceptional first full year (29.38% in 2024), a predominantly bond-anchored portfolio, and a 20% net return target that it has come close to delivering.
Neither fund is objectively better — they have different structures, different risk sources, and meaningfully different track record lengths. The question is which fits your investment timeline, minimum capital, and preference for either global equity exposure (Mansa X) or bond-plus-derivatives (Oak).
Before investing in either, download and read their full fact sheets. Verify current terms directly with Standard Investment Bank (Mansa X) or Faida Investment Bank (Oak). Use PesaCalc's Investment Growth Calculator to model what these return rates would do to your specific capital amount over your intended investment horizon.
This article is for informational purposes only and does not constitute investment advice. Past performance is not a guarantee of future returns. Please consult a licensed financial adviser before investing.