Mansa X Returns H1 2026: 10.97% Net in Six Months, Explained
Mansa X returned 10.97% net in the first half of 2026 (Q1 4.74%, Q2 5.95%), with the USD fund at 6.54% and combined assets past USD 1 billion. What the numbers mean, how they compare to MMFs and T-Bills, and what KES 1M actually became.
Standard Investment Bank has published Mansa X performance for the first half of 2026, and the headline is simple: the KES fund made 10.97% net in six months. Here is the full breakdown, verified against SIB's own figures, plus what it means in shillings and how it stacks up against the safer places Kenyans park money.
The H1 2026 numbers
| Period | Mansa X KES (net) | Mansa X USD (net) |
|---|---|---|
| Q1 2026 | 4.74% | 2.88% |
| Q2 2026 | 5.95% | 3.56% |
| H1 2026 (6 months) | 10.97% | 6.54% |
| Annualised (if compounded) | 23.15% | 13.51% |
In shillings: KES 1,000,000 placed in the Mansa X KES fund on 1st January 2026 was worth roughly KES 1,109,700 by the end of June, a gain of about KES 109,700 in six months, net of fees. All Mansa X returns are reported after the 5% p.a. financial services charge and any performance fee.
Q2 accelerated, and the long-run average is intact
The second quarter (5.95% net) was stronger than the first (4.74%), and both sit comfortably above the fund's quarterly pace in a typical year. For context, the fund's average net return since inception in January 2019 is 18.18% per year per the Q1 2026 fact sheet, and calendar years have ranged from 15.45% (2021) to 20.74% (2025). A KES 1,000,000 investment made at inception in January 2019 had grown to KES 3,594,335 by 31st March 2026, after all fees.
The half-year also came with a milestone: the combined Mansa X funds crossed USD 1 billion in assets under management in February 2026, with the KES fund alone at KES 132.18 billion as of 31st March. Scale matters in a special fund: it signals institutional confidence and typically improves the fund's trading terms.
How 10.97% in six months compares
| Option | Recent rate | Six-month equivalent | Risk and access |
|---|---|---|---|
| Mansa X (KES) | 10.97% actual H1 2026 | 10.97% | Higher risk, 6-month lock-in, returns not guaranteed |
| Top money market fund | ~13.8% gross p.a. (Nabo, July 2026) | ~5.9% gross | Low risk, 1-3 day withdrawals |
| 364-day Treasury Bill | ~8.97% p.a. (late-June auction) | ~4.5% | Government-backed, locked to maturity |
| Bank fixed deposit | 3-11% p.a. | 1.5-5.5% | KDIC-insured to KES 500k, fixed term |
Read that table carefully: Mansa X's six months roughly doubled what the best low-risk options paid over the same period, but the comparison is not apples to apples. MMF and T-Bill returns are close to certain; Mansa X's are not. A long/short multi-asset fund can have flat or negative quarters, and past performance is not a guarantee of future returns. The honest framing is: Mansa X is growth money, the alternatives are safety money, and most investors need both. Our Mansa X vs Oak Special Fund comparison digs into how it stacks up against its closest rival, and you can model both side by side in the comparison calculator.
The fine print that matters
- Minimum investment: KES 250,000 (USD 2,500 for the dollar fund), top-ups from KES 100,000.
- Fees: 0% entry, 0% redemption, 5% p.a. financial services charge, plus 10% of returns above a 25% hurdle (15% hurdle on USD). Reported returns are already net of these.
- Liquidity: 6-month initial lock-in, then withdrawals in roughly 48 to 72 hours.
- Regulation: licensed by the Capital Markets Authority; SIB rates the fund 2 on its 1-to-5 risk scale.
To see what these returns would do to your own amount, over your own horizon, use the Mansa-X calculator: it carries the H1 2026 figures, the 18.18% since-inception average and the 2025 rate as one-tap presets, and lets you stress-test a low scenario too.
Bottom line
H1 2026 was a strong half for Mansa X: 10.97% net, an accelerating Q2, and a USD 1 billion AUM milestone. None of that makes the next half certain. If you invest, do it with money you can lock away, keep your emergency fund in a money market fund, and treat the annualised 23.15% as arithmetic, not a promise.
This article is for information only and is not investment advice. Figures are from Standard Investment Bank's published H1 2026 update and Q1 2026 fact sheet and may have changed. Confirm current terms with SIB and consider a licensed adviser before investing.