Mansa X vs Oak Special Fund: What KES 1,000,000 Actually Produced (Official Data)
Official fact sheet figures to 30 June 2026: KES 1M in Mansa X since January 2019 is now KES 3,808,276, and KES 1M in Oak since its February 2024 launch is KES 1,669,985. The full year-by-year and quarter-by-quarter breakdown.
The simplest question any investor asks: what would KES 1,000,000 actually become? Both Mansa X and Oak Special Fund publish fact sheets with exact growth figures for a shilling million. Here is what the official numbers show, updated to the latest sheets.
Data source: MansaX Special Fund Fact Sheet Q2 2026 (Standard Investment Bank, July 2026) and Oak Special Fund Fact Sheet Q2 2026 (Faida Investment Bank, July 2026), with earlier figures from each fund’s 2025 annual sheet and Oak’s Q1 2026 sheet. Figures run to 30 June 2026, the latest both managers have published. Past performance is not a guarantee of future returns.
The Official KES 1M Growth Figures
Mansa X KES Fund: KES 1,000,000 invested at the fund’s January 2019 launch grew to KES 3,808,275.61 by 30 June 2026, after all fees. That is a 280.8% total return in seven and a half years, and SIB puts the average net return since inception at 18.37% a year. At 31 December 2025 the same million stood at KES 3,431,671.87.
Oak Special Fund: KES 1,000,000 invested at Oak’s February 2024 launch grew to KES 1,669,984.68 by 30 June 2026, a 67.0% total return in about 29 months. Oak returned 29.38% in 2024 and 18.99% in 2025, and the first half of 2026 added 8.06%.
Year-by-Year: What KES 1M Compounded in Mansa X
| Year End | Net Annual Return | Value of KES 1M |
|---|---|---|
| Dec 2019 | 19.01% | KES 1,190,100 |
| Dec 2020 | 18.75% | KES 1,413,244 |
| Dec 2021 | 15.45% | KES 1,631,590 |
| Dec 2022 | 15.59% | KES 1,885,955 |
| Dec 2023 | 18.01% | KES 2,225,615 |
| Dec 2024 | 19.53% | KES 2,660,278 |
| Dec 2025 | 20.74% | KES 3,212,020 (simple compounding) / KES 3,431,671.87 (official) |
| Jun 2026 | 10.97% (first half, 6 months) | KES 3,808,275.61 (official, Q2 2026 sheet) |
Note: simple compounding of the published calendar-year returns lands below SIB’s official growth figures, so rely on the official figures in bold. They come straight from the fact sheets, after all fees.
Oak Special Fund, Quarterly Growth Tracker
| Quarter | Absolute Return | Official Value of KES 1M (from Feb 2024 launch) |
|---|---|---|
| Q1 2024 | 15.40% (launch quarter, from February) | · |
| Q2 2024 | 6.78% | · |
| Q3 2024 | 3.15% | · |
| Q4 2024 | 4.05% | KES 1,282,593.22 |
| Q1 2025 | 4.73% | · |
| Q2 2025 | 4.96% | · |
| Q3 2025 | 4.16% | · |
| Q4 2025 | 3.92% | KES 1,545,409.28 |
| Q1 2026 | 4.72% | KES 1,618,408.10 |
| Q2 2026 | 3.19% | KES 1,669,984.68 |
About Oak’s numbers: the quarterly returns and the KES 1M values both come from Oak’s own sheets, but the fund measures them on slightly different bases, so the quarters do not compound exactly to the million’s value. Oak’s 2025 annual sheet also restated its 2025 quarters (4.73%, 4.96%, 4.16%, 3.92%); earlier versions of this table used the September 2025 sheet’s first figures. Values marked · are not published for that quarter.
2025 and 2026 Head-to-Head
| Period | Mansa X Net Return | Oak Absolute Return | Ahead |
|---|---|---|---|
| Q1 2025 | 5.09% | 4.73% | Mansa X (+0.36 pts) |
| Q2 2025 | 6.05% | 4.96% | Mansa X (+1.09 pts) |
| Q3 2025 | 4.89% | 4.16% | Mansa X (+0.73 pts) |
| Q4 2025 | 4.71% | 3.92% | Mansa X (+0.79 pts) |
| Full year 2025 | 20.74% | 18.99% | Mansa X (+1.75 pts) |
| Q1 2026 | 4.74% | 4.72% | Mansa X (+0.02 pts) |
| Q2 2026 | 5.95% | 3.19% | Mansa X (+2.76 pts) |
| First half 2026 | 10.97% | 8.06% | Mansa X (+2.91 pts) |
2024 was Oak’s year: Oak’s 29.38% in 2024 comfortably beat Mansa X’s 19.53%, helped by an exceptional launch quarter (15.40%). Since then Mansa X has led every quarter: all four quarters of 2025 (20.74% vs 18.99% for the year) and both quarters of 2026 so far (10.97% vs 8.06% for the half). The race is closer than the gaps suggest in some quarters (Q1 2026 was 4.74% vs 4.72%).
Fee Impact on KES 1,000,000
| Fee Component | Mansa X | Oak Special |
|---|---|---|
| Annual management / financial services fee | 5% p.a. pro-rated | 6% p.a. pro-rated |
| Fee drag on KES 1M per year | KES 50,000 | KES 60,000 |
| Performance fee | 10% above a 25% hurdle rate | Not separately disclosed |
| Redemption charges | 0% | 0% |
Both funds report returns after these fees. Over five years on KES 1,000,000, the one-point fee difference (5% vs 6%) costs Oak investors roughly KES 50,000 to 70,000 more, before returns. A higher fee is worth paying only if the fund outperforms by more than the gap; on 2025 and first-half 2026 figures, Oak has not.
The Practical Verdict
Both Funds Publish. The Data Is Public.
Both managers publish detailed fact sheets, so there is no need to estimate. On the latest official figures, KES 1M in Mansa X from 2019 was worth KES 3,808,275.61 at 30 June 2026, and KES 1M in Oak from its launch was worth KES 1,669,984.68. Model your own amount and timeline in the Mansa X vs Oak calculator.
Contact Standard Investment Bank at [email protected] or +254 777 333 000 for Mansa X, and Faida Investment Bank at [email protected] or +254 743 552 341 for Oak Special Fund.
This article is for information only and is not investment advice. PesaCalc is independent and not affiliated with Standard Investment Bank or Faida Investment Bank. Special funds can lose money, and past performance is not a guarantee of future returns. Confirm all figures with the managers before investing.