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Recent Topicals

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Kenya’s Public Debt

Jul 19, 2020

Introduction Over the past few years, Kenya’s Public Debt has been on the rise as a result of the government’s ambitious development agenda evident in the country’s budgets over the last ten years.  We have seen a couple of rating agencies relook at the country’s Sovereign Credit Outlook and change them to a more negative outlook. Below is a summary of those: In May, Moody’s Credit Agency released its rating outlook where it changed Kenya’s sovereign credit outlook to “negative”, from a previous outlook of “stable”, but affirmed the earlier on B2 credit rating. The agency highlighted that the negative outlook was a result of rising financial risks brought about by the country’s large borrowing requirements especially during this time where the fiscal outlook is deteriorating, given the erosion of the revenue base and the high debt and increased interest burden. According t...

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Nairobi Metropolitan Area (NMA) Land Report 2020

Jul 12, 2020

In June 2019, we published the Cytonn H1’2019 Market Review which highlighted the land sector’s performance in the Nairobi Metropolitan Area. According to the report, the land sector recorded a 0.5% y/y decline in asking prices, 4.3% points lower than the 3.8% growth rate in 2017/18, attributed to an overall slowdown in real estate investment during the year. Despite the rest of the zones recording a decline in asking prices, unserviced land in satellite towns such as Ruiru and Limuru registered a 3.9% annual capital appreciation on average during the year, attributed to the relatively high demand for land in these areas fueled by the affordable housing initiative which has been a key focus sector by both the government and private sector players. This week, we update that report with 2019/2020 research data, highlighting the land sector’s performance in the Nairobi Metropolit...

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Equity Fund Fact Sheet June'20-min

Jul 8, 2020

1. FUND PERFOMANCE *Aggregate percent amount that your investment would have gained since the fund started (01-August-2019) **Percentage you can expect to earn with the fund during one year of investment on basis of the so far realized monthly returns since inception. 2. FUND MANAGER’S REPORT AND OUTLOOK Fund Objective The Cytonn Equity Fund is a moderate to high-risk fund that seeks to generate long-term capital growth and endeavors to maximize the total return to investors over the long term by investing in both listed and unlisted equity securities. Portfolio Strategy The Fund seeks to invest in companies with low valuation and good growth potential while providing su cient stability by investing in relatively mature companies. The key...

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CAFF Fact Sheet June'20-min

Jul 8, 2020

1. FUND PERFOMANCE *Aggregate percent amount that your investment would have gained since the fund started (16-Jan-2020) **Percentage you can expect to earn with the fund during one year of investment on basis of the so far realized monthly returns. 2. FUND MANAGER’S REPORT AND OUTLOOK Fund Objective CAFF is a high-risk fund that aims to achieve the highest possible return for the investor through investing infinancial services stocks in Sub Saharan Africa. The investment risk is reduced through holding a diversified portfolio of Securities. Portfolio Strategy The fund seeks to invest in the financial services sector stocks of Sub Saharan Africa countries that possess a high potential return, in the form of capital app...

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Balanced Fund Fact Sheet June'20-min

Jul 8, 2020

1. FUND PERFOMANCE *Aggregate percent amount that your investment would have gained since the fund started (01-August-2019) **Percentage you can expect to earn with the fund during one year of investment on basis of the so far realized monthly returns. 2. FUND MANAGER’S REPORT AND OUTLOOK Fund Objective The Cytonn Balanced Fund is a medium-risk fund that seeks to achieve a reasonable level of current income and o er investors long-term capital growth. Portfolio Strategy The fund seeks to outperform the weighted returns from both fixed income instruments and the Equities listed in the Nairobi Securities Exchange. This is achieved by both optimizing asset allocation and security selection. The fund will therefore be invested in a diversified...

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