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Recent Topicals

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Structured Products

May 17, 2015

In last week’s report, we showcased alternative investments as an attractive asset class. Alternative investments can be classified as investments in real estate, private equity and structured products. While relatively illiquid and more complex than traditional investments (fixed income and equities), alternative investments offer higher and more stable returns over the long-term as illustrated in our last week’s report.Alternative investments are also referred to as private investments because you cannot access them from the public markets. For example, public / traditional investments are reported on daily in the press. And some like unit trusts are even required by regulation to report their pricing on a daily basis. On the other hand, alternative / private investments can only be accessed by invitation or by inquiry.Having discussed alternative investments last week, we will now delve deeper into each type of alternative investment, starting with st...

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Real Estate Investments

May 24, 2015

In our Cytonn Weekly report #18, we spoke about how investors typically invest in well-known and liquid asset classes such as money markets, equities and fixed income, collectively referred to as “traditional investments” or “public markets”. There exists an alternative to these traditional investments in private equity, real estate and structured products. Last week, in our Cytonn Weekly report #19, we demystified structured products, and this week we explain real estate investments. While relatively illiquid and more complex, alternative investments are essential to an investment portfolio for 2 reasons: First, they offer higher returns. Second, the returns are more stable and uncorrelated to more volatile returns such as equities. For example locally, real estate has registered the highest returns over the last 5 years, at 24% p.a., as compared to traditional markets, as can be seen in the graph below.

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Real Estate Investments

Jun 7, 2015

In our Cytonn Weekly report #18, we spoke about how investors typically invest in well-known and liquid asset classes such as money markets, equities and fixed income, collectively referred to as “traditional investments” or “public markets”. There exists an alternative to these traditional investments in private equity, real estate and structured products. Last week, in our Cytonn Weekly report #19, we demystified structured products, and this week we explain real estate investments. While relatively illiquid and more complex, alternative investments are essential to an investment portfolio for 2 reasons: First, they offer higher returns. Second, the returns are more stable and uncorrelated to more volatile returns such as equities. For example locally, real estate has registered the highest returns over the last 5 years, at 24% p.a., as compared to traditional markets, as can be seen in the graph below.

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Karen Real Estate Investment Opportunity

Jun 7, 2015

 Cytonn Real Estate, our development affiliate, last week highlighted Amara Ridge, a development coming up in Karen, a leafy suburb of Nairobi: Amara Ridge flythrough . Amara Ridge, which is breathtaking, distinct and luxurious, showcases Cytonn’s unique platform of bringing financing, landowners and development capability together using innovative Joint Venture structures. We have picked Karen as one of our key areas of focus because it is one of the few areas in Nairobi that still offers serene country living coupled with significant potential for attractive financial returns. Essentially, it offers an opportunity to not only own and enjoy a home, but also to build financial affluence driven by 3 main factor...

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The Kenyan 2015/2016 Budget

Jun 14, 2015

Treasury Secretary Henry Rotich presented Kenya’s FY 2015/2016 Budget of Kshs 2.2 trillion to Parliament on the 11th of June 2015. Total expenditure increased by 22.7% to Kshs 2.2 trillion and is expected to be financed by Kshs 1.3 trillion of tax collections, Kshs 567 billion of borrowings (both local and foreign) as well as project grants. As was expected, the lion’s share of the budget was allocated to the Social Sector, 28% of total expenditure, with the bulk being spent on education. The constant investment in education and security is important to improving the attractiveness of Kenya as an investment destination. Another large beneficiary category is the Energy, Infrastructure and ICT sector, which has been allocated 27% of the budget, with the increment primarily to road and railway construction to fund the Standard Gauge Railway. The increase in energy allocation will fund geothermal power generation, power transmission and rural electrification. We are of...

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