Jubilee Asset Management, a subsidiary of Jubilee Holdings, has introduced a new dollar-denominated fund, the Jubilee Money Market Fund (USD). This fund is now accessible to both retail and institutional investors with an initial minimum investment of $1,000 (Sh130,000) and requires minimum top-ups of $500 (Sh65,000).
This new fund marks a significant diversification from Jubilee’s existing shilling-denominated fund, which requires a minimum initial investment of Sh5,000 and top-ups of at least Sh1,000. The Jubilee Money Market Fund (USD) aims to offer competitive dollar returns for short to medium-term investments while providing an option for investors seeking to transition from high-risk to low-risk portfolios.
The fund is designed to attract investors looking for stable and predictable dollar-denominated returns while maintaining liquidity. Investors will have the flexibility to withdraw funds with ease when needed, aligning with the fund’s goal to hedge against market volatility.
The investment strategy focuses on secure dollar-denominated short-term fixed and floating rate debt securities issued by sovereigns and corporates, both within Kenya and offshore. This approach ensures the stability and reliability of returns in a dynamic market environment.
Jubilee Holdings’ CEO, Julius Kipngetich, highlighted that the new fund will expand investment options and enhance Jubilee Asset Management’s market presence. The subsidiary recently improved its ranking in asset management, moving from position 29 to 15 by the end of 2023.
Dominic Kiarie, CEO of Jubilee Asset Management, reported that the fund’s opening annual yield was 9.05 percent per annum during the testing period, and it currently stands at 6.64 percent per annum. The fund benchmarks returns against the 1-month dollar secured overnight financing rate (SOFR), with monthly income distribution and options for reinvestment for compounded returns.
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