The Wathaek and Horus funds, managed by Al Ahly Financial Investment Management, achieved the highest returns among money market funds in 2023, with 18.47% and 18.46% annually, respectively, according to a report by the Egyptian Investment Management Association (EIMA).
The report, obtained by Daily News Egypt, states that the Siula fund, managed by NI Capital, ranked third among money market funds, with an annual return on investment of 18.40%. The fund of Egyptian Gulf Bank, managed by Prime Company for Financial Investments, came fourth with an annual return of around 18.16%.
The Fawri fund, with cumulative returns managed by CI Asset Management, came fifth with an annual return of 18.06%. The Mawared fund of the Housing and Development Bank, managed by HC Securities & Investment, came sixth with an annual return of about 17.96%. The fourth fund of the National Bank of Egypt, managed by Al Ahly Financial Investment Management, came seventh with an annual return of 17.81%.
The Juman fund of the Arab African International Bank, managed by Beltone for Investment Management, came eighth among the top ten money market funds in Egypt, with an annual return of 17.73%. The Sarwaty and Suez Daily funds of Banque Misr, managed by CI Asset Management, came ninth and tenth with annual returns of 17.66% and 17.65%, respectively.
According to the report, the Diamond fund, managed by Arab African Investment Management, came eleventh with an annual return of 17.6%. The Assets fund of Commercial International Bank (CIB), managed by CIE Asset Management, came twelfth with an annual return of about 17.47%.
The Kuwaiti Al Ahli fund, managed by Sigma for Financial Investments, came thirteenth with an annual return of about 17.39%. The Egypt Life Insurance fund, managed by CI Asset Management, came fourteenth with an annual return of 17.28%.
The Hasad Daily fund of the Egyptian Agricultural Bank, managed by Prime Investments-Asset management, came fifteenth with an annual return of 17.19%. The Yomati fund of Arab Bank, managed by Beltone for Investment Management, came sixteenth with an annual return of 17.13%.
The Cash Direct fund of Mubasher International, managed by Mubasher Capital Holding, came seventeenth with an annual return of about 17.09%. The Egypt Cash fund, managed by CI Asset Management, came eighteenth with an annual return of 17.08%.
The SAIB Daily and Delta for Life Insurance funds, managed by Beltone and Alpha Capital, respectively, came nineteenth and twentieth with annual returns of 17.07% and 17.06%. The Export Development Bank fund, managed by Azimut for Investment Management, came twenty-first with an annual return of around 16.98%.
The Sarwa and HSBC Egypt funds, managed by Hermes Asset Management, came twenty-second and twenty-third with annual returns of 16.95% and 16.91%, respectively.
Money market funds, known for their high liquidity, short-term investment periods, and low risk compared to other types of funds, are generally favoured by investors who wish to park funds temporarily or seek refuge in anticipation of future investments. These funds invest in short-term financial instruments, including cash, certificates of deposit, and treasury bills.
