Nairobi, Kenya, 26th May 2023,
Members of the Cytonn High Yield Fund (CHYF) and the Cytonn Unit Trust Scheme comprising of Cytonn Money Market Fund, Cytonn Equity Fund, Cytonn Balanced Fund, Cytonn Money Market Fund (USD), and Cytonn Africa Financial Services Fund today held their 4th and 5th Annual General Meeting respectively to review the fund's progress for the financial year ending 31st December 2022. The online meeting was held on Zoom, with members attending virtually.
The Principal Officer, Grace Weru, read the Fund Managers Board speech, commending the continued growth and performance of the funds. The Custodians - SBM Bank (current), KCB Bank (outgoing), Trustees - Goal Advisory Africa Limited Group, and the Independent Auditor from Parker Randall Eastern Africa were also in attendance.
The key highlights from the 2022 audited financial statements were,
- The Cytonn Unit Trust Scheme has continued to grow, with the scheme having a total of 27,918 unitholders as of 31st December 2022, meaning more people are benefitting from our shared vision of high returns for the investors,
- The value of the Assets Under Management (AUM) for the Cytonn Unit Trust Scheme as of December 2022 was Kshs 444.6 million,
- The value of Assets Under Management (AUM) for CMMF recorded a growth of 0.4% to Kshs 429.0 million as of December 2022, from Kshs 427.1 million in 2021,
- CMMF managed an effective annual return of 10.6%, which was above the average industry return, as well as the benchmark at 8.2%,
- CHYF's Assets under Management (AUM) recorded a growth of 18.8% to 333.7 million in 2022, from Kshs 280.9 million in 2021, as the fund gained a foothold as the only Real Estate sector-specific fund in the Unit Trust Funds Business, and,
- CHYF managed an average return of 13.9%, affirming its status as a sector-specific fund with the highest returns, 6.3% points above the average inflation of 7.6% during the year.
The continued leverage on technology to increase efficiency has enabled clients to access their investments as conveniently as possible and contribute positively towards the growth of the capital markets and the economy.
The members also voted to retain Parker Randall Eastern Africa as their independent auditor for the 2023 financial year.
Cytonn Asset Managers Limited is regulated by the Capital Markets Authority and the Retirements Benefits Authority, offering fund management services for collective investment schemes and pensions to Individual High-Net-Worth Investors, Global and Local Institutional Investors, and Kenyans in the diaspora interested in the high-growth East-African region.
For more information, kindly contact:
Clifford M. Mulama
PR and Communications
+254 713 840 107