Kenyatta University Repository
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Asset Allocation and Profitability of Fund Managers Registered by Retirement Benefits Authority Kenya
(international Academic Journal of Economics and Finance (IAJEF), 2026-01) Odhiambo, Linda A; Kosgei,Margaret; Gitagia,Francis K.
Over the past decade, fund managers
registered with Kenya’s Retirement
Benefits Authority (RBA) have
experienced declining and highly volatile
profitability and returns on investment,
raising concerns among financial
practitioners and scholars. Persistent
reductions in returns undermine investor
confidence, erode value creation, and
heighten systemic investment risk,
underscoring the need to enhance
profitability to ensure sustainable growth
and stable investor returns. Despite
professional expertise, Kenyan fund
managers have struggled to optimize
performance amid fluctuating market
conditions. Since asset allocation decisions
are widely recognized as critical
determinants of profitability, this study
examined the effect of asset allocation on
the profitability of RBA-registered fund
managers in Kenya. Specifically, the study
assessed the influence of allocations to
fixed income securities, equities, and real
estate investments on profitability, while
also evaluating the moderating role of
market fluctuations. The analysis was
grounded in established financial theories,
including the Capital Asset Pricing Model
(CAPM), the Fama–French Three-Factor
Model, and the Arbitrage Pricing Theory
(APT). A census of all 35 RBA-registered
fund managers was undertaken, using
secondary data drawn from audited
financial statements covering the period
2015–2024. Panel regression analysis,
Pearson correlation coefficients, and
descriptive statistics were employed.
Results revealed weak but positive
correlations between asset allocation and
profitability, with fixed income assets
showing the strongest association. FGLS
regression findings indicated that real estate
investments had a strong and statistically
significant positive effect on profitability,
while fixed income securities exhibited a
marginally significant positive influence. In
contrast, equity investments had a
significant negative effect on profitability.
Furthermore, market volatility was found to
positively moderate the relationship
between asset allocation and profitability.
The study concludes that increasing
allocations to fixed income and real estate
enhances profitability, whereas excessive
exposure to equities diminishes financial
performance.
Mediating Effect of Strategic Optimal Portfolio Mix on the Influence of Portfolio Diversification and Financial Performance of Private Voluntary Pension Schemes in Kenya
(Stratford Peer Reviewed Journals and Book Publishing, 2026-03) Njogu, Daniel Ngugi; Simiyu, Eddie; Mwenda, Nathan
Private voluntary pension schemes in Kenya are instrumental in providing supplementary retirement income and fostering long-term savings for members beyond mandatory public systems. However, these schemes continue to face substantial challenges in achieving consistent positive real returns therefore the study sought to assess the mediating effect of strategic optimal portfolio mix on the influence of portfolio diversification and financial performance of private voluntary pension schemes in Kenya. The study was anchored on Black-Litterman Theory, which blends investor views with market equilibrium returns to produce stable, intuitive, and diversified portfolios suitable for pension funds. A descriptive research design was adopted. The unit of analysis was 22 voluntary pension schemes and 28 registered umbrella retirement benefits schemes. The unit of observation was 50 finance managers, 50 investments officers and 50 fund managers. Since the study population is manageable the study adopted census technique to incorporate all the 150 respondents. Primary data were collected via self-administered semi-structured questionnaires, while secondary data on return on investment were sourced from annual financial statements covering 2019–2023. Instrument reliability and validity were established through a pilot test involving 15 respondents from five selected schemes, with Cronbach’s Alpha values above 0.7 confirming internal consistency. Data analysis utilized descriptive statistics and inferential statistics, with diagnostic tests (normality, multicollinearity, homoscedasticity, linearity) confirming model assumptions. From the findings the P-values were less than 0.05 confidence level therefore the study rejected the null hypothesis and based on the rule of significance, the study concluded that strategic optimal mix has a significant mediating effect on the relationship between portfolio diversification and financial performance of private voluntary pension schemes in Kenya. Accordingly, it is recommended that pension schemes invest in continuous professional development of finance officers on portfolio optimization and adopt formal policies encouraging diversification across asset classes to balance risk and return while safeguarding member interests
Relationship between Self-Efficacy and Mathematics Achievement among Grade Five Learners with Dyscalculia in Nairobi County, Kenya
(International Academic Journal of Social Sciences and Education (IAJSSE), 2026-03) Kwanzu, Francis Kulenya; Muthee, Jessina J. M.; Ouko, Hudson
This research intended to explore the relationships between self-efficacy, and mathematics achievement among grade five learners with dyscalculia in international schools in Nairobi County, Kenya. The study was directed by Social Cognitive Theory. The correlation research design was utilized. The study targeted 10 school administrators, 30 grade five teachers and 200 grade five learners. The sample size comprised of 125 respondents which include 100 grade five learners, 20 grade five and 5 school administrators. The study utilized questionnaires, standardized tests and assessments, observations, interviews, focus group discussion and academic records to gather data. The questionnaires were utilized to gather the main data on self-efficacy as well as mathematics achievement among grade 5 learners with dyscalculia. The dyscalculia identification tool for grade 5 learners was adopted to help in identifying learners with dyscalculia in international schools Nairobi County. The aim of pilot study was to improve the validity and reliability of the research tools. The consistency and reliability of the data acquired was also evaluated using the split half reliability approach at a 0.7 coefficient. Mixed method techniques to data analysis that incorporate both qualitative and quantitative data were used. Themes and patterns were used to analyze qualitative data, while statistical distribution metrics like percentiles, frequencies, averages, and variance were utilized to analyze numerical data. To draw conclusions from the data, multivariate analysis was also employ inferential statistics. The findings show that there was strong relationship between learners' self-efficacy and their performance in mathematics. The outcomes indicated that there are a number of techniques that positively affected the learning of individuals with dyscalculia. The study suggested that governmental agencies should make a greater effort to support inclusive education through financial support of schools through grants to provide schools with tools and technologies specifically designed to help students with math-related difficulties.
Accessibility of the Women Enterprise Fund and Household Food Security in Embu County, Kenya
(Stratford Peer Reviewed Journals and Book Publishing, 2026-03) Muriungi,Purity Mukami; Wangaruro, Jane; Ngugi,Daniel
Microfinance has increasingly been recognized as a mechanism for enhancing women’s economic
empowerment and improving household welfare outcomes, particularly food security. Women are
disproportionately affected by poverty and food insecurity, and improved access to financial
resources has been shown to enhance their ability to secure adequate food for their households.
The Women Enterprise Fund (WEF) was established by the Government of Kenya in 2007 to
improve women’s access to affordable credit for enterprise development. This study sought to
determine whether accessibility of the Women Enterprise Fund enhances household food security
in Embu County, Kenya. Guided by the Sustainable Livelihoods Framework and Capability
Theory, the study adopted a descriptive survey research design integrating quantitative and
qualitative approaches. The target population comprised 1,740 active WEF beneficiaries in Mbeere
South and Runyenjes Constituencies, from which a sample of 323 respondents was selected using
Yamane’s formula through proportionate and simple random sampling. Data were collected using
questionnaires, key informant interviews, and focus group discussions and analyzed using SPSS
and thematic analysis. The findings established that improved accessibility of WEF—particularly
frequency of loan access, adequacy of loan amounts, and engagement in income-generating
activities—enhanced women’s purchasing power, improved household food access, and
contributed to more stable food consumption patterns. However, the study found that increased
income alone did not automatically translate into food security due to environmental factors,
knowledge gaps, and household circumstances. The study concludes that while WEF plays a
meaningful role in enhancing household food security, its effectiveness is moderated by social and
structural factors such as education level, marital status, household composition, and the design of
WEF interventions. The study recommends that WEF should implement tailored capacity-building
programs, strengthen post-loan mentorship and follow-up mechanisms, establish robust
monitoring and evaluation systems, and collaborate with agricultural value-chain actors, while
national and county governments should support women’s empowerment through policy and
agricultural extension services to maximize household food security outcomes.
Financial Practices and Program Efficiency of Non-Govermental Organizations in Nairobi City County, Kenya
(International Academic Journal of Economics and Finance (IAJEF), 2026-03) Mutua, Martin N.; Jagongo, Ambrose O.
The increasing demand for accountability and efficient utilization of donor funds has intensified pressure on non-governmental organizations (NGOs) to enhance program performance. In Kenya, particularly in Nairobi City County, NGOs continue to face challenges related to financial management practices, which undermine program efficiency in resource-constrained and donor-dependent environments. Program inefficiencies have been linked to weak financial systems, poor resource allocation, and limited organizational capacity. While external funding uncertainties persist, financial practices remain a critical internal mechanism that NGOs can leverage to improve program outcomes. This study aimed to investigate the effect of financial practices on program efficiency among NGOs operating in Nairobi, Kenya. The specific objectives were to examine the effects of liquidity management, budgeting practices, financial reporting quality, and financial sustainability on program efficiency, as well as to assess the mediating role of resource allocation efficiency and the moderating role of organizational capacity in this relationship. The study was anchored on Agency Theory, Pecking Order Theory, and Financial Accountability Theory.