CAL Money Market Fund vs First Capital Money Market Fund
Prices as at 26 Aug 2026. Both are money market funds, so they are measured over the same window on the same basis. Past performance is not indicative of future results.
In short
Over the last 180 days CAL Money Market Fund returned +3.68% and First Capital Money Market Fund returned +4.23%, both to 26 Aug 2026. First Capital Money Market Fund is the cheaper of the two at 0.50% a year against 0.75%. CAL Money Market Fund has been the steadier, moving 3.3 times less than First Capital Money Market Fund.
Side by side
Returns are price returns on the bid side, computed by us from daily published prices.
| CAL Money Market Fund | First Capital Money Market Fund | |
|---|---|---|
| Fund manager | Capital Alliance Investments Ltd | First Capital Asset Management Limited |
| Category | Money Market | Money Market |
| 180-day returnPrice return, bid side | +3.68% | +4.23% |
| Management feeA year, deducted before pricing | 0.75% | 0.50% |
| VolatilityAnnualised, from daily prices | 0.41% | 1.35% |
| Largest fallPeak to trough, our record | −0.26% | −0.07% |
| Minimum investment | LKR 100 | LKR 1,000 |
| Pricing days we hold | 329 | 327 |
A blank means unknown, not zero: our price record for that fund does not reach back far enough, or the figure is not published.
What actually differs
CAL Money Market Fund is run by Capital Alliance Investments Ltd and First Capital Money Market Fund by First Capital Asset Management Limited, so this compares two houses as well as two funds. Both are money market funds licensed by the Securities and Exchange Commission of Sri Lanka, which means they are doing broadly the same job, and the differences below are differences in how each house has chosen to do it.
The clearest difference is the management fee. First Capital Money Market Fund charges 0.50% a year against CAL Money Market Fund's 0.75%, a gap of 0.25 percentage points. On LKR 100,000 held for a year that is about LKR 250 more retained by a holder of First Capital Money Market Fund, before any difference in what the two funds actually earn. The fee is deducted from the fund's assets before the unit price is struck, so it applies whatever the market does — which makes it the one number here that is knowable in advance.
Over the 180 days to the date shown, First Capital Money Market Fund returned +4.23% against CAL Money Market Fund's +3.68%, a gap of 0.55 percentage points. That is one window: a different 180 days would very likely order them differently, and neither figure predicts the next six months. Both are price returns on the bid side and exclude income a fund distributed rather than accrued into its price.
They have not moved by the same amount. CAL Money Market Fund has annualised volatility of 0.41% against First Capital Money Market Fund's 1.35%, meaning First Capital Money Market Fund's unit price has swung roughly 3.3 times as much day to day. Their largest peak-to-trough falls over the period we hold prices for were −0.26% and −0.07%. Volatility describes how the price has behaved, not how likely a loss is, and a fund that has been steady can still fall.
CAL Money Market Fund opens at LKR 100 where First Capital Money Market Fund requires LKR 1,000, so for a smaller first investment only one of the two is available at all.
Among the 19 money market funds we price daily, CAL Money Market Fund ranks 18th on 180-day return and First Capital Money Market Fund 9th, against a category median of +4.18% over the same window. On fee they sit 17th and 6th cheapest of the 19, where the median is 0.50%. On how much the price has moved, CAL Money Market Fund is 5th steadiest and First Capital Money Market Fund 18th.
Common questions
Which has the lower fee, CAL Money Market Fund or First Capital Money Market Fund?
First Capital Money Market Fund, at 0.50% a year against 0.75%. The management fee is deducted before the unit price is struck, so the returns shown on this page are already after it.
Which is less volatile, CAL Money Market Fund or First Capital Money Market Fund?
CAL Money Market Fund, with annualised volatility of 0.41% against 1.35%, measured from the daily prices we collect. That describes how much each price has moved in the past; it is not a prediction and not a risk rating.
Can I hold both funds at the same time?
Yes. Unit trusts are bought independently of each other and holding two does not affect either. Whether holding both makes sense for a particular person depends on their circumstances, which is a question for a licensed investment adviser rather than for this page.
What is the minimum investment for each?
CAL Money Market Fund opens at LKR 100 and First Capital Money Market Fund at LKR 1,000. Minimums are set by each fund manager and can change, so treat these as the last published figures rather than a quotation.
This page sets out how two funds differ on measures we can state and date. It is not a recommendation, it does not say which fund is better, and CeylonFunds is not a licensed investment adviser. How every figure is calculated is in our methodology.
Related
Daily unit prices published by the Unit Trust Association of Sri Lanka (utasl.lk). Performance figures as published by the respective fund managers.