CAL Money Market Fund vs First Capital Money Plus 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 Plus Fund returned +3.73%, both to 26 Aug 2026. First Capital Money Plus Fund is the cheaper of the two at 0.50% a year against 0.75%. CAL Money Market Fund opens at LKR 100.
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 Plus 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% | +3.73% |
| Management feeA year, deducted before pricing | 0.75% | 0.50% |
| VolatilityAnnualised, from daily prices | 0.41% | 0.31% |
| Largest fallPeak to trough, our record | −0.26% | – |
| Minimum investment | LKR 100 | LKR 1,000 |
| Pricing days we hold | 329 | 276 |
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 Plus 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 Plus 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 Plus 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.
Their 180-day returns are close, +3.68% and +3.73%, which is common between two money market funds holding similar instruments over the same stretch. When returns converge like this, the fee and the price variability below are what actually separate the two over time.
Both have moved by a similar amount, with annualised volatility of 0.41% and 0.31%. For two funds in the same category that is the expected result, and it means neither has taken noticeably more price movement than the other to arrive at its return.
CAL Money Market Fund opens at LKR 100 where First Capital Money Plus 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 Plus Fund 17th, 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 Plus Fund 1st.
Common questions
Which has the lower fee, CAL Money Market Fund or First Capital Money Plus Fund?
First Capital Money Plus 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 Plus Fund?
Neither is markedly steadier: 0.41% against 0.31% annualised, measured from daily prices. That is a normal result for two funds in the same category.
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 Plus 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.