Which is the best Unit Trust in Uganda?
The answer depends on what you’re looking for.
One investor may want the highest current return. Another may prioritise liquidity. Someone else may want to invest in US dollars, while another investor may be looking for a fund for short- to medium-term savings.
This means there isn’t one Unit Trust that is automatically the best for everyone.
A better approach is to compare the available funds based on:
- Current return
- Investment strategy
- Currency
- Minimum investment
- Liquidity
- Risk
- Investment period
- Your investment goal
Level Africa provides access to Unit Trust opportunities from Cornerstone, Old Mutual, ICEA and SanlamAllianz.
Here is how the available options compare.
Unit Trusts Available on Level Africa
Based on the latest available July 2026 fund information and the Unit Trusts currently available through Level Africa:
| Unit Trust | Latest Rate / Return | Currency | Minimum Investment | Potential Fit |
|---|---|---|---|---|
| Cornerstone Income Fund (UGX) | 15.27% Effective Annual Yield | UGX | UGX 100,000 | Income-focused investing |
| Old Mutual Umbrella Trust Fund | 12.98% July Yield | UGX | UGX 100,000 | Medium- to long-term |
| Old Mutual Money Market Fund | 12.66% July Yield | UGX | UGX 100,000 | Short-term & liquidity |
| ICEA Money Market Fund | 12.10% 1-Month Return | UGX | UGX 100,000 | Capital preservation & liquidity |
| SanlamAllianz Income Fund | 12.06% Last 30-Day Average Rate | UGX | UGX 100,000 | Short- to medium-term |
| SanlamAllianz Dollar Fund | 5.31% Annual Return | USD | USD 1,000 | USD investing |
Last updated: July 2026
These performance figures are not all reported using the same methodology.
Cornerstone reports an effective annual yield, Old Mutual reports a July yield, ICEA reports performance across different periods, while SanlamAllianz figures on Level Africa are presented as a 30-day average rate or annual return.
For that reason, the percentages should not be treated as a perfect like-for-like ranking.
For a detailed explanation of the figures, see Unit Trust Interest Rates in Uganda.
Which Unit Trust Has the Highest Return in Uganda?
Among the UGX funds compared on this page, Cornerstone Income Fund has the highest headline July 2026 figure at:
15.27% Effective Annual Yield
The fund’s July 2026 fact sheet shows an effective annual yield of 15.27%, compared with its benchmark of 11.38%.
However, highest current return does not automatically mean best Unit Trust.
Cornerstone’s portfolio is particularly important here.
As of 31 July 2026, approximately 92.92% of the fund was invested in bonds.
That’s a different portfolio from a money-market fund designed around shorter-term liquidity.
You therefore need to compare what you’re getting in exchange for the return.
Best Unit Trust for Short-Term Investing
For investors prioritising shorter-term investing and liquidity, Money Market Funds deserve particular consideration.
Two options available through Level Africa are:
Old Mutual Money Market Fund
July 2026 yield: 12.66%
Minimum: UGX 100,000
Risk profile: Medium
Liquidity: T+2 according to the July fact sheet
Old Mutual describes the fund as an investment vehicle for short-term investments and capital preservation.
Its portfolio can include Treasury Bills, Treasury Bonds, corporate notes, fixed deposits and cash-on-call deposits.
ICEA Money Market Fund
1-month performance: 12.10%
Minimum: UGX 100,000
Minimum top-up: UGX 50,000
Benchmark: 91-day Treasury Bill
ICEA states that the fund aims to achieve optimal returns while preserving capital.
Its July portfolio was approximately 44% bonds, 34% Treasury Bills and 21% deposits.
Which is better depends on the terms and characteristics that matter to you.
Best Unit Trust for an Emergency Fund
An emergency fund needs a different approach from money being invested for several years.
The most important considerations aren’t necessarily maximum return.
You should think about:
Liquidity — how quickly can you access the money?
Capital preservation — what does the fund invest in?
Risk — how much can the investment fluctuate?
Withdrawal terms — how does redemption work?
Money Market Funds and some income-focused Unit Trusts may be worth comparing for this purpose because of their emphasis on liquidity and income.
On Level Africa, the Cornerstone Income Fund, SanlamAllianz Income Fund, Old Mutual Umbrella Trust Fund, Old Mutual Money Market Fund and ICEA Money Market Fund are all options investors can evaluate against these requirements.
Do not choose an emergency-fund investment based solely on whichever one currently has the highest rate.
Best Unit Trust for Medium- to Long-Term Investing
The Old Mutual Umbrella Trust Fund is explicitly positioned in its July 2026 fact sheet for medium- to long-term investing.
It reported:
July yield: 12.98%
Quarter-to-date: 12.81%
Year-to-date: 12.83%
Since inception: 11.97%
The fund aims to maximise current income while preserving capital and invests in fixed-income securities including Treasury Bills, Treasury Bonds, corporate bonds and fixed deposits.
The Cornerstone Income Fund also recommends a one-year investment term in its July fact sheet and has substantial exposure to bonds.
These characteristics are worth considering when the money isn’t required immediately.
Best Unit Trust for Investing in USD
If your objective is specifically to invest in US dollars, comparing your options solely against UGX funds doesn’t make much sense.
Level Africa currently provides access to the:
SanlamAllianz Dollar Fund
Annual return: 5.31%
Currency: USD
Minimum investment: USD 1,000
This may be relevant to investors who:
- Already hold USD
- Earn income in USD
- Have future USD-denominated expenses
- Want part of their investments denominated in USD
A 5.31% USD return shouldn’t simply be ranked below a 12% or 15% UGX return because the currencies are different.
The currency exposure itself forms part of the investment decision.
Best Unit Trust for Starting With UGX 100,000
Several Unit Trust opportunities available through Level Africa have a minimum investment of:
UGX 100,000
These currently include:
- Cornerstone Income Fund
- Old Mutual Umbrella Trust Fund
- Old Mutual Money Market Fund
- ICEA Money Market Fund
- SanlamAllianz Income Fund
That means someone starting with UGX 100,000 doesn’t necessarily have to choose a fund because it has the lowest entry requirement.
There are several options to compare.
Instead, the decision can be based on the characteristics of the funds themselves.
Cornerstone vs Old Mutual vs ICEA vs SanlamAllianz
Rather than asking which company is best, compare the actual funds.
| What to Compare | Cornerstone | Old Mutual | ICEA | SanlamAllianz |
|---|---|---|---|---|
| UGX options on Level | Yes | Yes | Yes | Yes |
| USD option on Level | — | — | — | Yes |
| Minimum UGX investment | UGX 100,000 | UGX 100,000 | UGX 100,000 | UGX 100,000 |
| Money Market option in current Level list | — | Yes | Yes | — |
| Income-focused option | Yes | Umbrella Trust | — | Yes |
| Latest headline UGX figure | 15.27% | Up to 12.98% | 12.10% | 12.06% |
This table is intended to help investors navigate the available options.
It shouldn’t be interpreted as a ranking of the fund managers themselves.
Cornerstone Income Fund
The Cornerstone Shilling Income Fund currently has the highest headline UGX figure among the Unit Trusts in this comparison.
Effective annual yield: 15.27%
Minimum: UGX 100,000
Recommended term: 1 year
Risk profile: Low to medium
Management fee: 2% p.a.
The fund seeks current income and long-term capital appreciation through a diversified fixed-income portfolio.
As of July 2026, its portfolio was heavily concentrated in bonds.
Potential fit: Investors looking for UGX income-focused investing who understand the fund’s significant bond exposure.
Old Mutual Umbrella Trust Fund
July yield: 12.98%
Minimum: UGX 100,000
Risk profile: Low
Management fee: 2%
Liquidity: T+2 according to the July fact sheet
The fund is designed to maximise current income while preserving capital and is positioned for medium- to long-term investing.
Potential fit: Investors considering a medium- to longer-term fixed-income Unit Trust.
Old Mutual Money Market Fund
July yield: 12.66%
Minimum: UGX 100,000
Risk profile: Medium
Management fee: 2%
Liquidity: T+2 according to the July fact sheet
Old Mutual positions the fund for short-term investment, capital preservation and liquidity.
Potential fit: Investors prioritising shorter-term investing and access to their money.
ICEA Money Market Fund
1-month performance: 12.10%
Minimum: UGX 100,000
Minimum top-up: UGX 50,000
Management fee: 2%
Initial fee: 0%
ICEA’s stated objective is to achieve optimal returns while preserving capital.
The fund reported 13.4% one-year performance in addition to its 12.1% one-month figure in July 2026.
Potential fit: Investors comparing professionally managed money-market options focused on capital preservation.
SanlamAllianz Income Fund
Last 30-day average rate: 12.06%
Minimum: UGX 100,000
Currency: UGX
The SanlamAllianz Income Fund is available through Level Africa for investors considering shorter- to medium-term investing.
Potential fit: Investors looking for a UGX income fund with a relatively accessible starting amount.
SanlamAllianz Dollar Fund
Annual return: 5.31%
Minimum: USD 1,000
Currency: USD
Unlike the other funds in the main comparison, this investment is denominated in US dollars.
Potential fit: Investors specifically looking for USD-denominated Unit Trust exposure.
What Should You Compare Before Choosing a Unit Trust?
Don’t stop at the rate.
Use this checklist:
Return
What has the fund recently returned, and over what period?
Investment Strategy
What does the fund actually invest in?
Risk
What could affect the value or performance of your investment?
Liquidity
How quickly can you redeem your units?
Investment Period
How long is the fund designed to hold your money?
Currency
Are you investing in UGX or USD?
Minimum Investment
How much do you need to start and make subsequent investments?
Fees
What management or other applicable fees does the fund charge?
Your Goal
Most importantly:
What are you trying to achieve with the money?
The best Unit Trust is the one whose characteristics fit your objective — not necessarily whichever fund happens to have the highest percentage this month.
Are Unit Trust Returns Guaranteed?
No.
Unit Trusts are investments.
Their performance depends on the investments held by the fund and market conditions.
The fund fact sheets themselves warn that historical performance should not be interpreted as a guarantee of future performance.
A fund currently reporting 15% therefore isn’t promising that every investor will earn 15% every year.
Unit Trusts vs Treasury Bonds
Another choice investors frequently face is whether to invest in a Unit Trust or directly in Treasury Bonds.
| Unit Trusts | Treasury Bonds | |
|---|---|---|
| Investment | Units in a managed portfolio | Individual government security |
| Management | Professional fund manager | Defined bond terms |
| Diversification | Can contain multiple securities | Exposure to selected bond |
| Term | Generally open-ended | Fixed maturity |
| Return | Depends on fund performance | Coupon and bond yield |
| Access | Redemption subject to fund terms | Secondary-market sale possible |
| Minimum through Level | From UGX 100,000 | From UGX 100,000 |
Neither is automatically better.
They solve different investment needs.
How to Invest in a Unit Trust Through Level Africa
Once you’ve compared the available funds, investing through Level Africa follows four steps.
1. Create & Verify
Create your Level Africa account and complete verification.
2. Fund Wallet
Add money to your Level wallet.
3. Choose a Unit Trust
Compare available funds based on return, risk, investment strategy, currency, liquidity and other terms.
4. Invest & Track
Complete your investment and monitor it through Level Africa.
For the complete process, see How to Invest in Unit Trusts in Uganda.
Find the Unit Trust That Fits Your Goal
There is no universal “best Unit Trust.”
There is a better fit for a particular goal.
Compare the Unit Trusts available through Level Africa based on their current performance, investment strategy, currency, risk, liquidity and minimum investment.
Frequently Asked Questions
Which is the best Unit Trust in Uganda?
There isn’t one Unit Trust that is best for everyone. The appropriate fund depends on your investment goal, risk, liquidity needs, currency and investment period.
Which Unit Trust currently has the highest return?
Among the UGX Unit Trusts compared here, the Cornerstone Income Fund reported the highest headline July 2026 figure at 15.27% effective annual yield.
Which Unit Trust is best for short-term investing?
Which Unit Trust is best for an emergency fund?
Rather than choosing purely by return, compare funds based on capital preservation, liquidity, redemption terms and risk when considering where to hold an emergency fund.
Which Unit Trust can I start with UGX 100,000?
Several Unit Trusts available through Level Africa currently have UGX 100,000 minimum investments, including funds from Cornerstone, Old Mutual, ICEA and SanlamAllianz.
Which Unit Trust can I invest in using dollars?
The SanlamAllianz Dollar Fund available through Level Africa is USD-denominated and currently has a minimum investment of USD 1,000.
Is Cornerstone better than Old Mutual?
Neither fund manager is automatically better. Compare the specific funds based on their objectives, portfolios, returns, risk, liquidity and terms.
Is Old Mutual better than ICEA?
The appropriate choice depends on the particular funds being compared and the investor’s objective. Both currently have Money Market Fund options accessible through Level Africa.
Should I choose the Unit Trust with the highest interest rate?
Not necessarily. Current return should be considered alongside risk, liquidity, currency, investment strategy, fees and your investment period.
Are Unit Trust returns guaranteed?
No. Unit Trust performance can change, and past performance doesn’t guarantee future returns.