The UAP Old Mutual Money Market Fund recorded a 12.01% annualised yield in June 2025, compared with its 91-Day Uganda Treasury Bill benchmark of 11.31%.
The fund is designed for investors looking for a combination of income, liquidity and capital preservation through a professionally managed portfolio of interest-bearing investments.
This article looks specifically at the fund’s June 2025 performance, portfolio allocation and market environment.
For investors comparing Unit Trusts today, current fund information and available investment options should be checked separately because yields and portfolio allocations change over time.
UAP Old Mutual Money Market Fund Overview
The UAP Old Mutual Money Market Fund is a Unit Trust managed by UAP Old Mutual Investment Group – Uganda.
Rather than investing primarily in shares, the fund invests across interest-bearing securities such as Treasury Bills, Treasury Bonds, corporate paper and fixed deposits.
As reported for June 2025, the fund had the following characteristics:
- June 2025 Yield: 12.01%
- Fund Size: UGX 13.085 billion
- Minimum Investment: UGX 100,000
- Top-Up Amount: UGX 100,000
- Liquidity: T+2
- Initial Fee: 0%
- Management Fee: 2%
- Benchmark: 91-Day Uganda Treasury Bill
- Risk Profile: Medium
- Launch Date: 20 August 2013
- Fund Manager: UAP Old Mutual Investment Group – Uganda
These figures reflect the fund information reported for June 2025 and should not be interpreted as current rates or terms.
UAP Old Mutual Money Market Fund Performance in June 2025
The fund reported the following performance:
| Period | Fund Return | Benchmark |
|---|---|---|
| June 2025 | 12.01% | 11.31% |
| Quarter-to-Date | 11.24% | 10.99% |
| Year-to-Date | 11.17% | 10.45% |
| Since Inception | 11.08% | 10.00% |
The fund was ahead of its benchmark across the periods reported in the June 2025 update.
The 12.01% figure should be understood as an annualised yield reported for the period, rather than meaning investors earned 12.01% of their investment during the month of June alone.
That distinction is important when comparing Money Market Fund returns.
What Did the Fund Invest In?
As of June 2025, the fund’s portfolio was allocated across several interest-bearing asset classes.
- Treasury Bonds: 33.98%
- Treasury Bills: 29.89%
- Corporate Paper: 26.20%
- Fixed Deposits: 5.14%
- Cash & Call: 4.70%
This diversification means investors were not relying on the performance of one individual security.
Instead, their money was pooled with other investors and managed across a portfolio of income-generating assets.
Maturity Profile
The fund also maintained a relatively short maturity profile.
As reported in June 2025:
- 52.02% matured within 0–3 months
- 15.15% within 3–6 months
- 9.38% within 6–9 months
- 4.97% within 9–12 months
- 17.77% beyond 12 months
A shorter maturity profile can help a Money Market Fund manage liquidity while allowing the fund manager to reinvest as securities mature.
What Was Happening in Uganda's Market in June 2025?
The fund’s performance took place against a changing interest-rate and economic environment.
Uganda Shilling
The Uganda shilling appreciated by approximately 1%, closing the period at around UGX 3,594.41 per US dollar, according to the June 2025 fund commentary.
Inflation
Headline inflation was reported at 3.9%.
Treasury Bill Rates
The 91-Day Treasury Bill yield, which served as the fund’s benchmark, was reported at 11.31%.
The Money Market Fund’s reported yield of 12.01% was therefore above its benchmark for the period.
How Does the UAP Old Mutual Money Market Fund Work?
Money from multiple investors is pooled into the Unit Trust.
The fund manager then invests that pool according to the fund’s investment strategy.
Instead of each investor individually buying Treasury Bills, Treasury Bonds, corporate paper and deposits, the fund manager builds and manages the portfolio.
Each investor owns units in the fund representing their share of the pooled investment.
As the fund generates income, this is reflected in the value and performance of the investment according to the fund’s structure.
Who Might Consider a Money Market Fund?
Money Market Funds can be relevant to investors looking for a combination of income and liquidity without directly managing a portfolio of individual securities.
They can be considered for goals such as:
Shorter-Term Savings
Money being accumulated toward a relatively near-term financial goal.
Emergency Funds
Investors may consider liquidity when deciding where to keep money that could need to be accessed relatively quickly.
Idle Business Cash
Businesses may consider Unit Trusts when evaluating how to manage cash that is not immediately required for operations.
Building Toward a Larger Investment
A Money Market Fund can also be considered when accumulating money before moving it toward another longer-term investment.
The appropriate choice still depends on the fund’s current return, liquidity, fees, risk and withdrawal terms.
Money Market Fund vs a Bank Savings Account
A Money Market Fund and a bank savings account are not the same product.
A bank savings account is a deposit account offered by a bank.
A Money Market Fund is a collective investment scheme where investors’ money is pooled and invested in a portfolio of assets.
Money Market Fund returns can change as the underlying portfolio and market conditions change.
Investors should therefore compare more than the headline return.
Consider:
- Current yield
- Liquidity
- Withdrawal processing period
- Fees
- Minimum investment
- Risk
- How the fund invests
Money Market Fund vs Treasury Bills
There is also an important distinction between investing in a Money Market Fund and buying a Treasury Bill directly.
A Treasury Bill is an individual government security with a defined maturity.
A Money Market Fund pools investors’ money across a portfolio that can include Treasury Bills and several other interest-bearing securities.
For example, the UAP Old Mutual Money Market Fund’s June 2025 portfolio included Treasury Bills, Treasury Bonds, corporate paper, fixed deposits and cash.
This diversification and professional management are important differences between the two investments.
How to Invest in Unit Trusts Through Level Africa
Unit Trusts available on Level Africa can be accessed online.
1. Create & Verify
Create your Level Africa account and complete the required verification.
2. Fund Your Wallet
Add money to your Level wallet.
3. Choose a Unit Trust
Review the Unit Trusts currently available and compare their:
- Fund manager
- Investment strategy
- Currency
- Current performance
- Minimum investment
- Risk
- Liquidity and redemption terms
- Fees
4. Invest & Track
Choose the fund that fits what you are looking for, complete your investment and track it through your Level dashboard.
Because this article reports June 2025 performance, check the current information available on Level before making an investment based on the figures discussed here.
Looking for Current Unit Trust Returns?
The 12.01% yield discussed in this article relates specifically to June 2025.
Money Market Fund yields change as interest rates, portfolio holdings and market conditions change.
If you are comparing Unit Trusts today, don’t assume the June 2025 return is still the current return.
Compare the latest available information across different funds before choosing an investment.
You can start with our Unit Trusts in Uganda Guide to understand how Unit Trusts work and what to compare.
Final Thoughts
The UAP Old Mutual Money Market Fund recorded a 12.01% annualised yield in June 2025, outperforming its 91-Day Treasury Bill benchmark of 11.31% for the period.
Its portfolio was spread across Treasury Bonds, Treasury Bills, corporate paper, fixed deposits and cash, providing investors with exposure to several interest-bearing investments through one professionally managed fund.
But historical performance should remain historical.
If you are considering a Money Market Fund today, compare the current yield, fees, liquidity, minimum investment, portfolio strategy and risk rather than choosing solely because of its June 2025 performance.
Frequently Asked Questions
What is the UAP Old Mutual Money Market Fund?
It is a Unit Trust managed by UAP Old Mutual Investment Group – Uganda that pools investors’ money and invests across interest-bearing securities.
What was the UAP Old Mutual Money Market Fund return in June 2025?
The fund reported an annualised yield of 12.01% for June 2025, compared with its 91-Day Treasury Bill benchmark of 11.31%.
Does 12.01% mean investors earned 12.01% in one month?
No. The 12.01% figure was an annualised yield reported for the period. It does not mean an investor earned 12.01% of their investment during June alone.
What was the minimum investment in June 2025?
The reported minimum initial investment was UGX 100,000, with a UGX 100,000 top-up amount.
How quickly could investors access their money?
The June 2025 fund information reported T+2 liquidity.
Current redemption terms should be checked before investing.
What did the fund invest in?
As of June 2025, the portfolio included Treasury Bonds, Treasury Bills, corporate paper, fixed deposits and cash.
Is a Money Market Fund the same as a Treasury Bill?
No. A Treasury Bill is an individual government security. A Money Market Fund is a pooled investment that can invest in Treasury Bills alongside other assets.
Can I invest in Unit Trusts through Level Africa?
Yes. Level Africa provides access to Unit Trust investment options. Investors can create and verify an account, fund their wallet, review available funds and invest online.