November 2024 Unit Trust Update – UAP Old Mutual Money Market Fund Performance and Strategy

The UAP Old Mutual Money Market Fund delivered a steady 10.59 percent return in November 2024, offering safety and income as inflation rose and yields reached historical highs. With investor confidence shaken by fiscal pressures and elevated dollar demand, the fund remained a stable anchor for short-term capital.

Fund Overview

The Money Market Fund, managed by UAP Old Mutual Investment Group – Uganda, is designed for low-volatility, short-term investing with quick access to funds.

Key details for November 2024:

Fund Size: UGX 10.03 billion
Minimum Investment: UGX 100,000
Top-Up Amount: UGX 100,000
Liquidity: T+2 (two business days)
Risk Profile: Medium
Yield (November): 10.59 percent
Benchmark: 91-day Treasury Bill (closed at 11.719 percent)
Management Fee: 2 percent
Initial Fee: 0 percent
Fund Inception: 20 August 2013

Performance Summary

The fund continued to outperform over longer timeframes.

Period	Return (%)	Benchmark (%)
November 2024	10.59	11.72
Quarter to Date	10.84	10.39
Year to Date	11.29	9.75
Since Inception	11.08	9.96

Despite a lower one-month return relative to the 91-day bill, the fund’s diversified allocation and lower volatility continue to deliver for long-term investors.

What the Fund Invests In

The fund invests in short-term, high-quality instruments that provide regular income and liquidity.

Asset allocation:

Treasury Bonds: 33.98 percent
Treasury Bills: 29.89 percent
Corporate Paper: 26.20 percent
Fixed Deposits: 5.14 percent
Cash & Call: 4.70 percent

Maturity profile:

55.29% matures within 3 months
11.59% in 3–6 months
23.92% in 9–12 months
9.19% beyond 12 months

This blend ensures the fund can respond quickly to interest rate changes while remaining accessible to investors.

Why This Fund Matters for Ugandan Investors

In November, the Uganda shilling closed 0.68 percent stronger at UGX 3,689.14. While intra-month dollar demand from the energy and manufacturing sectors caused pressure, the currency recovered by month-end thanks to strong inflows.

Meanwhile, yields across government securities rose sharply:

91-day T-bill: 11.719 percent
182-day: 13.25 percent
364-day: 14.991 percent
20-year bond: rose to 17.5 percent

Inflation is expected to average 3.2 percent for FY2024/25, staying below the 5 percent target in the short term.

Against this backdrop, the fund’s 10.59 percent return made it an attractive choice for:

Businesses seeking cash management solutions
Individuals building emergency funds
Investors seeking to avoid equity or long-term bond risk
Anyone looking for higher returns than bank deposits or SACCOs

How to Invest with Level Africa

You can begin investing in just a few minutes:

Create an account at Level Africa
Upload your National ID or Passport
Go to the Unit Trusts section
Select the Money Market Fund
Deposit funds into your wallet
Place your investment order
Track your returns from your dashboard

Final Thoughts

The UAP Old Mutual Money Market Fund continues to be a reliable, income-generating tool for Ugandans in a shifting macro environment. Its November performance shows that it remains a top choice for low-risk, flexible investing in the face of currency, inflation, and interest rate volatility.

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Frequently Asked Questions

What is a money market fund?

A money market fund pools investors’ cash into safe, short-term assets like Treasury bills and fixed deposits to earn monthly income.

How soon can I get my money back?

You can withdraw your funds within two business days (T+2).

Who should invest in this fund?

It’s suitable for businesses, professionals, retirees, and anyone who wants stable returns with low risk.

What is the minimum amount to start?

You can start with UGX 100,000, with top-ups also starting at UGX 100,000.

Is this fund safe?

Yes. It’s regulated by the Capital Markets Authority and managed by experienced professionals. It focuses on low-risk, interest-earning assets.

How is it better than savings accounts or SACCOs?

It usually offers higher returns, faster liquidity, and daily pricing transparency.

How do I invest through Level Africa?

Sign up at Level Africa
Upload your ID
Fund your wallet
Choose the UAP Old Mutual Money Market Fund
Place your investment
Track performance from your dashboard