Best Unit Trusts in Uganda: Current Rates Compared

Unit trusts in Uganda don't all pay the same, and the gap between the best and the rest is wide. Right now Cornerstone's Shilling Income Fund leads at 15.13% a year, with GenAfrica's Fixed Income Fund close behind at 14.24%.

Most other funds pay between about 9% and 13%. These rates come from the Capital Markets Authority's own price sheet for 30 September 2026, covering all nine licensed managers. Here's how they compare and how to choose.

What the CMA's own numbers show

Uganda's Capital Markets Authority licenses every unit trust manager and publishes a daily price sheet for every scheme, fund by fund, with the yearly yield, unit price and fee. Trust that sheet over any fund manager's marketing, because it comes straight from the regulator and is updated daily.

Here's what the sheet for 30 September 2026 showed, sorted from the highest annual yield to the lowest:

For dollar accounts, the shilling rates above don't apply. Uganda's unit trusts also run separate USD funds. On the same date, SanlamAllianz's Dollar Fund paid 5.50%, Old Mutual's USD fund 5.34%, Britam's USD fund 5.08% and Cornerstone's Dollar Fund 4.26%.

Two funds in the CMA's own licensed list, Xeno Investment Management's funds and Kura Asset Managers' Income Fund, had no yield reported on this particular date. Xeno's own past figures (12.03% in 2023) are too old to use as a current number, so check Xeno's app or Kura's office directly for today's rate before you compare them against the table above.

A word on reading this table: the fixed income or bond fund at the top isn't automatically the best choice for you. Those funds hold longer-term government bonds, so their returns move more with interest rates and they're slightly slower to turn into cash. Money market funds pay less right now because they hold shorter-term investments, but you can usually get your money out faster. Choose the fund type by how soon you'll need the cash, not just by the top rate.

Why the rates look like this right now

Uganda's unit trusts mostly invest in government bonds. Industry reports this year put bonds at 63–70% of a typical fund through 2025, with treasury bills and fixed deposits making up another 20–25% and almost nothing in shares (Daily Monitor, 2026). So these yields follow Bank of Uganda's bond and T-bill rates far more than any stock market. That's also why a "balanced" or "umbrella" fund in Uganda behaves more like a better-paying fixed deposit than a share-heavy fund in bigger markets.

The sector has grown fast. CMA data reported by Daily Monitor put collective investment scheme assets at roughly UGX 6.3 trillion by the end of March 2026, and licensed fund managers have gone from 5 a few years ago to the 16 fund managers and 9 unit trust managers currently licensed (list dated May 2026). More competition has generally meant better rates for savers, not worse.

Is your money safe in a Uganda unit trust?

A licensed unit trust in Uganda is regulated under the Collective Investment Schemes Act. Your money is held by an independent trustee or custodian (usually a bank like Stanbic or KCB), separate from the fund manager's own accounts, so the manager can't simply spend it. That's why the CMA keeps giving the same advice: deal only with firms on its licensed persons list, and nowhere else.

The regulator has good reason. In 2023, the CMA shut down Capital Chicken, The Mall Fund and Veta Plan Chicken. These schemes promised unusually high returns, collected over UGX 757 million from the public in Veta Plan's case alone, and turned out to be paying old investors with new investors' money rather than from any real business. Three of Veta Plan's directors were later charged on 21 counts, including offering securities without CMA approval. The CMA has kept up the crackdown since, publicly naming unlicensed schemes as it finds them.

None of the nine managers in the table above are on any CMA warning list as of this check. Still, verify any fund yourself on the CMA site before you send money, especially if an agent approaches you directly rather than you going to the manager.

How to invest

1. Choose a manager and fund type from the list above based on when you'll need the money: a money market fund if it might be within months, a fixed income or balanced fund if you're investing for a year or more.
2. Contact the fund manager directly (their Kampala office, website or, for some funds, a mobile app) rather than a third party claiming to represent them.
3. Fill in the KYC form with your national ID and your URA TIN number, which most managers ask for before they'll open an account.
4. Deposit the minimum. Britam's money market fund, for example, has a published minimum of UGX 100,000 with no entry or exit fee; Cornerstone's income fund opens from UGX 100,000 with UGX 10,000 top-ups. Minimums and fee structures differ by manager, so confirm the current figure with whichever one you pick.
5. Pay in by bank transfer or mobile money. Most managers accept MTN MoMo or Airtel Money as well as bank transfers.
6. Top up whenever you have spare cash. Unlike a fixed deposit, you're not locked into one lump sum; you can add smaller amounts as you go.

If you want to see roughly what a given rate turns into over time, run the numbers through our compound interest calculator using the fund's current annual yield.

Things to check before you invest

• "Annual yield" moves daily. The rates in the table are a snapshot. A fund paying 12.9% today could pay 11% or 14% in three months as government bond yields shift. Don't treat any single day's rate as locked in.
• Fees come off the top. A 2% yearly management fee on a fund earning 12% leaves you about 10%. That's still far ahead of a typical bank savings account, but check the published fee, not just the headline yield.
• Fixed income and bond funds carry more interest-rate risk. If Uganda's bond yields fall sharply, the newest money going into these funds earns less, which can drag the fund's average return down faster than a money market fund's.
• A unit trust doesn't force you to save like NSSF does. You choose how much and when. That's flexible, but nothing stops you skipping months, so set up a standing order if you want to save regularly.
• Don't confuse a licensed unit trust with a "double your money" scheme. If a return is well above what the table above shows for real, licensed funds, that's the signal to check the CMA's site before you pay anyone anything.

For context on where else your money could work in Uganda (SACCOs, agribusiness, mobile money agencies and more) see our broader guide to investment opportunities in Uganda. If you're weighing a unit trust against SACCO membership specifically, our guide on registering a SACCO in Uganda breaks down the costs and requirements on that side, and if retirement savings through NSSF Uganda is also on your list, that guide covers your balance and the Smartlife Flexi top-up option.

Frequently asked questions

What is the minimum amount to start a unit trust in Uganda?

It depends on the manager. Britam's money market fund starts at UGX 100,000 with no entry fee, and Cornerstone's income fund also opens from UGX 100,000 with UGX 10,000 top-ups. Other managers publish their own minimums, so confirm the current figure directly with the fund manager you choose before you transfer anything.

Which unit trust paid the highest return in Uganda as of late 2026?

On the Capital Markets Authority's price sheet for 30 September 2026, Cornerstone Asset Managers' Shilling Income Fund paid the highest annual yield at 15.13%, followed by GenAfrica's Fixed Income Fund at 14.24%. Check the CMA's current sheet before investing, since these rates move.

Are unit trusts in Uganda regulated?

Yes. All nine unit trust managers named in this guide are licensed by the Capital Markets Authority under the Collective Investment Schemes Act, and your money sits with an independent trustee bank, not the fund manager directly. Always confirm a manager's licence on the CMA's own site before investing.

Is a unit trust better than a fixed deposit in Uganda?

A unit trust usually pays about the same as a bank fixed deposit, or a little more, and you can withdraw or top up more freely because you're not locked into one term. The downside is that the yield isn't guaranteed like a fixed deposit's agreed rate. It moves with the market.

Do I pay tax on unit trust returns in Uganda?

Interest income in Uganda is generally subject to withholding tax, and the exact treatment for unit trust distributions has shifted since reforms were proposed in 2023 and some funds negotiated specific exemptions. Ask your fund manager how they handle tax on your payout, or check with URA directly, rather than assuming a single rate applies across every fund.

What's the difference between a money market fund and an income fund in Uganda?

A money market fund holds very short-term investments like treasury bills and bank deposits, so you can get your money out easily and its yield moves slowly. An income or fixed income fund holds longer-term government bonds, which currently pay more but move more when interest rates change. Choose by how soon you'll need the money, not just the headline rate.