Uganda’s first dollar unit trust launched by UAP Old Mutual Investment Group has hit $11.86 million, officials have said.
Speaking during their annual general meeting at Kampala Serena Hotel on Thursday, Prof. Samuel Sejjaaka, the UAP Old Mutual chairman said the dollar unit trust hit the $11.86 million mark as of December 2023.
Prof.Ssejaaka he added that the umbrella trust fund returned 11.76%, the Money Market Fund 11.62%, the Balanced Fund 11.03%, and the Dollar Unit Trust Fund 5.48% for the year.
“Mutual Investment Group Uganda ended 2023 with 30,165-unit holders, a 42.5% increase from 21,167 in 2022. This growth is attributed to the company’s investment strategy, which focuses on government securities, offering better yields than other assets and providing strong returns for unit trust holders,” Prof. Ssejaaka said.
He however discouraged Ugandans from withdrawing their investments after saving for a small time.
“We’re encouraging savers to develop the discipline to keep their money invested for longer periods, earning more interest over time. Some people save but withdraw quickly, which is understandable given life’s challenges. However, our unit trust offers the advantage of accessibility anytime. It’s up to your personal discipline to keep your money safe for a longer period,” Prof.Ssejaaka said.
“The longer you keep your money saved, the more you benefit. If you save today and withdraw tomorrow, your savings will be limited. We urge savers to be patient and keep their money invested for a long time. When you save, we invest, and the longer it’s invested, the more you earn.”
