Zimbabwe’s unit trust market rode on a resurgent equities rally in January 2026, as the Zimbabwe Stock Exchange extended its late-2025 momentum into the new year, boosting returns across several equity-linked funds.

According to the Growealth Unit Trust Report for January 2026, the ZSE All Share Index surged by 28 percent during the month, while the Top 10 Index climbed 30 percent, reflecting renewed investor confidence in heavyweight counters.

The report shows that blue-chip stocks were the main drivers of performance. Delta Corporation led the charge after gaining 45.03 percent in January, rising from ZIG 20.70 to ZIG 30.00, while Econet Wireless recorded a sharp 62.98 percent increase, underlining strong appetite for defensive and liquid counters.

Several other stocks, including First Capital, Axia, Padenga, Eagle, Kavango and African Sun, also posted gains, although the market remained selective, with losses recorded in Innscor, Invictus and Simbisa.

Against this backdrop, equity and balanced unit trust funds delivered mixed but generally positive outcomes, with some funds significantly outperforming inflation.

The report notes that annual inflation eased further in January to 12 percent from 15 percent in December 2025, reinforcing a disinflationary trend that improved the real returns outlook for investors. 

Interest rates remained broadly stable, ranging between 20 percent and 35 percent per annum depending on tenure, providing a relatively predictable environment for income-focused funds.

In the report, Zimnat Asset Management portfolio manager Gilbert Chamunorwa said diversified product offerings have helped cushion investors across market cycles.

“We have one of the most diverse fund offerings to suit a plethora of investor requirements and profiles,” Chamunorwa said, adding that this diversity is reinforced by technical expertise and partnerships.

“This is supported by our stellar team with exceptional and diverse range of skills as well as the support from our technical partner, financial services group, Sanlam International”.

Chamunorwa explained that investment decisions are driven by disciplined internal processes rather than short-term market sentiment.

“We implement a rigorous and thorough process in developing our internal valuation models, paying attention to macro-economic developments and particular consideration to micro-factors pertaining to the specific assets,” he said. 

“We believe in the output of our internal valuation models such that we are not swayed by the flavour of the month stocks”.

He added that historical performance across several funds reflects this approach. 

“Most of our funds have historically performed above economic benchmarks such as inflation, a testament to our robust investment selection process and our ability to project economic trends as well as pick the best performing assets,” Chamunorwa said.

The report also highlights the broad investor base targeted by unit trust products, ranging from retail investors and corporates to institutional investors and high-net-worth individuals.

“This is dependent on the fund, while our equity funds are mainly targeted towards retail investors and corporates, we also have the Gross Income Fund which is suitable for institutional investors such as pension funds that do not pay tax,” Chamunorwa noted. 

“Moreover, we also have products for high-net-worth individuals”.