Investments

The overall objective of the Fund’s investments is to create value for members by generating competitive returns to provide members and beneficiaries with benefits as required by law.

This is accomplished through a carefully planned and executed long-term investment program that efficiently and effectively allocates and manages the assets of the Fund. This objective is accomplished through a carefully planned and executed long-term investment programme that efficiently and effectively allocates and manages the Fund’s assets, per the Fund’s Investment Policy.

The Fund is a long-term investor. This long-term investment horizon is because the liabilities, over the long term, are mainly influenced by a relatively young member profile.

The Fund collects members' contributions and invests them judiciously, and pays commensurate benefits to qualifying members. The money collected is maintained in individual member accounts, invested and earns an annual interest depending on the Fund’s return on investments.

On qualification, the member is paid the lump sum amount plus interest computed every year.

Investments Policy Framework:

Investment decision-making and execution are informed by the NSSF Act and the internal Investments Policy. The NSSF Act mandates the Board to determine the Fund’s investments, while the Investments Policy provides a guiding framework for investments of the assets within acceptable risk levels.

Assets Under Management:

The Fund's Assets Under Management (AUM) hit Ugshs 20 trillion in February 2024, one and a half years ahead of schedule, according to the Fund’s 10-year Strategic Plan. By the end of FY 2025/26, the Fund's assets had reached over Ugshs 32.87 trillion.

Investment Asset Allocation:

The Fund invests mainly in 3 asset classes: Fixed Income, Equities (listed and unlisted), and Real Estate.

The current asset class allocation is as follows;

• Equities 18%

• Real Estate 5%

• Fixed Income 77%

The portfolio mix is guided by three key considerations: meeting long-term funding needs, achieving investment diversification, and managing exposure to market risk. Together, these priorities inform an investment strategy that seeks to strike an appropriate balance between risk and return.

Asset Classes Composition

1. Fixed Income

The Fixed Income asset class is composed of Treasury Bonds, Corporate Bonds and Corporate Loans.

The composition is dominated by medium to longer-dated instruments, consistent with the Fund’s strategy of matching asset and liability spans.

1. Equities

The Equities portfolio is composed of both listed and unlisted equities, with the majority exposure in listed equities by far. The listed equities in East Africa include the following;

Unlisted equities include;

• TPS

• Yield Fund (Uganda)

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