Equities: Broad-based gains, value across the region
Portfolio value
Dividend income
Total return
Equities delivered another stellar year of performance. A stronger broad recovery across the region's bourses lifted the book by roughly three-quarters and drove a sharp rise in its share of the overall portfolio. This performance was reinforced by strong corporate earnings, healthy dividends, and a wave of corporate activity across the region.
The equity portfolio closed the year at UGX 5.93 trillion, from UGX 3.40 trillion a year earlier. The portfolio generated dividend income of UGX 369.1 billion and delivered a record total return of approximately 60.8% over the twelve months. The gains were broad-based, led by the financial services and telecommunications counters that dominate the book. In Tanzania, CRDB and NMB both reached record levels after an exceptional multi-year run, and the Fund realised part of its gains on both counters.
The scale of the value created reflects strategic accumulation over time, evident in the relationship between the Fund's holdings and their accumulated cost. Figure 6 indexes the Fund’s weighted-average entry cost to each counter held during the year and compares it to the June 2026 market price. The chart shows that majority of the portfolio traded well above cost at year-end, with the Tanzanian banks and several Kenyan financials the furthest advanced.