Strategy: Core and satellite

Core

The foundation

Government securities

Listed equities

Property

Dependable returns and stability

Our investment
strategy

Today

Tomorrow

Together

Satellite

The future

Infrastructure

Private equity

African markets

Growth and diversification

Together, the core and satellite form a portfolio designed to deliver for members today, while building towards inclusive sustainable wellbeing for tomorrow.

Up nextCore and satellite in practice

Building towards the Fund's 2035 vision

The strength of this year positions the Fund well for what comes next, the path to the Fund's 2035 vision. The investment goal is to sustain dependable returns for members, while building the engines of future growth. At its heart lies the strategic thinking: a strong core anchors the portfolio, while a growing satellite builds alongside it.

The core is the foundation. It comprises the Fund's established investments, namely government securities, listed equities, and property across the region. Together, these assets have delivered consistent double-digit returns and will be expected to anchor the portfolio over the near to medium term. In fixed income, country allocation and rates positioning will continue to dominate strategy. In equities, the focus will be on security selection, identifying value across the region’s markets. Opportunities for sector diversification will also be explored, particularly to countercyclical sectors like energy. In real estate, the Fund will advance its flagship developments and prioritise income-generating assets over the medium term.

The satellite is the future. Here, the Fund will progressively build new sources of growth and diversification. These may include:

Infrastructure, which offers long-term, predictable returns.

Private equity and fund of funds structures, which channel patient capital into Ugandan enterprise.

Debt and equities across the wider African continent.

These frontiers will diversify portfolios and deepen the Fund's developmental impact.

This evolution is driven by necessity as much as ambition. As the Fund matures, investment returns have become the main driver of its growth. Every shilling must therefore be put to work with discipline and purpose. The Fund will deploy its capital promptly, manage its risks with care and hold firmly to its long-term horizon.

The destination is clear. It is a portfolio that keeps delivering for members today, while positioning the Fund as a catalyst for Uganda's transformation tomorrow. This is the strategy that will carry the Fund towards UGX 80 trillion, and towards the future its members deserve.

Together, we look forward to the journey ahead: a shared journey towards inclusive sustainable wellbeing for our members, for Uganda and for generations to come.”

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