Growing members' savings
UGX 29.13Tn
2025/2026 target
UGX 32.87Tn
2025/2026 achieved
41%
Progress towards 2035 target
UGX 37.42Tn
2026/27 target
Strategic highlights
During FY2025/26, the Fund achieved 26% growth in Assets Under Management, well above the annual target of 12%. This performance reflected strong investment returns, sustained contribution inflows, and disciplined stewardship of members' savings, reinforcing the Fund's long-term financial resilience.
Active portfolio management
The Fund actively repositioned its investment portfolio in response to evolving market conditions, capitalising on strong equity market performance, attractive fixed income yields and favourable foreign exchange movements, while maintaining sufficient liquidity to meet member obligations.
Unlocking value from the property portfolio
The Fund accelerated the optimisation of its property portfolio, achieving an 86% disposal rate against a target of 40%, improving liquidity, and reducing capital tied up in underperforming assets. Construction of Mbale City House was completed and tenant onboarding commenced, while the Temangalo Housing Project progressed towards pricing and market launch.
Expanding investment opportunities
To support the long-term objectives of Vision 2035, the Fund developed a Social Impact Investment Policy and advanced opportunities to diversify its investment portfolio. Progress included engagements on the Kampala–Jinja Expressway and strategic partnerships with institutions such as National Housing and Construction Company, Housing Finance Bank and Shelter Afrique Development Bank to support affordable housing and other investments aligned with national development priorities.
Maintaining financial discipline
The Fund maintained a disciplined value-based budgeting approach as the balance sheet expanded.
The expense ratio closed the year at 0.84%, comfortably below the annual threshold of 0.99%, ensuring that a greater proportion of investment returns was preserved for members.
Looking ahead
During FY2026/27, the Fund will begin implementing its portfolio pivot, a key strategic choice under Vision 2035 designed to support sustainable growth in Assets Under Management. By progressively diversifying the investment portfolio, the Fund will strengthen long-term resilience while maintaining its commitment to liquidity, capital preservation, and sustainable returns.
Key priorities include:
Diversifying the investment
portfolio
Strengthen investment capability and governance to support measured exposure to private equity, private credit, and other alternative asset classes, while exploring selected regional investment opportunities to enhance diversification and long-term returns.
Advancing strategic
investments
Progress commercially viable infrastructure opportunities, including the Kampala–Jinja Expressway, while assessing investments across Uganda's energy and oil and gas value chain. All investments will remain subject to rigorous due diligence and the Fund's return and risk requirements.
Optimising the property
portfolio
Accelerate priority developments, including Nsimbe, Bukerere, Bwebajja and Off-taker Phase II, while pursuing strategic partnerships that improve project delivery, support affordable housing, and enhance long-term value from the property portfolio.
Strengthening the investment environment
Continue engaging Government and regulators to address tax, policy and regulatory barriers that improve investment efficiency, unlock new opportunities and support sustainable long-term value creation for members.