Scroll down


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 Investments Policy.

The Fund is a long-term investor. This long-term investment horizon is because the liabilities, over the long term, are majorly 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 on 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, the URBRA Investment Guidelines 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:

As of June 30, 2023, the Fund’s Assets Under Management (AUM) stood at Uganda Shillings 18.56 Trillion

Investments 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 13%

  • Real Estate 9%

  • Fixed Income 78%

This portfolio mix is informed by 3 key factors – the long-term funding needs, the need for diversification and the reduction of market risk. The has committed to delicately balance the risk/return trade-off.

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 assets 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;

CentumSafaricom (KShs)Stanbic BankTanzania Portland Cement
UmemeKCBEquityBank of Kigali

Unlisted equities include;

  • TPS

  • Trade & Development Bank

  • Yield Fund (Uganda)

Card image
Our Leadership team

Meet our Executive Committee members and board.

Card image
News & Updates

The latest news and updates about the Fund


Our strategic priority is ‘enhancing work experience and impact’ for all our staff.


Employees at NSSF Uganda