UTT AMIS fund value soars by 46pc in one year

DAR ES SALAAM: THE value of the UTT AMIS fund has increased by 45.7 per cent in just one year, driven by a significant rise in investor confidence in the financial markets.

The UTT’s Managing Director, Mr Simon Migangala, said last Friday during the 16th Annual General Meeting (AGM) that the value climbed to 2.23tri/- at the end of June from 1.53tri/- of the same period last year.

“The overall performance of the fund during the period has remained strong and investors’ profits have also increased,” said Mr Migangala. Currently, UTT AMIS is managing six funds: Wekeza Maisha, Umoja, Jikimu, Watoto, Liquid and Bond.

According to the Tanzania Share Index (TSI), which tracks the performance of locally listed companies on the Dar es Salaam Stock Exchange (DSE), the index rose by 9.3 per cent to 4,475.2 points, up from 4,091.8 points in the year to June.

In reference to the fiveyear strategic plan, which concludes next June, Mr Migangala outlined several key objectives, including increasing the fund’s value to 7.5tri/- and digitising services for investors.

“The institution will also continue focusing on key priorities, such as enhancing services and introducing additional products,” he said.

The report also showed that the fund’s value increased from 320bn/- to 360bn/- at the end of June this year.

This growth was attributed to the benefits gained from the use of technology in investment transactions, as well as the growing confidence of investors in the fund. The UTT AMIS Chairman, Prof Faustine Kamuzora, encouraged the public to invest and take advantage of the attractive returns.

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“This year has been a great success for our funds, thanks to the trust in our experts,” Prof Kamuzora said. The UTT AMIS strategic plan aims to expand its reach to more investors within the country, across the East African region and within the SADC region.

However, domestically, the number of local investors remains relatively limited. Data from the mutual fund report showed that 40 per cent of all domestic investors in the capital market have invested in UTT AMIS.