UTT AMIS’ Director of Investment Management, Pamela Nchimbi told delegates to an annual general meeting held in Dar es Salaam last week that by June 2019 the amount was realized thanks to wise investments made in profitable instruments which include listed companies.
Nchimbi said from June 2015, Umoja Fund experienced some volatility but bounced back in 2016 before slowing down in 2017. She noted that during the four years ending June 2019, the scheme had an overall fund size increased by 4bn/- to peak 216bn/-.
She said net asset value per unit increased to 576.92/- each from 455.50/- between June 2015 and June 2019 and thus reflecting an increase of 27 percent during the four year period. Highlighting on portfolio management, Nchimbi said Umoja Fund maintained a balanced portfolio with 30.39 percent in equity and the rest in debt securities.
“Under the debt component the scheme had treasury bonds investments at around 57.76 percent to take advantage of the higher yields and stable cash flow while in corporate bonds, we have invested about 11.68 percent,” the UTT AMIS Investment Director added.
“Returns from Umoja Fund are the same across all types of investors whether they are of small, medium or high net worth,” she noted. Launched in May 2005, Umoja Fund has continued to perform well in the market. By year ending June 2019, the net asset value per unit increased to 576.92/- per unit reflecting eight times growth in value from 70/- during the launch of the Fund.
Speaking at the AGM, UTT AMIS’s Board Chairman, Casmir Kyuki said in an effort to extend its services to the majority of the people especially those in rural areas, UTT AMIS has launched an application to allow anyone from anywhere in the country invest in its vehicles.
“Through UTT AMIS application, investors will be able to buy units, check their last five transactions, tracking their investment report, all through their mobile phone,” Kyuki said saying payment can also be done using mobile money platforms such TigoPesa, M-Pesa, Airtel Money, T-Pesa and HaloPesa.
He said the digital system is currently being finalized so that both smartphone and feature phone users can access the fund’s site and conduct transactions. He said UTT AMIS funds can now be accessed by smartphone holders and that CRDB Bank’s platform has already been integrated.
“All services will be accessed through the application which I advise our investors to download,” he added.
Addressing the delegates, CRDB Bank Plc’s Client Relationship Manager for Custodian Services, Mary Mponda called on the investors to continue backing the fund because their money is making profits and in safe hands.
“As custodians of Umoja Fund our responsibility is to oversee that the management of the fund so that it performs in accordance with regulations to ensure that interests of the unit holders are protected," Mponda noted.