- a significant portion is invested within the broader CMA region, which includes Eswatini
BY THEMBA ZWANE
MBABANE – Pension savings continued to strengthen growth in professionally managed investment assets across the Common Monetary Area (CMA), which includes Eswatini, as total assets reached E342.6 billion in the first quarter of 2026.
According to the latest quarterly report from the Namibia Financial Institutions Supervisory Authority (Namfisa) Namibia Financial Institutions Supervisory Authority, assets under management increased by 1.3% between January and March, and were 18.2% higher than a year earlier, supported by favourable market performance, dividend and interest income, as well as continued investor inflows.
As the Namibian dollar is pegged at parity with the South African rand, the reported N$342.6 billion is equivalent to approximately E342.6 billion under current exchange arrangements.
Pension funds dominate the industry
Pension funds remain the largest source of investment capital, accounting for 42.5% of total assets under management. This translates to about E145.5 billion managed on behalf of retirement funds.
Unit trust schemes followed with 35.1%, while long-term insurers contributed 12% of total assets. The remainder is managed for individuals, corporates, medical aid funds and other institutional investors.
Eswatini included in regional investment exposure
The report shows that while most investment wealth remains domestically focused, a significant portion is invested within the broader CMA region, which includes South Africa, Lesotho and Eswatini.
Investments in the CMA accounted for 34.7% of total assets under management, equivalent to approximately E118.9 billion, highlighting the importance of regional markets — including Eswatini — in portfolio allocation decisions.
Local Namibian investments still dominate at 52.3% (about E179.2 billion), while offshore investments make up 12.9%.
Concentration among top fund managers
The industry remains highly concentrated, with three major firms controlling nearly half of all assets:
Old Mutual Investment Group Namibia – 16.4%
Capricorn Asset Management – 16.0%
Ninety-One Asset Management Namibia – 12.1%
Together, they manage 44.5% of all professionally managed investments in the country.
Equity and debt markets remain dominant
Investment managers continue to allocate the bulk of portfolios to listed equities, unit trusts and listed debt instruments, which together account for more than 85% of total assets.
Listed shares represent the largest asset class at about E102.3 billion, followed by unit trust investments at E97.5 billion, and listed debt instruments at E93.2 billion.
While allocations to listed debt and money market instruments dipped slightly during the quarter, they remain above levels recorded a year earlier, indicating sustained investor confidence in fixed-income markets.
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