By: Nghiinomenwa-vali Hangala
About 45.2% of the N$338.2 billion local savings under management is handled or managed by three assets managers, according to the Namfisa 4th Quarter Report of 2025.
As one of the leading investment managers in the industry, Old Mutual Investment Group Namibia accounted for the largest share of the total assets under management at 17.0 percent, followed by Capricorn Asset Management with 15.6 percent, and Ninety-One Asset Management Namibia with 12.6 percent.
“Collectively, these three managers represented 45.2 percent of the total assets under management,” indicated the report.
This means the three asset managers receive most of the local savings to invest/deploy across sectors through different assets for growth (through interest earning).
The reports shows that most (42.1%) of these savings (total assets) came from pension funds, amounting to N$142.4 billion. This also means most of the retirement savings in the country falls under the management of the three asset managers.
Unit trust schemes represented 34.6 percent of the total assets and long-term insurers contributed 12.4 percent.
The remaining 10.9 percent was attributed to natural persons, short-term insurers, medical aid funds, companies, and other entities.
Namfisa has also provided a picture of where the local assets/savings under management is invested in terms of geographical allocation.
The geographical allocation is deemed very important after the country came up with its domestic asset requirement forcing local savings to be invested in the domestic economy.
As at 31 December 2025, the Namibian-domiciled assets accounted for 49.3 percent of the total assets under management, maintaining the largest geographic allocation, according to Namfisa.
Domestic assets recorded a moderate growth of 2.2 percent quarter-on-quarter and 12.7 percent year-on-year, reaching N$166.7 billion.
Investments within the Common Monetary Area (CMA) represented 37.5 percent, offshore holdings (outside Africa) comprised 13.1 percent, and exposure to other African markets outside the CMA remained minimal at 0.1 percent.
CMA allocations expanded at a notably stronger pace, increasing by 10.7 percent over the quarter and by 45.4 percent on an annual basis to N$126.8 billion.
Namfisa has also provided a summary of which assets the local savings are invested in.
In terms of asset allocation, the bulk of the assets under management continued to be concentrated in listed equities/shares, listed debt/bonds, and unit trust schemes, which represented 28.9 percent, 28.1 percent, and 27.6 percent of the total assets, respectively.
Holdings in listed equities increased by 7.5 percent quarter-on-quarter and by 11.2 percent year-on-year to N$97.7 billion during the fourth quarter of 2025, the report read.
Likewise, investments in unit trust schemes expanded by 3.0 percent over the quarter and by 19.0 percent, compared to the same period in the previous year, reaching N$93.4 billion.
Listed debt instruments recorded growths of 8.8 percent quarter-on-quarter and 39.6 percent year-on-year, amounting to N$95.0 billion.
In contrast, money market instruments declined by 1.4 percent over the quarter, but increased by 4.5 percent on an annual basis to N$47.9 billion.
According to Namfisa, the remaining 1.2 percent of the total assets was invested in unlisted equity, unlisted debt, and unlisted property.
24% OF UNIT TRUST FROM INDIVIDUALS
As of 31 December 2025, 24.0 percent of the collective investment schemes (CIS) came from households savings, second to companies who are the primary contributors to CIS funds.
CIS assets under management rose by 3.7 percent quarter-on-quarter and recorded a 19.2 percent increase year-on-year, reaching N$123.4 billion as at 31 December 2025.
Capital pooled through CIS was mostly saved under Capricorn Unit Trust Management Company, the largest CIS manager with a market share of 34.7 percent.
Ashburton Unit Trust Management Company followed at 13.5 percent, with Old Mutual Unit Trust Management Company Namibia at 9.6 percent. Combined, these three managers accounted for 57.8 percent of the total CIS assets.
