Maputo, Aug. 18, 2026 (Lusa) - The Mozambique Sovereign Wealth Fund (FSM) ended June with €102.9 million, after recording returns of €827,000 in the second quarter – a return of 0.41% – according to data from the Bank of Mozambique, which manages the fund.
According to the Quarterly Investment Report, to which Lusa gained access on Tuesday, the FSM recorded a return of $950,069 (€827,500) between April and June, bringing the cumulative gains since the start of the year to around $2.02 million (€1.75 million).
At the end of June, the Fund's market value stood at $118.36 million (€102.9 million), of which $116.13 million (€100.9 million) corresponded to capital derived from natural gas revenues and $2.22 million (€1.93 million) to net returns accumulated since the Fund's inception.
This figure compares with the $116.1 million (€100.9 million) transferred by the Government for the Fund's initial capitalisation, comprising an initial injection of $109.97 million (€95.7 million), in December 2025, and a second transfer of $6.16 million (€5.4 million) in January this year.
The second quarter marked a decisive stage in the fund's operationalisation, with the start of the implementation of the long-term investment strategy, following the approval of the Master Investment Plan by the Ministry of Finance.
As at the report's reference date, the FSM's portfolio was divided between a US dollar-denominated component, equivalent to 69.99% of the total or $82.84 million (€72 million), and a euro-denominated portfolio, corresponding to 30.01% or approximately $35.52 million (€30.9 million).
The Bank of Mozambique, which has managed the fund since last December, states that returns for the period stemmed mainly from interest generated by investments in overnight bank deposits and sovereign bonds.
The fund's geographical exposure is concentrated in the United States, reflecting the weight of the dollar-denominated portfolio, whilst the European component is spread across several Eurozone countries, including Germany, Finland, Austria, France and the Netherlands.
The report adds that the FSM complied with the key risk limits set out in the investment policy, including the requirements for credit quality and currency allocation.
Last week, Lusa reported that the FSM's Investment Master Plan stipulates that 70% of assets are to be managed based on a US Treasury bond index and 30% on a Eurozone sovereign debt index, prohibiting investments in Mozambican companies, assets linked to the domestic economy or the oil and gas sector.
Established by Law No. 1/2024, the Mozambique Sovereign Wealth Fund is financed mainly by revenue from natural gas extraction and aims to support economic and social development, accumulate savings for future generations and contribute to the stabilisation of the state budget.
The legislation approved by parliament stipulates that the MSF is to be funded by 40% of the annual revenue from natural gas extraction, with the Government forecasting that this could reach around $6 billion (€5.2 billion) per year in the 2040s.
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