Maputo, Sept. 29, 2026 (Lusa) - The Mozambique Sovereign Wealth Fund (FSM) reached a market value of $144.4 million (€123.1 million) this month, 31.3% more than it was worth when the central bank took over its management less than a year ago.
According to the latest investment report, dated 25 September, seen on Tuesday by Lusa, the FSM has reached a market value of $144,448,736, compared with the $109,972,546 (€93.7 million) transferred to set it up on 10 December 2025.
Data from the Bank of Mozambique, as the fund's manager, indicate a cumulative increase of around $34.5 million (€29.4 million) since the fund's launch, which was set up to invest part of the country's natural gas revenues.
On 25 September alone, the value of the portfolio increased by $151,710 (€129,000) and the overall portfolio recorded a daily return of 0.11% over the period analysed, in line with its benchmark index, driven mainly by the US dollar-denominated component, which posted a daily gain of 0.13%, whilst the euro-denominated portfolio rose by 0.04%.
Despite the overall appreciation since its inception, recent performance continues to be affected by developments in international bond markets, with cumulative losses of 1.08% since the start of September and 0.63% over the quarter.
The US dollar-denominated portfolio amounted to $101.2 million (€86.3 million), equivalent to around 70% of the fund's assets, whilst the euro-denominated portfolio totalled $43.2 million (€36.8 million), or approximately 30% of the assets.
The figures reflect the implementation of the long-term investment strategy initiated by the Bank of Mozambique during the second quarter of this year, following the approval of the Master Investment Plan by the Ministry of Finance.
Until then, the funds had been invested primarily in bank deposits, but from the second quarter onwards, the central bank began to transfer the assets into a portfolio based on international sovereign debt denominated in dollars and euros.
At the end of June, the fund had a market value of $118.36 million (€100.8 million), meaning that assets had grown by more than $26 million (€22.2 million) over the past three months.
The Investment Master Plan stipulates that 70% of the assets are to be managed in line with the ICE BofA 0–5 Year US Treasury Index, comprising US Treasury bonds, and the remaining 30% in line with the ICE BofA 0–3 Year Euro Government Index, which tracks Eurozone sovereign debt.
The portfolio's geographical exposure is therefore largely concentrated in the United States, whilst the European component is spread across several Eurozone countries, including Germany, Austria, Finland, France and the Netherlands.
The investment rules also stipulate that at least 75% of the fund's assets must remain invested in sovereign bonds included in the benchmark indices and prohibit investment in assets issued by Mozambican companies or directly linked to the domestic economy.
The regulations also prohibit investments with exposure to the oil and gas sector, despite the fund being financed by revenues from natural gas exploration, and require a minimum credit rating of A- for eligible assets.
Established by Law No. 1/2024, the Mozambique Sovereign Wealth Fund aims to support economic and social development, accumulate savings for future generations and contribute to the stabilisation of the state budget.
The legislation stipulates that 40% of annual revenues from natural gas exploration are to be channelled into the fund, with the Government forecasting that these revenues could reach around $6 billion (€5.1 billion) per year in the 2040s.
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