THE Unit Trust of Tanzania (UTT) has registered an outstanding growth with the value of its total reaching 168.40bn/- in the year ended June, this year, equivalent to 51.3 per cent growth, compared to 111.37bn/- of the corresponding period 2013.
The UTT Asset Management and Investor Services (AMIS) Chairman, Prof Joseph Kuzilwa, said during the Umoja Fund Annual General Meeting (AGM) held in Dar es Salaam at the weekend.Prof Kuzilwa attributed the positive performance of the fund to robust economic growth with low and stable inflation experienced in the year under review.
“We have posted outstanding performance at the period under review, thanks to the government’s efforts to keep the economy growing at a pleasant pace,” he said.
Also, the increased activities at the Dar es Salaam Stock Exchange (DSE) that resulted into appreciation of share prices contributed in turn to the growth of the fund that invested in various listed companies.
The equity market performance is partly attributed to the government’s move to liberalise capital account since May, this year that has seen shares of different counters, that were once said to be ‘underpriced,’ started appreciating to real values.
He also said increased awareness on collective investment and growth of capital markets in the country enabled the fund to widen its services.
He said collective investment gives opportunity to both low and high income earners to bring their resources together for the mutual fund to invest the money in the diversified portfolio such as government security, fixed deposit accounts and stocks.
He said investing in UTT schemes including Umoja Fund, Wekeza Maisha, Jikimu, Watoto Fund and Liquid Fund put the resources in risk free securities to help small investors.
Currently, UTT has an investor base nearing 117,000 and the number has been increasing fast due to the growing awareness among Tanzanians.
SOURCE: DAILYNEWS
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