Faida Fund’s unit value soars 17pc in 18 months

DAR ES SALAAM: THE Watumishi Housing Investment (WHI) said yesterday that the Net Asset Value (NAV) of the Faida Fund surged by 17 per cent since introduced some 18 months ago.

The unit value rose from 100/- during initial sale last January to 117/- as per yesterday.

WHI Executive Director Dr Fred Msemwa shared said when addressing reporters ahead of the first Annual General Meeting this Saturday that the unit value increase underscores the fund’s robust financial health and stability.

“This success is attributed to our ability to engage small investors who were previously hard to reach and encourage their participation in the formal investment system, regardless of their portfolio size,” Dr Msemwa said.

The upcoming AGM will be the fund’s first since its inception and will offer investors a chance to review and discuss the fund’s financial performance.

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The meeting will also address the fund’s development, investment plans and future opportunities.

Dr Msemwa noted that the Faida Fund is the first in Tanzania to lower the minimum investment requirement to just 10,000/-, allowing a broad range of investors including peasants, workers, students and retirees to benefit from competitive and balanced market returns.

“We [WHI] reduced the minimum investment to include small investors, such as peasants, workers, students, bodaboda riders and retirees,” he added.

The Fund is an open-ended scheme in the last 18 months attracted 5,211 investors, with the total fund size growing to 26.7bn/- from 12bn/-, reflecting its exceptional financial strength.

He also highlighted that the use of government electronic payment gateways has played a significant role in the fund’s success.

WHI Public Relations and Communication Specialist Ms Maryjane Makawia noted that to attract more investors, the Fund has launched an extensive education programme, providing detailed materials and hosting seminars to ensure informed decision-making among current and potential investors.