In May 2025, the average prudential balanced portfolio returned 2.5% (April 2025: 1.9%). The top performer is the NAM Coronation Balanced Plus Fund, with 4.7%, while the Lebela Balanced Fund, with 1.5%, takes the bottom spot. Allan Gray Balanced Fund took the top spot for the three months, outperforming the ‘average’ by roughly 2.6%. The Investment Solutions Namibia Balanced Growth Fund underperformed the ‘average’ by 2.1% on the other end of the scale. Note that these returns are before (gross of) asset management fees.

The Monthly Review of Portfolio Performance to 31 May 2025 reviews portfolio performances and provides insightful portfolio analyses.

From Promise to Performance: What Has Regulation 13(5) Delivered in 10 Years?

Ten years later, it is essential to ask whether Regulation 13(5) should be recalibrated. While the developmental intent remains noble, the implementation has exposed systemic weaknesses that must be addressed. Perhaps the policy should evolve towards a performance-based compliance framework where investment in unlisted assets is encouraged through incentives rather than mandates, and where governance, transparency, and investor protection are significantly strengthened.

Ultimately, the conversation must return to first principles: fiduciary duty, accountability, and long-term sustainability. The future of unlisted investments in Namibia will depend not just on regulation but on building an ecosystem that genuinely supports growth, innovation, and, most importantly, the people's retirement dreams.

Read paragraph 6 of the Monthly Review of Portfolio Performance to 31 May 2025 for our views on investment markets and global political developments. It also reviews portfolio performances and provides insightful analyses.