UzNIF records UZS 417.4 billion paper loss in first quarter

The primary driver behind the downturn in financial performance was a UZS 520.7 billion loss from the revaluation of shares measured at fair value through profit or loss. Furthermore, the fund did not receive any dividends during the January–March period, as payouts from its portfolio companies are anticipated only in the subsequent quarters.

Investment company Kap Depo pointed out that the Uzbek Republican Commodity and Raw Materials Exchange distributed its dividends in April, which means these returns will be accounted for in the fund's upcoming financial reports for the second quarter.

UzNIF concluded the first quarter with a net loss of UZS 417.4 billion. This marks a sharp contrast to the previous financial year, which the fund closed with a substantial net profit of UZS 1.4 trillion.

The UzNIF press service told Spot that the decline was fundamentally caused by a major share swap executed during the first quarter. At the end of February, the fund removed a 25% stake in Navoiyazot and a 30% stake in Xalq Banki (People's Bank) from its portfolio. In exchange, the fund increased its equity holdings in Uztelecom, Uzbekinvest, and Uzsanoatqurilishbank.

The fund emphasized that the impact of this asset exchange had already been fully accounted for in its annual financial statements for 2025. Consequently, investors who participated in the fund's initial public offering (IPO) made their decisions based on a net asset value (NAV) that already reflected these portfolio adjustments.