UzNIF portfolio spans 13 companies after IPO

**UzNIF portfolio expands to 13 companies after IPO**

Shareholders of the National Investment Fund of the Republic of Uzbekistan (UzNIF) have approved Hugh van Cutsem’s appointment as an independent member of the Fund’s Supervisory Board, as part of corporate governance-related measures. The decision was taken at UzNIF’s Extraordinary General Meeting of Shareholders (EGM) on September 16, 2026. Shareholders also endorsed the contractual terms tied to van Cutsem’s appointment.

With this appointment, UzNIF’s Supervisory Board now has five members. In addition to van Cutsem, the board includes Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan; Bobur Khodjaev, Head of the FinTech, IT and AI Department in the President’s Office; Azizbek Urunov, Representative of the President of Uzbekistan on World Trade Organization matters, Chief Negotiator and Chairman of the Food Safety Committee; and Khurshed Mustafayev, Deputy Minister of Economy and Finance responsible for the oil and gas sector.

Van Cutsem has experience in listed closed-end funds, capital raising, investor communications and board leadership. His earlier senior positions include roles at Kepler Partners LLP, Miton Global Opportunities Trust (MIGO), JP Morgan Cazenove and Smith’s Corporate Advisory. UzNIF said the move is part of efforts to reinforce corporate governance and independent oversight after the Fund’s initial public offering.

Marius Dan, General Director of FE Franklin Templeton Asset Management LLC, which serves as UzNIF’s trustee and fund manager, said van Cutsem’s background in listed closed-end funds would support the Fund’s work with its portfolio companies. Dan also connected the appointment with efforts to bring UzNIF and its portfolio companies into line with international governance standards.

According to Franklin Templeton, 10 independent directors and seven investment team members were appointed across all 13 companies in UzNIF’s portfolio in the first half of 2026. The Fund’s management has identified the transformation of its portfolio companies as one of the areas meant to help create value for shareholders.

**Investors assess Uzbekistan separately from Central Asia**

At the UzNIF press conference marking the Extraordinary General Meeting of Shareholders, Marius Dan, General Director of FE Franklin Templeton Asset Management LLC, spoke about how international investors view Uzbekistan and whether they treat Central Asia as a single investment market. The press conference covered UzNIF’s performance since its IPO, the Fund’s progress and the wider development of Uzbekistan’s capital markets.

Dan said that during preparations for UzNIF’s international IPO, the team held extensive discussions with investors to explain Uzbekistan’s macroeconomic fundamentals, the country’s development and reforms over the past decade, and its economic outlook for the next ten years.

“Our IPO shows that there is a lot of excitement about the potential of Uzbekistan. The fact that the Fund is trading at a premium to its net asset value really underlines that excitement about the potential of the country,” Dan said.

He said international investors had already taken part in debt transactions involving both the Uzbek government and corporate issuers, while UzNIF marked the country’s first international equity transaction. Asked whether foreign investors view Central Asia as one investment region, Dan said they evaluate individual countries according to their own economic features and growth drivers.

“Whether the investors look at Central Asia as one region – definitely not. I think investors look at each country with its own drivers, and I think here Uzbekistan really stands out,” he said.

Dan cited Uzbekistan’s population, economic growth, young demographics and continuing reforms as factors behind investor interest in the country. He also described the National Investment Fund as part of the government-led reform process involving the Ministry of Economy and Finance and the Presidential Administration.

“If anyone thinks about the misconception of Uzbekistan, actually what our share price and our IPO shows is that there is a huge excitement about the country,” Dan said.

UzNIF was created under Presidential Decree RP-303 of August 27, 2024, as part of Uzbekistan’s economic reform program. The Fund is mandated to support the development of Uzbekistan’s capital markets, attract international investment and raise the value of state-owned enterprises. Its investment objective is to boost shareholder returns and net asset value per share through active ownership, improvements in corporate governance and capital allocation.

UzNIF’s portfolio consists of equity stakes of between 25% and 40% in 13 state-owned enterprises. These companies operate in several sectors, including transport, financial services, energy, utilities and telecommunications. Since May 2026, UzNIF has been listed on both the London Stock Exchange and the Republican Stock Exchange “Toshkent.”

FE Franklin Templeton Asset Management LLC, a Tashkent-based wholly owned indirect subsidiary of Franklin Templeton, acts as trustee and fund manager of UzNIF. Franklin Templeton provides investment management services across public and private markets and operates in more than 35 countries.

Founded in 1947, the company reported $1.83tn in assets under management as of August 31, 2026. Through its Tashkent-based subsidiary, Franklin Templeton is responsible for the and fund management functions of UzNIF, including work related to the Fund’s portfolio and corporate governance framework.