Uzbekistan's National Investment Fund (UzNIF) increased its portfolio value by UZS 2.7 trillion (over $225mn) during the first half of 2026, raising its total net asset value (NAV) to UZS 31.7 trillion ($2.626bn), according to the fund's semi-annual valuation update as of June 30.
The revaluation resulted in a 9.2% increase in the fund's net asset value and was based on updated financial and operational data for 13 core portfolio companies as of the end of March 2026, with the exception of SQB, which was valued using data as of June 30.
The strongest gains came from telecommunications and electricity infrastructure assets. Uzbektelecom, in which UzNIF holds an 18.25% stake, increased in value by $109.5mn following stronger-than-expected revenue growth across its mobile and fixed-line businesses, as well as improvements in EBITDA margins.
The National Electric Grid recorded the largest increase in the portfolio, rising by $125.7mn. According to the valuation update, the increase reflected the earlier implementation of the Regulatory Asset Base (RAB) framework from January 2027 and lower discount rates used in the valuation.
Thermal Power Plants also recorded a positive revaluation of $85.3mn, supported by the commissioning of the Takhiatash power facility and the adoption of the RAB regulatory framework.
Several companies, however, recorded lower valuations. Hududgazta'minot declined by $49.4mn, while Uzbekhydroenergo fell by $38.4mn. According to the report, both decreases were primarily linked to the transition to International Financial Reporting Standards (IFRS) net book value accounting, which reduced regulated asset bases and projected tariff assumptions.
Temiryo'linfratuzilma also recorded a decline of $68.3mn following debt restructuring that reduced the company's equity value.
The valuation update also highlighted developments following UzNIF's initial public offering (IPO). The fund priced its IPO at $25.00 per Global Depositary Receipt (GDR) on May 13, 2026, representing approximately a 20% discount to the net asset value per GDR of around $31 at the time. The offering raised $603.6mn.
By June 30, the fund's NAV per GDR had increased to $33.6, reflecting the higher portfolio valuation.
As of July 21, UzNIF shares listed on the Tashkent Stock Exchange were trading at UZS 5.45, representing a 13% discount to the fund's net asset value per share. Meanwhile, the fund's London-listed GDRs closed at $33.00, within a trading range of $31.95 to $34.50, representing an approximately 2% discount to NAV.
According to the valuation update, both the Tashkent-listed shares and London-listed GDRs continued to trade below their underlying net asset value, with the larger discount recorded on the domestic exchange.
