Fundo Soberano de Mocambique (FSM)

At a glance. Mozambique's sovereign fund saves part of the state's liquefied natural gas revenue from the Rovuma basin. Created by law in 2024, it made its first investment in December 2025 and held USD 144.4 million on 25 September 2026. The central bank manages it abroad in short-dated US and euro government bonds; Mozambican assets are excluded. S1 S4 S5

Key points

• Portfolio value USD 144.4 million on 25 September 2026, including new inflows. S4
• First transfer of USD 109.97 million on 10 December 2025. S5
• At least 75 percent in index sovereign bonds: about 70 percent US dollar and 30 percent euro. S4
• LNG revenue totalled USD 252.81 million from November 2022 to December 2025. S1
• The Budget gets 60 percent of projected LNG revenue; receipts above that go to the fund. S1
• Monthly, quarterly and annual reports are required by law. S1

Interesting facts

• It may not hold Mozambican securities, local currency or domestic property. S5
• A Supervision Committee draws on civil society, business, academia and religious groups. S1
• The minimum bond rating was cut from AAA to BBB- in 2025, with an average near AA. S1

Mandate and goals

The law gives the fund three goals: support economic and social development, save for future generations and stabilise the State Budget against LNG revenue swings. S1

• Accumulate savings for future generations. S1
• Stabilise the State Budget. S1
• Support economic and social development. S1
• Preserve capital and reduce exposure to domestic cycles and commodity prices. S1
• Spending rule: Budget receives 60 percent of projected LNG revenue; actual revenue above that goes to the fund (40 percent in the first 15 years, 50 percent after, per press) S1 S4

How it invests

Asset mix: US dollar assets 70%, Euro assets 30% (as of 2026-09-25) S4

Published criteria

• Minimum rating BBB-, average near AA, under the November 2025 policy. S1
• No Mozambican issuers, local currency or domestic property or infrastructure. S5

Past investments

The fund has not published a list of investments.

Case studies

From law to first portfolio S1 S5 S4

• What: Mozambique passed the fund law, its regulation, a management agreement and an investment policy, then made its first transfer.
• When: January 2024 to December 2025
• Size: USD 109.97M first transfer
• Why: Prepare for rising LNG revenue from the Rovuma basin.
• Outcome: Bond strategy under way from Q2 2026; portfolio at USD 144.4M by September 2026.

Investment process

Parliament sets objectives and receives reports. The Ministry of Finance sets the investment policy and approves transfers. The central bank manages the money and publishes reports. A Supervision Committee and an Investment Advisory Council add oversight. S3 S1

How to approach: No external mandate process or approach route is published. S5

Size and returns

• Headline size: USD 144.4M (Fund market value, as of 2026-09-25) S4
• In US dollars: about USD 0.144B. Reported in US dollars.
• Equity, 31 December 2025: USD 110.2M (Net assets or equity, as of 2026-05-01) S1
• Returns: the fund does not publish a return figure.
• Size over time (USD million): 2025-12 110.18, 2026-06 118.36, 2026-09 144.4 S1 S4

Leadership

Governance and transparency

• Legal basis: Law 1/2024; Decree 13/2024; Management Agreement under Resolution 73/2024 S1
• Oversight: Parliament, Ministry of Finance, Supervision Committee S3 S1
• An independent auditor and a revenue projection certifier are still to be appointed under the law. S1

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, asset allocation, governance and mandate documents, named leadership, regular reporting schedule. S1 S4 S7
• Partly published: geographic or sector split, holdings or deal list, audited financial statements. S4 S5 S6
• Not published: long-term returns. S1

History

Reports

• FSM Annual Report and Accounts 2025: https://fundosoberano.mz/wp-content/uploads/2026/05/FSM_Relatorio_Anual_2025.pdf S1
• FSM financial statements 2025: https://fundosoberano.mz/wp-content/uploads/2026/05/dmr_dfs-fundo-soberano-de-moc-ambique-2025_v04.pdf S6

Common questions

How big is the Mozambique sovereign fund?

USD 144.4 million on 25 September 2026. S4

Can it invest in Mozambique?

No. Domestic assets and Mozambican issuers are excluded. S5

Who manages it?

The Banco de Mocambique, led by Governor Felisberto Dinis Navalha. S7

Related profiles

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• Royal Bafokeng Holdings South Africa (Royal Bafokeng Nation, North West province) · R66B
• Pula Fund (Botswana, Bank of Botswana) Botswana · BWP 27.87B
• Fund for Future Generations (Equatorial Guinea) Equatorial Guinea · FCFA 57B (USD 95.2M), estimate
• Petroleum Revenue Investment Reserve (Uganda) Uganda · UGX 212.6B

All sovereign wealth funds in Africa · All savings and future generations funds · All funds in Mozambique

Sources

1. S1FSM, Annual Report and Accounts 2025
2. S2FSM, home page
3. S3Banco de Mocambique, FSM governance and management structure
4. S4Diario Economico, sovereign fund reaches USD 144.4 million (29 September 2026)
5. S5Banco de Mocambique, FSM investment portfolio page
6. S6FSM, financial statements 2025
7. S7Banco de Mocambique, board of directors