XENO Investment Management 2022 AGM
Summary of today’s General Meeting
· XENO empowers over 40,000 people with the best guidance to achieve their financial goals.
· XENO’s assets under management grew from UGX 21 billion ($6 million) to UGX 31 billion ($9 million) in 2021.
· Amalgamation and reconstruction of XENO Uganda Domestic Equity Fund and XENO Uganda Regional Equity Fund.
Kampala, November 4, 2022. XENO thanks all Unitholders who joined us at the Annual General Meeting.
This marks the fifth year of a journey that started with a simple objective: to give anyone from all walks of life easy access to professional investment guidance and management to help them organize their finances to achieve specific financial goals.
Today, over 40,000 people, two-thirds of the entire financial investment market use the XENO platform via the Web, App, and USSD to plan, save, and invest for various goals. The surge in users of the XENO platform is a testament to our founding philosophy that financial markets (and products if packaged compellingly and are easy to use) can be used by anyone who needs to invest their savings to achieve a specific financial goal in the future.
XENO’s assets under management grew from UGX 21 billion ($6 million) to UGX 31 billion ($9 million) for the period Jan 2021 to Dec 2021 driven by a surge in deposits from the investor base which grew from 6,462 to 20,144 in the same year, a buoyant regional stock market, and double-digit returns in the fixed-income markets.
The average yields on the XENO money market and bond funds performed positively against the benchmark:
Benchmark Yield: 91-day T-bill = 7.16%
XENO Uganda AVG Yield: XUMMF = 11.5%
Benchmark Yield: 5-yr T-bond = 14.02%
XENO Uganda AVG Yield: XUBF = 15.7%
The returns for the XENO domestic and regional equity funds outpaced the benchmark:
Benchmark Returns: USE Local Counter Index = - 2.17%
XENO Uganda AVG Returns: XUDEF = 0.4%
Benchmark Returns: NSE ALL SHARE index = 9.43%
XENO Uganda AVG Returns: XUREF = 12.6%
XENO Unitholders approved the amalgamation and the reconstruction of the XENO Uganda Domestic Equity Fund and XENO Uganda Regional Equity Fund as one XENO East Africa Equity Fund (XEAF).
XEAF will open investment in equity securities listed on all the East African markets, providing investors with higher diversification.
KCB presented the Trustee Report and Ernst and Young presented the Auditor Report.
XENO Investment Management Limited was founded by Aéko Ongodia in 2017, to make goal-based investment management services affordable and accessible to any group or individual in Uganda. With over 30,000 clients, XENO is Uganda's leading brand in offering technology-led, automated, and personalized investment management services.
XENO is licensed and regulated by the Capital Markets Authority and the Uganda Retirement Benefits Regulatory Authority.