Finasia Capital took part in the second UzNIF Investor Day, held in Tashkent from 13 to 15 October by the National Investment Fund of Uzbekistan (UzNIF) and its investment manager, Franklin Templeton. The event attracted more than 200 participants, including representatives of 60 global and regional asset management companies from North America, Europe, the Middle East and Asia. Senior government officials, investment analysts, business leaders and the management of UzNIF's portfolio companies also attended.
This was the first Investor Day since UzNIF listed its shares on the London Stock Exchange and the Tashkent Republican Stock Exchange in May 2026. It gave international investors their first opportunity since the IPO to assess the fund's portfolio directly.
Three Days, from the Field to the Boardroom
The program opened on 13 October with visits to key assets in the fund's portfolio: the Charvak Hydropower Plant, the Kadirya Water Treatment Plant and the aircraft maintenance and repair facility of Uzbekistan Airways. On 14 October, government and industry representatives, including the central bank, discussed the investment climate and opportunities in energy, telecommunications and transport. The event closed on 15 October with individual and group meetings between investors and portfolio company management, focused on business strategy, investment plans and future prospects.
The View from Franklin Templeton
Manraj S. Sekhon, Chief Executive Officer of Templeton Asset Management and Chief Investment Officer of Templeton Global Investments, said Uzbekistan's reforms, strategic location and diversified economy offer long-term opportunities for foreign investors. He noted that the fund's successful IPO in May confirmed this potential. Through UzNIF, he said, Franklin Templeton connects state assets with global capital by engaging investors, attracting funding and helping develop the local capital market.
Marius Dan, CEO for Central Asia at Templeton Global Investments, said the listing has allowed both international and domestic investors to take part in Uzbekistan's economic transformation. He described the next priority as delivering long-term value through independent oversight, disciplined capital allocation and greater transparency across the portfolio.
Finasia Capital at the Event
During the event, Finasia Capital's team, led by CEO Odilbek Isakov together with Otabek Isakov and Abdullo Makhmudov, accompanied National Electric Grids of Uzbekistan, supporting the company's management in one-on-one meetings with a broad range of equity investors from around the world.
In these meetings, Odilbek Isakov focused on the gap between the strategic importance of UzNIF's portfolio companies and the way the market currently values them.
“Some privately held companies in Uzbekistan are already valued at several billion dollars, yet their role in the everyday life of the population is relatively limited. UzNIF's portfolio companies are different. They provide the electricity, water, transport and communications that millions of people rely on every day. If any one of them stopped operating, the impact would be felt across the entire country. These companies are the backbone of the economy, and their current valuations do not yet reflect that.”
Odilbek Isakov, CEO of Finasia Capital and former Deputy Minister of Finance of Uzbekistan
What Investors Were Asking
From Finasia Capital's discussions throughout the event, five themes stood out.
The IPO pipeline. The most frequent question concerned timing and sequencing: when the next IPO will take place and which portfolio company will lead.
Readiness for public markets. Fund managers, equity analysts and other market participants examined how prepared the portfolio companies are for listing, with particular attention to governance standards, financial disclosure and operational performance.
Commitment at the highest level. Government representatives emphasized that the strategic reform agenda has firm political support from H.E. President Shavkat Mirziyoyev, a message that gave investors added confidence in the continuity of reforms.
Growth with substance. The macroeconomic data presented showed not only strong growth but also a trend toward sustainable, balanced development.
Value beneath the surface. Portfolio company presentations made a compelling case that current valuations reflect only part of these businesses' worth. Like an iceberg, much of the value remains below the waterline, waiting to be recognized by the market.
Looking Ahead
The second UzNIF Investor Day showed that the conversation around Uzbekistan has moved from whether to invest to how and when. Finasia Capital will build on the relationships formed during the event to bring new opportunities to our clients and to support the continued deepening of Uzbekistan's capital markets.
