Reform11 is Tanzania's first thematic equity index fund, tracking the eleven highest-performing securities listed on the Dar es Salaam Stock Exchange over a rolling eleven-year window, including domestic equities and East African cross-listings. Rules-based. DSE-listed. CMSA-regulated.
Tanzania's reform era began in 2015 with the demutualization of the Dar es Salaam Stock Exchange, the moment a custodial market became an institutional one. In the eleven years since, the DSE has roughly tripled in market capitalisation, deepened cross-listings with Nairobi and Kampala, absorbed the largest IPO in its history, and put a brokerage in the hands of every Tanzanian with a phone.
A market that was once a counter became a system; what was a system is now investable as a single instrument.
The era is also one of policy framing. Tanzania's economic reform agenda, articulated through frameworks including the 4Rs (Reconciliation, Resilience, Reforms, Rebuilding) and successive Five-Year Development Plans, has consistently identified capital market deepening, pension capital deployment, and retail financial inclusion as priorities. Reform11 is the market-mechanic expression of that direction of travel: not a policy instrument, but a product that exists because the policy environment made it possible.
Reform11 codifies that arc. The index selects the eleven listed securities (Tanzanian primary listings and East African cross-listings) that delivered the highest total return over a rolling eleven-year lookback window. Reconstituted semi-annually, reviewed quarterly, and capped at 10% per name. No active discretion. No hidden tilts.
DSE demutualization. R11 lookback window opens. East African cross-listings deepen.
Vodacom Tanzania IPO. Largest DSE listing in history transforms market depth.
Pension fund consolidation drives long-term institutional capital into DSE equities.
DSE Hisa Kiganjani mobile platform launches. Retail accounts more than double in eighteen months.
Vertex VIS-ETF lists on the DSE on 16 October as Tanzania’s first Exchange Traded Fund, opening the door for thematic listings.
Reform11 (R11) launches. Tanzania’s first thematic equity index ETF with semi-annual rebalancing and quarterly governance review.
Each name is capped at a 10% portfolio weight. Cross-listed securities denoted × with home-exchange marker.
| # | Company | Sector | Weight | 11Y Total Return | Market Cap |
|---|---|---|---|---|---|
| 01 | CRDB Bank PlcCRDB | BankingTZ | +682% | 3.8 TZS T | |
| 02 | NMB Bank PlcNMB | BankingTZ | +541% | 4.2 TZS T | |
| 03 | Equity Group Holdings×KEEQTY | BankingKE | +486% | 5.1 TZS T | |
| 04 | KCB Group Plc×KEKCB | BankingKE | +412% | 4.6 TZS T | |
| 05 | Vodacom TanzaniaVODA | TelecomsTZ | +318% | 2.1 TZS T | |
| 06 | East African Breweries×KEEABL | ConsumerKE | +294% | 3.4 TZS T | |
| 07 | DSE PlcDSE | MarketsTZ | +267% | 0.9 TZS T | |
| 08 | Jubilee Holdings×KEJHL | InsuranceKE | +238% | 0.8 TZS T | |
| 09 | Tanzania BreweriesTBL | ConsumerTZ | +214% | 1.6 TZS T | |
| 10 | NICO Group LtdNICOL | ConglomerateTZ | +186% | 0.7 TZS T | |
| 11 | Tanga Cement Co.TCCL | IndustrialsTZ | +172% | 0.5 TZS T |
Reform11 gives every Tanzanian investor, from a first-time retail investor on Hisa Kiganjani to a global diaspora asset allocator, transparent, low-cost, single-trade access to the best companies Tanzania has produced in the reform era.
Open a Central Depository System account with any DSE-licensed broker. The fastest route is the DSE's mobile platform.
Hisa Kiganjani →Top up via M-Pesa, Mixx by Yas, Airtel Money, or direct bank transfer from any Tanzanian commercial bank.
Mobile money & bank transferPlace a buy order against ticker R11 at the prevailing market price. Settlement T+3 via CSDR.
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Notify our investor relations desk to receive the prospectus the moment it clears CMSA, plus subscription windows and early-allocation details for institutional counterparties.