The investable map The Ghost reads before any model-book move — five corners of Tanzania's market, read not as a textbook but through the eyes of the book. What it can hold, what it only watches, and why.
| Terrain | Role in the book | Status | Band | What changes the view |
|---|---|---|---|---|
| Equities | Growth engine | Held | 30–60% | Earnings, dividends, liquidity, valuation — and whether a move is broad or bank-led |
| Fixed income | Ballast / income anchor | Held | 25–50% | Real yields, curve shape, auction demand, duration risk |
| Commodities | Hedge | Held | 0–8% | Gold, fuel, crops; shilling and global-risk pressure |
| FX | Lens, not a sleeve | Watched | no sleeve | USD/TZS, hard-currency return, import costs, foreign-investor confidence |
| ETFs & funds | Optional access layer | Watched | 0–15%, 0% held | Liquidity, fees, tracking quality, transparency, mandate fit |
Held means the hypothetical model book may allocate capital to this terrain. Watched means the terrain shapes the model's risk view but doesn't currently hold capital. FX is not a sleeve, but it changes how every TZS return looks to a diaspora or hard-currency reader.
DSE-listed shares — banks, telco, consumer, cement. Where the book makes its return when the thesis is right.
Held · 30–60% bandHow The Ghost reads it →T-bonds, T-bills and corporate credit — the real-yield anchor that keeps the book positive when equities wobble.
Held · 25–50% bandHow The Ghost reads it →Gold above all — the metal that underwrites the shilling — with silver and copper as the cycle warrants.
Held · 0–8% bandHow The Ghost reads it →The shilling and the majors — no position, but the current running underneath every sleeve the book does hold.
Watched · a lens, not a sleeveHow The Ghost reads it →DSE-listed ETFs and collective funds — in the mandate, at zero weight, and honest about what would change that.
Watched · 0–15% band, 0% heldHow The Ghost reads it →How the five terrains add up to one balanced book — the live weights, holdings and performance bridge.
The Book →See the model allocations →The Ghost reads each terrain off the platform's live market boards — the same data, updated as it's captured. Educational and informational only.
Equities aren't abstract — company terrain examples such as NMB Bank, CRDB Bank, Vodacom Tanzania, Twiga Cement and Tanzania Cigarette show how listed shares connect earnings, dividends, liquidity and sector exposure. Educational context — not recommendations.
Get the weekly model-book note: what changed in the market, what The Ghost is watching, and why the book moved — or chose not to move. Educational only. No advice.