Ask most Namibians what the country's biggest balance sheet is. Pension fund won't be the first guess. GIPF holds nearly a fifth of the NSX through direct stakes alone, more than the entire domestic banking sector combined. Regulation 13 keeps at least 45% of that money working inside Namibia, in a market too small to absorb it, so the exchange itself has flagged GIPF's size as a risk to trading. So who really owns Namibia's future, the fund that already owns the market, or the oil still under the sea? #GlobalArbitrage #Namibia #GIPF #NSX #PensionFunds