<p>This study examines the antecedents of pension fund asset allocation decisions in emerging economies to understand the operational context of these funds and to develop evidence-based asset allocation models that support industry viability. A descriptive phenomenological research design was employed, and data were collected through in-depth interviews guided by the critical incident technique with eleven fund managers in the Zambian occupational pension fund industry. Content and thematic analyses were used to analyse the data. The findings indicate that asset allocation decisions are primarily influenced by the availability of information about individual investment assets, with value judgments and intuition supplementing decision-making in information-deficient situations. However, the application of judgment and intuition is constrained by market depth and regulatory restrictions. Asset allocation decisions are also shaped by prevailing macroeconomic conditions and anticipated liquidity requirements arising from member attrition. Although ESG considerations do not currently directly influence asset allocation decisions, they are widely recognised as critical to the future of investment practices in the industry. The study contributes to a deeper understanding of the operating environment of pension funds in emerging economies. It provides a practical foundation for formulating evidence-based asset allocation strategies and policies. Methodologically, it complements the predominantly quantitative pension fund literature by highlighting factors that influence investment decisions from the fund manager’s perspective, thereby providing a more realistic context for developing evidence-based models of pension fund viability in emerging economies.</p>