Trust Fund Committee Conducts 1st Quarter Meeting and Reviews Investment Performance for July-Sept. 2024 and Conducts Business

WASHINGTON, D.C. (January 9, 2024)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2025 (FY 2025) first quarter meeting by teleconference on December 17 (Washington DC) and 18 (Pohnpei). The Committee reviewed the Fund’s investment performance from July 1 to September 30, 2024 – the last quarter of FY 2024 and conducted business to update members on Trust Fund activities.

For the July-September quarter, the Fund had a net asset value of $1,483,642,362 as of September 30. The Fund had a gain for the quarter of 5.14%, net of fees, compared to a benchmark of 5.19%. For FY 2024, the Fund had a gain of 17.09% compared to a benchmark of 18.31%. As of November 30, the most recent complete month reviewed at the meeting, the Fund had a net asset value of $1,735,156,733 and gained 2.0%, for the month, equaling the benchmark. The November total net asset value included a U.S. government contribution of $250 million received on October 8. The contribution is according to the 2023 Compact of Free Association, as Amended. Since the inception of the Fund in 2004, the Fund has had an average annual rate of return of 6.1% (benchmark 6.6%).

The Committee discussed the status of the investment of the $250 million contribution and transition steps to the 2023 Trust Fund Agreement. The Committee was informed of the start of the FY 2024 audit and annual report process with a presentation by the Fund’s independent auditor, Baker Tilly and the Fund’s Executive Administrator.

The next quarterly Committee meeting will take place in March 2025.

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