Trust Fund Committee Reviews Investment Performance for July-November 2025 and Conducts other Trust Fund Business

WASHINGTON, D.C. (December 23, 2025)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Trust Fund) conducted its Fiscal Year 2026 first quarter meeting on December 10 in Washington DC and December 11 in Pohnpei, Federated States of Micronesia. The Committee reviewed the Trust Fund’s investment performance for the quarter ending September 30 with updates to the end of November, reviewed the transition of the investment allocation, and conducted other Fund business.

For the quarter ending September 30, the Trust Fund had a net asset value of $1,946,462,801 and an investment return of 5.0%, net of fees, below the benchmark of 5.3%. For the fiscal year, ending September 30, the Trust Fund had a preliminary and unaudited annual return of 12.3%, net of fees, above the benchmark of 11.8%.  For October, the most recent complete month reviewed at the meeting, the Trust Fund had a net asset value of $1,969,835,782 and gained 1.2%, net of fees, for the month, below the benchmark of 1.6%. Since the inception of the Trust Fund in 2004, the Trust Fund has had an average annual rate of return of 6.5%, net of fees (benchmark 7.0%).

The Committee also reviewed the transition to the new asset allocation approved by the Committee at the June quarterly meeting. The review was presented by the Trust Fund’s Investment Adviser, Cambridge Associates. The Trust Fund’s auditor, Baker Tilly, made a presentation to the Committee regarding the start of the fiscal year 2025 audit process. The Trust Fund’s legal counsel, Vorys, made a presentation regarding fiduciary responsibility and related requirements.

The next quarterly Committee meeting will take place in March 2026.

For more information on the Fund, please visit the official website at https://fsmcfatf.com/. 

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