Trust Fund Committee Conducts Second Quarter Meeting and Reviews FY 2023 Performance and Business as it Prepares to Implement the 2023 Trust Fund Agreement as it Enters into Force
WASHINGTON, D.C. (April 8, 2024)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2024 (FY 2024) second quarter meeting by teleconference on March 14 (Washington DC) and 15 (Pohnpei). The Committee reviewed the Fund’s investment performance from October 1, 2023, approved the fiscal year 2023 Annual Report, received a presentation of the independent audit, and discussed future planning including possible investment policy and potential administrative structures and functions to facilitate implementation of the 2023 Trust Fund Agreement following its entry into force. (Note: the 2023 Trust Fund Agreement entered into...
Trust Fund Committee Conducts Third Quarter Meeting to Review Trust Fund Performance to May 30th, 2023 and Conduct Other Trust Fund Business
WASHINGTON, D.C. (July 10, 2023)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2023 (FY23) third quarter meeting on June 28 (EDT) and 29 (Pohnpei) via teleconference. The Trust Fund Committee Members reviewed the Fund’s investment performance from January to May 31, 2023, reviewed the draft Investment Policy Statement and discussed possible Committee action to prepare for fiscal year 2024. As of May 31st, the Fund had a net asset value of $1,033,988,682. The Fund increased 3.8%, net of fees, (benchmark 4.1%) for the January-March quarter but was down 1.1%,...
Committee Conducts Fourth Quarter FY23 Meeting to Review Trust Fund Performance and Conduct Other Trust Fund Business
WASHINGTON, D.C. (September 12, 2023)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) conducted its Fiscal Year 2023 (FY23) fourth quarter meeting on August 23 (EDT) and 24 (Pohnpei) via teleconference. The Trust Fund Committee Members reviewed the Fund’s investment performance from April to July 31, 2023, approved service agreements for annual accounting and audit services, reviewed and approved the fiscal year 2024 (FY24) investment and administrative expense budget, and discussed possible Committee actions for FY24. For the April-June quarter, the Fund was up 2.6%, net of fees, (benchmark 2.8%) with a total net...