Trust Fund Committee Reviews Investment Performance for October 2025 – February 2026, Approves Fiscal Year 2025 Annual Report, Reviews Audit and Conducts other Trust Fund Business
WASHINGTON, D.C. (March 20, 2026)– 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 second quarter meeting on March 17 in Washington DC and March 18 in Pohnpei, Federated States of Micronesia. The Committee reviewed the Trust Fund’s investment performance for the quarter ending December 31 with updates to the time of the meeting, reviewed the FY 2025 Annual Report and audited financial statements, reviewed the status of the Trust Fund’s accounts, and conducted other Trust Fund business.
For the quarter ending December 31, the Trust Fund had a net asset value of $2,002,215,825 and an investment return of 2.7%, net of fees, above the benchmark of 2.5%. For February, the most recent complete month reported, the Trust Fund had a net asset value of 2,075,911,045 as of February 28 and gained 1.5%, net of fees, above the benchmark of 1.1%. For the fiscal year-to-date (October 2025-February 2026), the Trust Fund gained 6.5%, above the benchmark of 5.9%. Since the inception of the Trust Fund in 2004, the Trust Fund has had an average annual rate of return of 6.7%, net of fees (benchmark 7.1%). The Trust Fund’s Investment Advisor, Cambridge Associates, also reviewed the market environment, investment outlook, portfolio review and portfolio transition update.
The Trust Fund’s Auditor, Baker Tilly, presented the audit of the FY 2025 annual financial statements. The Annual Report was also presented. The Trust Fund ended FY 2025 with a restricted net position of $1,949,570,382 compared to ending FY 2024 with a net position of $1,484,244,836, an increase of 31.4%. The Trust Fund had an annual weighted rate of return of 12.5% for FY 2025, following gains of 17.3% for FY 2024 and 9.1% for FY 2023.
The next quarterly Committee meeting will take place in June 2026.