Trust Fund Committee Reviews Investment Performance for January-June 2025 – Reviews Asset Allocation and Approves New Investment Policy

WASHINGTON, D.C. (June 18, 2025)– 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) third quarter meeting on June 12. The Committee reviewed the Fund’s investment performance from January 1 to April 30, 2025 and financial market updates since that time. The Committee also reviewed the proposed asset allocation with the Fund’s Investment Adviser, Cambridge Associates LLC, and approved a new Investment Policy Statement.

For the January-Mach quarter, the Fund had a net asset value of $1,730,211,319 as of March 31. The Fund gained 1.33%, net of fees, for the quarter, compared to a benchmark of 0.62%.

For April, the most recent complete month reviewed at the meeting, the Fund had a net asset value of $1,744,045,407 and gained 0.8% net of fees, equaling the benchmark. For the fiscal year-to-date (October-April), the Fund is up 0.5% net of fees, above the benchmark of -0.2%. Since the inception of the Fund in 2004, the Fund has had an average annual rate of return of 6.0% net of fees (benchmark 6.5%).

The Committee also reviewed the proposed asset allocation with Cambridge. The review included reviews and discussion of the market environment and investment outlook, how the asset allocation was determined, the private investment program, and Cambridge’s money manager research and selection. The Committee also approved a new Investment Policy Statement.

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