Press Release

The Fondo de Ahorro de Panamá Releases its Audited Financial Statements for the Second Quarter of 2016

Panamá | October 11, 2016

The Fondo de Ahorro de Panama (the “FAP” or the “Fund”) has released its audited financial statements for the second quarter of 2016 (“2Q2016”).  The following are highlights of the quarter:

  • Net income for the year ending 2Q2016 was USD 41.4 million; the cumulative return of the portfolio for the year ending 2Q2016 was 3.43%, before costs.
  • In terms of income from interests and dividends, the portfolio generated USD 7.4 million during the 2Q2016.  For the year ended 2Q2016 total income generated from interests and dividends amounted to USD 13.5 million.
  • The Fund initiates the process for the International Public Tender for best value for Global Custodian Services.
  • The Fund’s Supervisory Commission, representative body of the civil society, delivered its 2015 Opinion Report on the Fund; this report was delivered to the Ministry of Economy and Finance, trustor of the Fund.
  • The National Assembly ratified the appointment of Álvaro Tomas Abrahams, Jean Pierre Leignadier and Fred Kardonski, as new members of the Board of Directors for a term of seven years.
  • FAP’s Board of Directors reelects the Directors Fred Kardonski as President, and Jose N. Abbo as Vice-President.
  • According to the Sovereign Wealth Fund Institute, the FAP is ranked as one of the most transparent sovereign wealth funds in the world.

Financial results

Income for the Period

Results for 2Q2016 came in at a net income of USD 41.4 million, mainly from bond and equity securities, and reflecting the Fund’s conservative risk/reward returns positioning strategy.  The returns in the Fund’s managed portfolios improved due to: 1) the decrease in the yields in sovereign bonds of major developed countries due to the global uncertainty and the results from the so-called “Brexit” referendum; and 2) higher valuations in the emerging market portions of the equities portfolio.

The Fund generated USD 13.5 million in interest and dividends (USD 7.4 million during the quarter), exceeding by USD 548 thousand over the same period in 2015. 


At the end of the 2Q2016, total assets were USD 1,435.7 million.  Net assets closed the quarter at USD 1,266.4 million, compared to the USD 1,224.8 for the same period in 2015.


During the 2Q2016, the Sovereign Wealth Fund Institute, through the Linaburg-Maduell Transparency Index, classified the FAP as one of the most transparent sovereign wealth funds of the world. Additionally, the Fund began the process for the International Public Tender for Global Custodian Services, in which several global financial institutions participated; it is expected that this process concludes successfully by the end of 2016.



About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and
  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706,
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