The Fondo de Ahorro de Panamá Publishes its Preliminary (Unaudited) First Quarter 2018 Results
Panama | May 15, 2018
The Fondo de Ahorro de Panama (“FAP” or “Fund”) has published its portfolio performance report for the first quarter 2018 (“1Q2018”).
- Total Fund assets: B/. 1,377.4 million;
- Total Fund net assets: B/. 1,305.9 million;
- Performance – year-to-date at 1Q2018: -0.22% (approx. -0.29% after estimated costs);
- Gross income – year-to-date at 1Q2018: B/. -2.8 million; and
- Performance – last 12 months: 4.5%
Complete 1Q2018 Report (in Spanish)
The information presented has not been independently audited. Information regarding gross income (performance) include interests, dividends and assets valuations on a mark-to-market basis before costs.
*The monetary unit of the Republic of Panama is Balboas (B/.), which is at par and freely exchangeable with the United States dollar (USD); The Republic of Panama does not issue its own paper currency, and instead, the USD is used as legal tender, and is considered the Fund´s functional currency. The financial reports provided by our global custodian are in USD and form the financial basis of this report.
About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:
- Establish a long-term savings mechanism for the Panamanian State; and
- Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.