The Fondo de Ahorro de Panamá Releases its Audited Financial Statements for the Third Quarter 2017
Panama | December 26, 2017
The Fondo de Ahorro de Panama (the “FAP” or the “Fund”) has released its audited financial statements for the third quarter of 2017 (“3Q2017”). The following are highlights of the quarter:
- The cumulative gross return to 3Q2017 was 4.43%.
- Net income for the same period was B/. 54.7 million (Note: B/. 1.00 = 1.00 USD).*
- As of 3Q2017, interests and dividends have generated B/. 24.5 million.
- The Board of Directors approved the Fund’s Annual Investment Plan for 2017/2018.
Results for the Period
The accumulated results (net income) for the first nine (9) months came in at B/. 54.7 million, reflecting conservative positioning strategy of FAP´s global portfolio with regard to its expected risk/reward, which is based on the approved annual investment plan. This positioning resulted in portfolio returns generally above their respective benchmarks, and on the back of better equities markets performance (information & technology and financial sectors earnings), supported by improved macroeconomics data points in the United States and European economies.
As of the 3Q2017, the Fund generated approximately B/. 24.5 million in interest and dividends, exceeding that of the same period in 2016 by B/. 4.5 million.
At the end of the 3Q2017, FAP´s total assets were B/. 1,392.9 million. Net assets closed the quarter at B/. 1,319.8 million, compared to the B/. 1,282.2 at 3Q2016, higher by approximately 2.9% on an annual basis.
SUMMARY OF THE QUARTER
- FAP´s Board of Directors approved the Annual Investment Plan 2017/2018.
- The Secretariat of the Fund and the Chairman of the Board met with the president of the Republic of Panama to present financial and operational achievements of the Fund.
- FAP participate in the annual meeting of the International Forum of Sovereign Wealth Fund (IFSWF).
SUMMARY OF AUDITED FINANCIAL STATEMENTS
*The official currency 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 currency, and instead, the B/. 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.
Contact: Administration, +507-394-5776/5706, email@example.com
For additional information visit www.fondoahorropanama.com