Press Release

The Fondo de Ahorro de Panamá Releases its Audited Financial Statements for the Third Quarter 2018

Panama | February 6, 2019

The Fondo de Ahorro de Panama (the “FAP” or the “Fund”) has released its audited financial statements for the third quarter of 2018 (“3Q2018”). The following are highlights of the quarter:

  • The cumulative gross return for the year to 3Q2018 was 0.91%.

  • Net income for the same period was B/. 9.0 million (Note: B/. 1.00 = USD 1.00).*

  • As of the 3Q2018, the Fund generated B/. 20.4 million in interests and dividends.

  • Net assets closed the quarter at B/. 1,287.7 million.



Results for the Period

The accumulated results (net income) for the first nine (9) months came in at B/.9.0 million. Despite results comparatively below last year’s, the Funds Global Portfolio reflects a defensive positioning regarding its risk/return profile. Some factors that influenced were involved in the performance of the portfolio are: 1) favorable trends in companies earnings reports; 2) the announcement of the new trade agreement between US and Mexico; 3) the impact of the consecutive interest rates raises by the Federal Reserve, which underpinned the continued strength of US economy; and 4) geopolitical risk uncertainty.

At the end of the 3Q2018, the Fund generated approximately B/. 20.4 million in interest and dividends, slightly lower than the amount generated in the same period of 2017 (B/. 24.5 million), mainly as a result of the transfer of earnings to the National Treasury, coupled with changes in the Fund’s strategic asset allocation.  


At the end of the 3Q2018, FAP´s total assets were B/. 1,329.0 million. Net assets closed the quarter at B/. 1,287.7 million, compared to the B/. 1,319.8 in 3Q2017, considering a partial transfer of 2017 earnings to the National Treasury from the Fund, as requested by the Ministry of Finance and Economy, of B/. 31.5 millions.


  • FAP´s Board of Directors approved the Annual Investment Plan and strategic asset allocation for the 2018/2019 period.

  • The Chairman of the Board participated as a panelist during the XIX Investor Forum, organized by Panama Stock Exchange, where he discussed the financial and operating management of the Fund.

  • The Fund participated in the annual meeting of the International Forum of Sovereign Wealth Fund (IFSWF), where it is a full standing member.



* 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 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:

  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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