Press Release

Third Quarter 2025 Shows Significant Progress for the Fund

Panama | November 24, 2025

The Fondo de Ahorro de Panamá (“FAP” or “Fund”) has published its portfolio and performance report for the third quarter of 2025 (“3Q2025”).

Summary:

In the third quarter of 2025, the Fund reached B/. 3,145.3 million in assets under management and preliminary net assets of B/. 3,041.7 million.

During this period, a significant and structural milestone was recorded in the increase of the Fund’s equity value, strengthening the FAP’s role as a mechanism for stability and long-term savings for the country.  A total of B/. 1,390.9 million in bonds issued by the Republic of Panama was incorporated as a result of the exchange of promissory notes (access the press release September 2025 here) held by the FAP since June 2024, corresponding to the State’s contributions derived from Canal-related transfers for the 2020–2024 period.

In 3Q2025, the Fund reported a gross profit of B/. 53 million, totaling B/. 117.8 million in the first nine months of the year—equivalent to a year-to-date cumulative gross return of 7.20%, exceeding the composite benchmark by 123 basis points (“bps”). This performance was supported by a more favorable financial environment, driven by lower interest rates, reduced geopolitical tensions, and a moderation in major international conflicts.

During the period, the FAP maintained a prudent investment strategy amid a global transition toward lower interest rates, prioritizing investments in developed markets to preserve liquidity and manage risks in line with its investment mandate.

Over the past 36 months, the Fund has sustained a solid value-creation trajectory, accumulating a return of 8.99% and outperforming the benchmark by 135 bps.

Key Highlights:

  • Total Fund assets: B/. 3,142.3 million; *

  • Total Fund net assets: B/. 3,041.7 million;

  • Cumulative gross return for the year to 3Q2025: 7.20%;

  • Cumulative gross return for the 36 months ending 3Q2025: 8.99%;

  • Gross profit (before expenses) year-to-date at 3Q2025: B/. 117.8 million; and

  • Capitalization from contributions of B/.1,390.9 million (exchange of promissory notes held by the Fund for Bonds of the Republic of Panama).

Complete 3Q2025 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:

  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, administrador@fondoahorropanama.com
For additional information visit www.fondoahorropanama.com
 
 
###