Press Release

Fourth Quarter 2025 Marks a Strengthening of the Fund’s Capital Position

Panama | February  25th, 2026

The Sovereign Wealth of Panama (“Fund”) has published its portfolio and performance report for the fourth quarter of 2025 (“4Q2025”).

Summary:

In the fourth quarter of 2025, the Fund reached B/.3,199.2 million in assets under management and a preliminary net asset value of B/.3,081.9 million.

As of the close of 4Q2025, the portfolio delivered solid performance, achieving a return of 9.08% and a three-year annualized average of 8.68%. This result has consistently outperformed its benchmark by more than 140 basis points, supported by valuations in fixed income and equities. The strategy remains focused on disciplined diversification, sustained value creation, and comprehensive risk management.

In terms of size and composition, as of 4Q2025 the Fund manages B/.3,081.9 million in net assets (equity). The portfolio maintains a diversified allocation, comprised of 21% investment-grade fixed income, 10% corporate equities, 16% short-duration liquid assets, 3% high-yield bonds, and 5% in the alternative investments program. The remaining 44% corresponds to Bonds of the Republic of Panama, incorporated as part of the exchange transaction of promissory notes representing State contributions for the 2020–2023 period.

Throughout the period, the Fund maintained a prudent strategic stance amid a global environment marked by the transition toward lower interest rates, prioritizing investments in developed economies to preserve liquidity and manage risks in strict alignment with its investment mandate.

Key Highlights:

  • Total Fund assets: B/. 3,199.2 million; *

  • Total Fund net assets: B/. 3,081.9 million;

  • Cumulative gross return for the year to 4Q2025: 9.08%;

  • Cumulative gross return for the 36 months ending 4Q2025: 8.68%;

  • Gross profit (before expenses) year-to-date at 4Q2025: B/. 157.3  million;

Complete 4Q2025 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 Panama Savings Fund
The Fund was created under Law 38 of June 5, 2012, with the following primary objectives:

  1. To establish a long-term savings mechanism for the Panamanian State; and

  2. To establish a stabilization mechanism for states of emergency (declared by the Cabinet Council) and periods of economic slowdown.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information, please visit www.fondoahorropanama.com
 
 
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