Press Release
The Fondo de Ahorro de Panama Announces its Audited Consolidated Annual Financial Results for 2023 and Key Management Initiatives.
Panama | March 27, 2024
The Fondo de Ahorro de Panama, Panama’s Sovereign Wealth Fund, (hereinafter, “FAP” or “Fund”) announces its audited consolidated annual financial results for 2023 (in Spanish) and key management initiatives.*
Financial Highlights
The Fund closed 2023, with a 9.88% gross return (2022: -8.64%). In terms of net gains, the Fund generated B/.122.9 million in 2023 (2022: - B/.129.1 million). As a result, the Fund ended 2023, with net assets of B/.1,416.2 million. (Access our Annual Report 2023 in Spanish here.)
These results are associated with our Strategic Asset Allocation, which defines our strategic portfolio (under the Fund’s Annual Investment Plan), and the performance of the established benchmarks. The Fund’s strategic portfolio – which has a long-term profile – outperformed in 2023 the composite benchmark by 107 basis points (or 1.07%).
Key Management Initiatives
Below are our key management initiatives:
The Board of Directors approved the implementation of the Fund’s Annual Investment for the 2022/2023 period.
The Board of Directors approved a temporary tactical asset allocation.
The Board elected its new Chair and Vice Chair.
The FAP approved the implementation of its investments in infrastructure funds.
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.
For additional information visit www.fondoahorropanama.com
* The financial figures presented are expressed in Balboas, the currency unit of the Republic of Panama (B /.), Which is at par and freely exchangeable with the United States dollar (USD or US Dollar), considered the functional currency of Fondo de Ahorro de Panamá.
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