Press Release

The Fondo de Ahorro de Panama Announces Audited Annual Financial Results for 2025 and Key Management Initiatives. 

Panama | March 31, 2026

The Fondo de Ahorro de Panama, Panama’s Sovereign Wealth Fund, (hereinafter, “FAP” or “Fund”) announces its audited consolidated annual financial results for 2025 (in Spanish) and key management initiatives.*

Financial Highlights

The Fund closed in 2025, with a 9.08% gross return (2024: 7.12%).  In terms of net gains, the Fund generated B/.146.8 million (2024: B/.94.1 million). As a result, the Fund ended 2025, with net assets of B/.3,084.8 million (2024: B/.1,542.1 million). (Access our Annual Report 2025 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.  In 2025, the Fund’s portfolio delivered strong performance, outperforming its composite benchmark by 180 basis points (bps). Over the past three years, FAP has maintained an annualized return of 8.68%, consistently exceeding its benchmark by 140 bps.

Key Management Initiatives and other Events:

  • Strengthening of the Fund’s net assets through the capitalization of B/. 1,395.9 million corresponding to contributions from the Panamanian Government (2020–2023), resulting from the exchange of promissory notes for Republic of Panama Bonds.

  • Expansion of the alternative investments program, aimed at enhancing portfolio diversification through return sources that do not directly depend on traditional market performance, thereby improving the risk-return profile.

  • Consolidation of the institutional framework to support prudent management, under high standards of ethics, governance, and transparency, promoting responsible investment.

  • Leadership transition with the appointment of Enrique Ho, Investment and Risk Manager, as Interim Technical Secretary, ensuring the operational continuity of the FAP.

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

* The financial figures presented are expressed in Balboas, the currency unit of the Republic of Panama (B/.), Which is at par and is 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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