WASHINGTON, D.C. (June 26, 2023)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted its Fiscal Year (FY) 2023 third quarter meeting June 7 and 8 in Portland, Oregon. The Trust Fund Committee Members reviewed the Fund’s investment performance from January 1, 2023 to the time of the meeting, reviewed the asset allocation and investment policy, and conducted other business to include a possible distribution policy for FY2024 and fiscal procedures.
For the January-March quarter, the Fund’s performance increased 5.79%, net of fees, (benchmark 5.97%) increasing the value to $683,783,277. For May, the most recent full month reporting, the Fund decreased 1.41%, net of fees, (benchmark -1.23%). For the fiscal year to May 31, the Fund is up 14.25% (benchmark 14.93%) and a net asset value of $679,889,683.
The Committee reviewed the performance of the investment assets and the asset allocation in preparation to discuss the investment policy for the medium term. The Committee discussed possible distribution policies—both for the long-term and on an interim basis. Its discussion included the process for the distribution to the Republic of the Marshall Islands for FY2024 and fiscal procedures consistent with the 2003 Trust Fund Agreement, which remains in force. The Committee also noted that Compact negotiations are ongoing.
The next quarterly meeting of the Fund will take place in mid-August for the fourth quarter of FY23.
As stated in Article III of the Agreement Between the Government of the United States of America and the Government of the Republic of the Marshall Islands Implementing Section 215 and Section 216 of the Compact, as Amended, regarding a Trust Fund, the purpose of the Fund is to contribute to the economic advancement and long-term budgetary self-reliance of the Republic of the Marshall Islands by providing an annual source of revenue after Fiscal Year 2023. For more information on the Fund, visit the official website at https://rmicfatf.com/.