WASHINGTON, D.C. (September 9th, 2020)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted its fiscal year 2020 (FY20) fourth quarter meeting on September 1st (EDT) and 2nd (Majuro) via videoconference.
The meeting covered the Fund’s investment performance for the April-June 2020 quarter as well as a current market update given the COVID-19 pandemic and the effect on the Fund as well as the global economy and financial markets.
For the April-June 2020 quarter, the Fund gained 14.28%, net of fees, below the benchmark of 15.43%. The net asset value of the Fund was $480,024,290, preliminary and unaudited, as of 6/30/20. The gain was due to recovering financial markets, mainly driven by public equity fund increases.
The Fund continued on a growth path in July with a gain of 3.75%, net of fees, for the month to $498,042,453, preliminary and unaudited. For the fiscal year to date (as of 10/1/19), the Fund is up 7.94%, net of fees. The gains since April have made up for prior losses that occurred during the fiscal year.
The Committee reviewed and approved a fiscal year 2021 investment expense and administrative budget, a service agreement with Bookminders for accounting and bookkeeping services, a contract extension of the Executive Administrator, and an analysis by Vorys, Sater, Seymour and Pease LLP, the Fund’s legal counsel, of the Fund’s legal requirements for incorporation under DC law and general information on current industry standards and best practices.
The Committee also had an education session featuring presentations on fiduciary responsibility and the elements of private equity funds and the role of such investment funds.
The next quarterly meeting will take place in late November or early December 2020.