Trust Fund Committee Conducts Fourth Quarter Meeting to Review Trust Fund Performance to August 31st, 2021 and Conduct Other Trust Business
WASHINGTON, D.C. (September 24th, 2021)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted its fiscal year 2021 (FY21) fourth quarter meeting on September 16th (EST) and 17th (Majuro) via videoconference.
The meeting covered the Fund’s investment performance for the April-June 2021 quarter as well as a current market update to September 2021, including the effect of the COVID-19 pandemic on the Fund as well as the global economy and financial markets.
For the April-June 2021 quarter, the Fund gained 5.80%, below the benchmark of 5.91%. The net asset value of the Fund was $673,493,516, preliminary and unaudited, as of 6/30/21.
For August 2021, the last complete month of reporting, the Fund had a return of 1.53%, below the benchmark of 1.86%, and had a net asset value of $683,721,777, preliminary and unaudited. For the fiscal year to date (10/1/20-8/31/21), the Fund has gained 27.22%, above the benchmark of 25.60%. The Fund’s Investment Adviser, Vanguard Institutional Advisor Services, and the Committee are monitoring the Fund to ensure the asset allocation is in line with the long-term investment objectives of the Committee-approved Investment Policy Statement.
The Committee approved the fiscal year 2022 investment and administrative budget and approved a service agreement with Bookminders to provide accounting support services. RVK, Inc. presented draft findings resulting from their external evaluation of the Fund. Vanguard presented an education session regarding the Fund’s environment, social and governance (ESG) exposure and factors to consider for future investments as well as on investment asset allocation determination and considerations for the Fund’s future.
The next quarterly meeting will take place in late November or early December 2021.