Trust Fund Committee Conducts Second Quarter Meeting to Review Trust Fund Performance to March 30th, 2023 and Conduct Other Trust Business

WASHINGTON, D.C. (April 27, 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 2023 (FY23) second quarter meeting on April 19 in San Francisco. The Trust Fund Committee Members reviewed the Fund’s investment performance from October 1, 2022 to March 30, 2023, reviewed the fiscal year 2022 annual report and audit, and conducted an education session to review a private equity investment, asset allocation and the money manager selection process.

Continuing a period of market volatility, as of March 2023, the last completed month of the performance review, the Fund increased 14.9%, net of fees, (benchmark 15.0%) for FY23 to the end of March, resulting in a net asset value of $683,527,382.

As reported in the fiscal year 2022 (FY22) Annual Report and audited financial statements, for FY22 (October 1, 2021 – September 30, 2022) the Fund was down with an annual weighted rate of return of -18.6% compared to fiscal year 2021 when the Fund had a gain of 23.7%. The Fund ended FY22 with a net asset value of $567,557,523. The audit, conducted by the independent auditor, Baker Tilly, found no deficiency in internal controls over financial reporting and found that there were no instances of noncompliance or other matters that are required to be reported under U.S. Government Auditing Standards. The annual report and audit documents are available at:

Amongst other matters discussed were money manager selection, asset allocation determination and the presentation by one of the Fund’s private equity managers.

The next quarterly meeting of the Fund will take place in mid-June for the third 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