Compact Trust Fund reaches over $219 million

  15 Dec 2017

COFA Board re-organize

By: L.N. Reklai

December 11, 2017 (Koror, Palau) Palau Compact Trust Fund reached $219,754,355 million in market share value as of September 30, 2017 according Palau COFA Trust Fund Board of Trustees.

At the beginning of FY 2017, the Fund market share value was at $196,712,718 million and as of September 30, 2017, the ending market share value was approximately $219,754,355 million or gain of approximately $23 million dollars. [restrict]

The reported investment return for FY 2016/17 is 14.47% according to Raymond James and Associates’ COFA Trust Fund Performance report.

COFA Board of Trustees reported that they have re-organized.  Minrang Kloulechad is the new Chairwoman and Lindsay M. Timarong is the Vice Chairwoman. Keiden Kintol is the Secretary and Reagan Belechel is the Treasurer.

COFA Board reported that they’ve reviewed four investment managers on the Board’s Watch List and decided to issue a Request for Proposals to review potential alternative managers in these sub-asset classes.

The managers include Wells Capital which is responsible for investment of the Trust Fund’s U.S. Large Cap Core equity assets, Brandes that’s responsible for Emerging Markets equity assets, Bank of Hawaii in charge of U.S. Core Fixed Income assets and Miller Howard, responsible for Master’s Limited Partnerships alternative assets.

COFA Trust Fund began in 1994 with $66 million.  In 1998, additional $4 million was added, bringing the total initial investment to $70 million.

Total of $80 million has been withdrawn from the COFA Trust Fund beginning 2002 until now. Current value of the Fund now stands at $219,754,355 million. [/restrict]

 

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