The Panama Savings Fund (FAP) reported that it closed 2025 with audited financial results reflecting a pre-cost performance of 9.08%, superior to the 7.12% recorded in 2024. In terms of net profits, the Fund generated US$146.8 million, compared to US$94.1 million the previous year, while its net assets reached US$3,084.8 million by the end of 2025. The performance was driven by strategic asset allocation and market behavior, with a portfolio that outperformed its composite benchmark by 180 basis points during the year. Over the last three years, the annualized performance was 8.68%, with a consistent outperformance of its reference by 140 basis points. Among the main management actions, the FAP highlighted the strengthening of its equity through the capitalization of US$1,395.9 million from state contributions between 2020 and 2023, as well as the expansion of its alternative investments program to diversify the portfolio. The Fund also reported progress in its institutional framework focused on governance and transparency, and the appointment of Enrique Ho as interim technical secretary in a leadership transition aimed at ensuring operational continuity.
