Annual Performance

Investment Portfolio


The Investment portfolio experienced considerable growth increasing from $4.8 billion in 2015 to finish at $5.0 billion in 2016. Liquidity during the year decreased from $680 million in 2015 to $496 million in 2016. As a result of the declining liquidity, long-term interest rates rose, with the 15 year government bond rate closing at 6.30% compared with 5.49% last year.

The pay-out related to the Tropical Cyclone Winston natural disaster assistance decreased the funds available for investment by $275.5 million. The payout to members was fully met from the cash buffer in the current accounts and did not require any liquidation of investments. Despite the significant out-flow, the Fund was able to achieve growth in the investment portfolio.

Some of the key highlights of the year included:

  • The Equities portfolio recorded good growth compared with last year. Key investments included:
    • Additional shares in HFC Bank
    •  Acquisition of 39% shareholding in Fiji Ports Corporation Limited
    • Additional investments in Momi Bay Resort Limited for the construction of Marriott Hotel
    • Acquisition of 15% stake in Vision Investments Ltd
    • Acquisition of shares in Bank South Pacific, PNG
    • Acquisition of additional shares in Amalgamated Telecom Holdings Ltd.
  • These new acquisitions complemented the positive movements from listed shares on the South Pacific Stock Exchange and the offshore equity portfolio and contributed $8 million new income in 2016.
  • Investment in the International Finance Corporation’s (IFC) Emerging Asia Fund (EAF) – during the year, Board approved the investment commitment of US$50 million
    into the IFC EAF.
  • Investment in Fiji Government’s US bond – the Fund participated in the Fiji Government US denominated bonds float, acquiring over US$60 million in bonds.
  • Greig Street Re-development - Significant progress on the construction of the project.
  • Nadi Hotel redevelopment – the project progressed towards the finalization of the design and contract for the project.
  • Revaluation of Investment properties – FNPF undertook a revaluation of its investment properties, resulting in a net revaluation gain of over $13.8 million.
  • Reversal of Impairment on Natadola Bay Resort Limited – the Fund undertook an independent valuation of the Intercontinental Golf Resort & Spa, the Natadola Championship Golf Course and the land held by the NBRL for future development that resulted in a write-back of over $11.4 million. The total impairment write-back to date isapproximately $81.8 million.


FNPF continued to explore privatisation opportunities announced by Government in Airports Fiji Limited and Fiji Electricity Authority.

For more information you can access our Annual Report Section

 

   

 

 

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