The Fiji National Provident Fund (FNPF) has announced an unprecedented 8% interest payout for its 417,722 members. Totalling $561.5 million, the sum for the financial year ending June 30 represents the largest payout in two decades.
This substantial achievement, attributed to effective investment strategies and portfolio diversification, was detailed by FNPF Chief Executive Officer Viliame Vodonaivalu. Among the primary contributors to the increase in income were government bonds accounting for 30%, equities at 51%, commercial debt at 11%, and property along with other portfolios at 8%.
Vodonaivalu further highlighted their effectiveness in optimizing returns and focusing on resilient sectors. Of the income generated, 9% came from telco assets and 24% from hotel assets.
Despite restrictions, offshore investments have seen substantial growth, revealing the positive impact of forward-looking investment strategies. These have been recently exemplified in acquisitions of shares in Future Farms – Rooster Chicken, Fletcher Higgins, and mixed-use commercial property assets.
Vodonaivalu reiterated their commitment towards elevating financial prosperity for the members of the fund. Members will be able to view their updated balance via the myFNPF app and other digital channels from July 1st, 2024.