In a strong third-quarter performance, the Barbados dollar funds of Fortress Fund Managers (FFM) reached new all-time highs, bringing substantial returns to long-term investors. FFM’s September 2024 quarterly report shared the impressive growth across its key funds: the Fortress Caribbean Growth Fund, the Fortress High Interest Fund, and the Fortress Caribbean Pension Fund.
Caribbean Growth Fund Surges 12.3% Over the Year
The flagship Fortress Caribbean Growth Fund posted a 6.8% increase in the third quarter and a 12.3% rise over the past year. Global equities strengthened as the U.S. Federal Reserve cut interest rates by 0.5% in September, sparking gains across U.S. value sectors such as utilities, real estate, and financials. Meanwhile, Chinese equities rose more than 20% as the government implemented economic stimulus measures, further contributing to the fund’s growth. However, Caribbean equities lagged, with Trinidad’s market experiencing a 7% decline due to challenges related to oil revenue and foreign currency.
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As of September 27, the fund’s net asset value (NAV) was $7.9198 per share, with net assets climbing to $691 million, up from $610 million the previous year. Since its inception in 1996, the fund has delivered an annual compound return of 7.7%.
Caribbean High Interest Fund Gains 6.8% Over the Year
The Fortress Caribbean High Interest Fund achieved a 2.8% rise in the third quarter and grew 6.8% over the past year. Anticipation of lower bond yields following the Fed’s rate cut led to gains in the fund’s U.S. holdings. The NAV for the Accumulation share stood at $2.2444, while the Distribution share was at $1.0729 by the end of the quarter. Net assets reached $144 million, reflecting growth from $140 million in the previous year, with an annual compound return of 3.7% since 2002.
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Caribbean Pension Fund Sees Up to 11.9% Increase Over the Year
The Caribbean Pension Fund saw its three classes of shares rise between 3.3% and 6.1% during the third quarter, achieving annual gains between 7.4% and 11.9%. While optimistic about future growth, Fortress noted the potential challenges ahead due to economic shifts that may affect highly valued U.S. technology stocks. The report advised investors to consider resilience and valuations as key factors for sustainable returns.
Fortress Fund Managers oversees more than Bds $800 million in assets across 12 funds, with investments spread across regional, U.S., international, and emerging markets.
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