Fund considers new investments

The Fiji National Provident Fund’s (FNPF) investment portfolio grew from $8.1 billion in 2021 to close with $8.6b in 2022.

Despite the significant COVID-19 payouts to members, the fund was able to achieve growth in the investment portfolio.

The return on investment achieved in 2022 was 7.4 per cent (net).

This was stated in the 2022 FNPF annual report summary handed out to members present at the Suva annual member forum held at the Grand Pacific Hotel on Tuesday evening.

Chief executive officer Viliame Vodonaivalu spoke highly of the investments made by the fund over the 2022 financial year and expressed interest in diversifying the fund’s investment portfolio both locally and internationally in the current financial year and beyond.

“With a strategic theme of resetting, repositioning the fund, and beyond, we still have many challenges ahead both operational and financial.

“We will need to clarify our role and find balance between our members’ expectations and our core purpose in securing a future and a meaningful retirement.”

With mention of potential investment opportunities in a diverse set of industries including ICT, medical, tourism, sports, and commercial agriculture, Mr Vodonaivalu said currently investments by the fund were “predominantly Fiji based and moving regionally.

“But down the line, we’ll definitely be interested in looking at international investment.”

“We’ll address the low benefit balance issue, ensure withdraw products remain relevant, we’ll offer a variety of retirement products, ensure sustainability of our retirement products, and seek to diversify our investment in the local market,” he added.