Fortress Fund Managers are reporting a positive financial year for its Barbados dollar funds.
They say there were returns of up to 12.4%.
That’s according to Chairman Roger Cave, and CEO & Chief Investment Officer, Peter Arender,
This news was shared in the leading fund manager’s 2024 annual reports for its three Barbados dollar funds – the Fortress Caribbean Growth Fund, the Fortress Caribbean High-Interest Fund and the Fortress Caribbean Pension Fund.
The reports, for the financial year ended September 30, 2024, highlighted funds’ performance and outlook.
In what was described as a “strong year”, the Fortress Caribbean Growth Fund gained 12.4% and ended the period with an annual compound rate of return of 7.7% since its inception in 1996.
The net asset value or price per share of the fund increased to $7.89 from $7.02 with net assets of $689 million compared to $605 million a year ago.
According to the fund managers, throughout the year, global stocks posted steady, modest gains and a rally in September added meaningfully to the year’s performance.
They also noted that the fund’s core allocations to the Fortress US Equity, Fortress International Equity and Fortress Emerging Market Funds performed well, returning 27%, 23% and 21% respectively over the year.