The net as­set val­ue of Trinidad and To­ba­go's Her­itage and Sta­bil­i­sa­tion Fund (HSF) to­taled US$5.139 bil­lion, as at De­cem­ber 31, 2022, which was a 9.06 per cent in­crease for the Fund's first quar­ter.

The net as­set val­ue of the HSF end­ed its 2022 fi­nan­cial year on Sep­tem­ber 30, at US$4.712 bil­lion, adding US$427.3 mil­lion be­tween Oc­to­ber 1 and De­cem­ber 31, 2022.

Ac­cord­ing to the ex­ec­u­tive sum­ma­ry for the Fund's first quar­ter, the Gov­ern­ment con­tributed US$182.2 mil­lion to the Fund on De­cem­ber 23, 2022.

The HSF's re­cov­ery in the first quar­ter of its 2023 fi­nan­cial year, fol­lowed a US$751 mil­lion de­cline in its net as­set val­ue in its 2022 fi­nan­cial year.

As at Sep­tem­ber 30, 2022, the HSF's net as­set val­ue stood at US$4.712 bil­lion, down from US$5.463 bil­lion as at Sep­tem­ber 30, 2021. That de­cline of US$751 in the net as­set val­ue of the Fund was its ever first an­nu­al loss.

In the fore­word of the 2022 an­nu­al re­port, HSF chair­man, Ewart Williams, said the board of the Fund de­cid­ed to re­bal­ance the Strate­gic As­set Al­lo­ca­tion in Au­gust 2022, "in or­der to im­prove the Fund’s per­for­mance or, at min­i­mum, pre­serve its cap­i­tal through a pe­ri­od of high mar­ket un­cer­tain­ty."

That re­bal­anc­ing in­volved US$250 mil­lion re­duced the Fund's al­lo­ca­tion to risky eq­ui­ty in­vest­ments in favour of safer, more liq­uid po­si­tions in its fixed-in­come man­dates.

The HSF was es­tab­lished with a Strate­gic As­set Al­lo­ca­tion com­pris­ing: 25 per cent US short-du­ra­tion fixed in­come; 40 per cent US core do­mes­tic fixed in­come; 17.50 per cent US core do­mes­tic eq­ui­ty and 17.50 per cent non-US core in­ter­na­tion­al eq­ui­ty.

As at the end of De­cem­ber 2022, 21.77 per cent of the Fund was held in US short-du­ra­tion fixed in­come, 31.38 per cent in US core do­mes­tic fixed in­come, 21.48 per cent in US core do­mes­tic eq­ui­ty and 18.62 per cent in non-US core in­ter­na­tion­al eq­ui­ty. Some 6.75 per cent of the HSF was held in US dol­lar fixed de­posits as at De­cem­ber 2022.