The Na­tion­al In­vest­ment Fund Hold­ing Com­pa­ny has re­port­ed a de­cline in the val­ue of its port­fo­lio.

In a no­tice post­ed to the Trinidad and To­ba­go Stock Ex­change, and in a news­pa­per ad­ver­tise­ment yes­ter­day, NIF said, “This port­fo­lio has been gen­er­at­ing a con­sis­tent stream of div­i­dend pay­ments and this de­spite a de­cline in the val­ue of the port­fo­lio from $7.9 bil­lion at in­cep­tion to $6.9 bil­lion as at March 31, 2025.”

The no­tice at­trib­uted to NIF’s chair Jen­nifer Lutch­man stat­ed, “While the de­cline rep­re­sents an un­re­alised down­ward move­ment in the port­fo­lio, the com­pa­ny’s cov­er­age ra­tio still stands at a healthy 1.8:1 for NIF1.

“Im­por­tant­ly, since its es­tab­lish­ment bond­hold­er con­fi­dence re­mains high, with cu­mu­la­tive trad­ing ac­tiv­i­ty on the Trinidad and To­ba­go Stock Ex­change amount­ing to ap­prox­i­mate­ly $342 mil­lion. NIF1 has paid, on time, thir­teen (13) se­mi-an­nu­al coupon pay­ments amount­ing to $1.3 bil­lion on its NIF1 bonds: Se­ries A, B & C and $129.0 mil­lion on the Se­ries D bond. The next se­mi-an­nu­al coupon pay­ments are sched­uled for Ju­ly 26 2025 in re­spect of Se­ries D, and Au­gust 9, 2025 in re­spect of Se­ries B and Se­ries C.”

The NIF chair, who is one of the per­ma­nent sec­re­taries in the Min­istry of Fi­nance, stat­ed that there con­tin­ued to be in­creas­ing de­mand for NIF bonds which had fu­elled the is­suance of the NIF 2 bond in Feb­ru­ary 2024.

The re­port said the NIF 2 bond con­tin­ued to yield good re­turns as it stat­ed, “Since that time, NIF2 has made two (2) se­mi-an­nu­al pay­ments to­talling $18.0 mil­lion with a third pay­ment sched­uled for Au­gust 9, 2025. For the first quar­ter of 2025, NIF1 and NIF2 re­port­ed to­tal in­come of $32.1 mil­lion dri­ven by div­i­dend in­come of $27.0 mil­lion and in­ter­est in­come of $4.2 mil­lion.”