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Heritage and Stabilisation Fund (Trinidad and Tobago)

Trinidad and Tobago · Latin America and Caribbean · Founded 2007 · Stabilisation fund · IFSWF full member

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Focus

Trinidad and Tobago: what it invests in

Financial services
Public equitiesFixed incomeCash and money markets

Geography Global

Scale

Trinidad and Tobago: how big it is, and on what basis

USD 6.25B
Net assets or equityAs of

In US dollars: about USD 6.25B. Fund reports in US dollars

Return FY2025 11.54% (benchmark 7.90%)

Transparency

Trinidad and Tobago: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Net asset valueS4
USD 6.25B (December 2025)
As of
Return FY2025S5
11.54% (benchmark 7.90%)
As of
Return since 2007S4
6.03% a year
As of
Paid in by governmentS1
USD 2.90B (to September 2023)
As of
Withdrawn by governmentS1
USD 2.50B (to September 2023)
As of
Withdrawal floorS1
USD 1B
As of
Transparency scoreS4
9 of 10
As of

At a glance. Trinidad and Tobago's oil and gas savings fund cushions the budget when energy revenue falls and saves for future generations. It held USD 6.25 billion at 31 December 2025 in four index-style mandates of US and international equities and US bonds, run by the Central Bank. It returned 11.54 percent in fiscal 2025 and 6.03 percent a year since 2007, ahead of its benchmark. S4 S5

Key points

  • Net asset value of USD 6,254.9 million at 31 December 2025, after a USD 250 million withdrawal in the quarter. S4
  • Fiscal 2025 return of 11.54 percent against a 7.90 percent benchmark; 6.03 percent a year since inception. S4
  • Government had paid in USD 2.9 billion and withdrawn USD 2.5 billion by September 2023; returns make up the rest. S1
  • Withdrawals are capped at 60 percent of a revenue shortfall or 25 percent of the fund, and cannot take it below USD 1 billion. S1
  • Since 2020 up to USD 1.5 billion a year may be drawn in a declared disaster or disease emergency. S1
  • Equity benchmarks exclude the energy sector. S4

Interesting facts

  • Its biggest single-year deposit was about USD 1.05 billion in fiscal 2008. S1
  • The Board met 13 times in fiscal 2023. S1
  • The Finance Minister must review the Act every five years and report to Parliament. S1

Mandate and goals

Save and invest surplus petroleum revenue to steady public spending in revenue downturns, create an income stream as reserves deplete, and leave a heritage for future citizens. S1

  • Support spending when oil or gas revenue falls. S1
  • Replace petroleum income as resources are used up. S1
  • Build savings for future generations. S1
  • Spending rule: Withdrawals allowed when petroleum revenue is at least 10 percent below budget, limited to the lesser of 60 percent of the shortfall or 25 percent of the opening balance, with a USD 1 billion floor S1

How it invests

IndustriesFinancial services. Sector agnostic S4
Asset classesPublic equities, Fixed income, Cash and money markets S4
StagesPublic markets S4
GeographyGlobal. Three US mandates plus one non-US developed equity mandate, December 2025 S4
Direct / through funds / co-investNo / No / No S1
Ticket sizeNot applicable: a listed securities portfolio with no private deals. S4
External managersExternal managers run the mandates; names are not published in the sources used S1
Co-investment programmeNone S4

Asset mix: US core fixed income 29.89%, US equity 28.3%, Non-US equity 27.95%, US short duration fixed income 13.86% (as of 2025-12-31) S4

Published criteria

  • Target mix: 40 percent US core bonds, 25 percent US short bonds, 17.5 percent US equity, 17.5 percent non-US equity. S4
  • Each mandate may drift up to 5 percentage points from target. S4
  • No more than 3 percent of any company's shares; duration kept within limits of benchmarks. S4

Past investments

YearInvestmentTypeSectorStageAmount
2011US core domestic fixed income mandate. Largest mandate, 29.89 percent of the fund at December 2025. S4Direct investmentMulti-sectorPublic marketsUSD 1,869M
2009US core domestic equity mandate. Benchmarked to a US index excluding energy. S4Direct investmentMulti-sectorPublic marketsUSD 1,770M
2009Non-US core international equity mandate. Benchmarked to an MSCI EAFE ex Energy index. S4Direct investmentMulti-sectorPublic marketsUSD 1,748M
2007US short duration fixed income mandate. Used to fund the USD 250M withdrawal in late 2025. S4Direct investmentMulti-sectorPublic marketsUSD 867M
2022USD fixed deposits. Held in deposits while the outlook was assessed, then moved into mandates. S1Direct investmentMulti-sectorCreditFiscal 2022 contribution

Case studies

Building the four-mandate portfolio S1

  • What: The fund moved from US short bonds into international equities and bonds, reaching its four-mandate allocation.
  • When: 2009 to 2011
  • Size: Whole fund
  • Why: To diversify beyond cash-like assets for long-term return.
  • Outcome: Since inception return of 6.03 percent a year to December 2025, ahead of benchmark.

Fiscal support in 2020 and 2021 S1

  • What: The government drew about USD 980M in fiscal 2020 and USD 893M in fiscal 2021, as the 2020 amendment allowed.
  • When: 2020 to 2021
  • Size: About USD 1.87B
  • Why: Petroleum revenue fell and a health emergency was declared.
  • Outcome: The fund stayed above USD 4.7B and recovered to USD 6.25B by December 2025.

Investment process

The Board of Governors sets investment objectives and approves how the Central Bank invests; the Central Bank runs the portfolio day to day and the Board reports to the Finance Minister. S1

CommitteeRole
Board of GovernorsFive members appointed by the President for three-year terms; responsible for managing the fund S1
  1. Excess petroleum revenue is deposited each quarter. S1
  2. The Board sets the strategic allocation. S1
  3. The Central Bank invests through four mandates. S4
  4. Results are reported quarterly, audited yearly and laid before Parliament. S1

How to approach: No intake; the fund invests only in listed markets. S6

Size and returns

  • Headline size: USD 6.25B (Net assets or equity, as of 2025-12-31) S4
  • In US dollars: about USD 6.25B. Fund reports in US dollars
  • Cumulative government contributions, September 2023: USD 2.90B (Committed or authorised capital, as of 2023-09-30) S1
  • Return, Fiscal 2025 (to 30 September): 11.54 percent (benchmark 7.90 percent) S4
  • Return, Since inception (2007) to December 2025: 6.03 percent a year (benchmark 5.12 percent) S4
  • Size over time (USD billion): FY2007 1.77, FY2010 3.62, FY2013 5.15, FY2016 5.58, FY2019 6.26, FY2023 5.39, FY2025 6.34, December 2025 6.25 S1 S4 S5

Leadership

NameTitle
Ewart WilliamsChairman, Board of Governors S5
Syzette Taylor-Lee CheeGovernor S5
Arjoon HarripaulGovernor S5

Governance and transparency

  • Legal basis: Heritage and Stabilisation Fund Act No. 6 of 2007, amended by Act No. 9 of 2020 S3 S1
  • Oversight: Parliament, through annual reports; Minister of Finance S1
  • Auditor: Auditor General of Trinidad and Tobago S5
  • Santiago Principles: IFSWF full member S2
  • The Board includes an officer of the Central Bank and one of the Ministry of Finance. S3
  • Withdrawals in emergencies must be reported to the House within 60 days. S1

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, long-term returns, asset allocation, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S4 S5
  • Partly published: geographic or sector split, holdings or deal list. S4

History

DateEvent
2007-03-15Fund established. S1
2009-08International equities and bonds added. S1
2011-01Four-mandate allocation reached. S1
2020-03-26Emergency withdrawal clause added. S1
2023Ewart Williams reappointed chairman. S1
2025-11-21Fiscal 2025 statements approved. S5
2025-12USD 250M withdrawal. S4

For family offices

A listed-markets savings fund with no private deal or co-investment activity and no events for private investors. S4

Reports

Common questions

Who manages the fund?

A Board of Governors, which delegates daily management to the Central Bank of Trinidad and Tobago. S1

How big is it?

USD 6,254.9 million at 31 December 2025. S4

When was it set up?

On 15 March 2007 under Act No. 6 of 2007. S1

Is it an IFSWF member?

Yes, a full member. S2

All sovereign wealth funds in Latin America and Caribbean · All stabilisation funds · All funds in Trinidad and Tobago

Sources

  1. S1Heritage and Stabilisation Fund, Annual Report 2023
  2. S2IFSWF, members list
  3. S3Heritage and Stabilisation Fund Act, 2007
  4. S4Heritage and Stabilisation Fund, Quarterly Investment Report, October to December 2025
  5. S5Auditor General, HSF financial statements, year to 30 September 2025
  6. S6Ministry of Finance, Heritage and Stabilisation Fund publications
  7. S7Heritage and Stabilisation Fund, Annual Report 2024

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