Financial Select Fund Reports $50.6m March-Quarter Loss

Financial Select Fund closed the three months to March 31 with a net deficit of a little more than $50.6 million.

The result mainly reflected a $64.8 million unrealised reduction in the carrying value of its financial assets. Dividend receipts of $17.3 million softened the impact, but not enough to keep income in positive territory.

For the quarter, total income stood at negative $46.1 million. Expenses moved lower to $4.5 million, compared with $5.5 million for the same period a year earlier.

The fund is designed to mirror an index made up of Jamaican financial-sector equities on the Jamaica Stock Exchange, applying a representative sampling method.