The Na­tion­al In­vest­ment Fund Hold­ing Com­pa­ny (NIF) has swung to a $364.9 mil­lion com­pre­hen­sive in­come for the nine months end­ed Sep­tem­ber 30, re­cov­er­ing from a $599.6 mil­lion loss in the cor­re­spond­ing pe­ri­od last year, large­ly on the back of high­er mar­ket val­u­a­tions of its share­hold­ings.

The im­prove­ment was dri­ven by a $360.7 mil­lion un­re­alised gain on its in­vest­ment port­fo­lio, re­vers­ing an un­re­alised loss of $598 mil­lion record­ed a year ear­li­er. The re­cov­ery re­flects high­er mar­ket prices for shares in Re­pub­lic Fi­nan­cial Hold­ings Ltd (RFHL), West In­di­an To­bac­co Com­pa­ny Ltd (WCO) and One Caribbean Me­dia Ltd (OCM), part­ly off­set by a de­cline in An­gos­tu­ra Hold­ings Ltd (AHL).

NIF’s in­vest­ment port­fo­lio grew from $7.48 bil­lion at De­cem­ber 31, 2025, to $7.84 bil­lion at Sep­tem­ber 30, 2026, an in­crease of $360.7 mil­lion.

In her re­view of the unau­dit­ed nine-month re­sults, chair­man Dr San­dra Sookram point­ed to the im­proved per­for­mance while stress­ing the com­pa­ny’s con­tin­ued fo­cus on fi­nan­cial sta­bil­i­ty, pru­dent man­age­ment and meet­ing its oblig­a­tions to bond­hold­ers.

The com­pa­ny’s un­der­ly­ing in­come per­for­mance al­so im­proved, with to­tal in­come ris­ing to $217.8 mil­lion from $213.9 mil­lion in the same pe­ri­od last year. Div­i­dend in­come re­mained rel­a­tive­ly sta­ble at $196.1 mil­lion, while in­ter­est in­come in­creased by 43 per cent to $18.8 mil­lion.

Be­fore un­re­alised fair val­ue ad­just­ments, NIF record­ed net in­come of $4.3 mil­lion, re­vers­ing a net loss of $1.6 mil­lion in the cor­re­spond­ing 2025 pe­ri­od. Net cash gen­er­at­ed from op­er­at­ing ac­tiv­i­ties amount­ed to $201.9 mil­lion.

The dis­tinc­tion is sig­nif­i­cant, as the $360.7 mil­lion port­fo­lio gain re­flects changes in the mar­ket val­ue of its in­vest­ments rather than cash re­ceived from those hold­ings.

At Sep­tem­ber 30, NIF’s to­tal as­sets stood at ap­prox­i­mate­ly $8.5 bil­lion, with fi­nan­cial as­sets ac­count­ing for most of the bal­ance sheet. Its as­set-to-debt cov­er­age ra­tio stood at 1.90:1, in­di­cat­ing that its as­sets pro­vid­ed 1.90 times cov­er­age of its out­stand­ing debt.

The com­pa­ny’s sink­ing fund al­so strength­ened, in­creas­ing to ap­prox­i­mate­ly $533.9 mil­lion from $372.9 mil­lion a year ear­li­er, an im­prove­ment of $161 mil­lion. The fund pro­vides re­sources to­wards meet­ing fu­ture debt re­pay­ment oblig­a­tions.

NIF’s port­fo­lio re­mains con­cen­trat­ed in RFHL, AHL, OCM, WCO and its whol­ly owned sub­sidiary, Trinidad Gen­er­a­tion Un­lim­it­ed (TGU). These in­vest­ments un­der­pin the com­pa­ny’s in­come gen­er­a­tion and its abil­i­ty to ser­vice its debt.

The com­pa­ny main­tained its record of meet­ing bond­hold­er com­mit­ments, mak­ing all coupon pay­ments due dur­ing the nine months in full and on time. These in­clud­ed pay­ments on Ju­ly 26 for Se­ries D bonds and Au­gust 10 for Se­ries B, C and NIF2 bonds.

Its Se­ries B, C and D bonds al­so re­tained their Cari­AA cred­it rat­ing, with a sta­ble out­look, pro­vid­ing an in­de­pen­dent as­sess­ment of the com­pa­ny’s ca­pac­i­ty to meet its fi­nan­cial oblig­a­tions.

Sookram reaf­firmed the board’s com­mit­ment to pru­dent man­age­ment of NIF’s re­sources, main­tain­ing ad­e­quate liq­uid­i­ty and pre­serv­ing its abil­i­ty to meet fu­ture oblig­a­tions.