THE $6 billion Clico Investment Fund suffered a slight decline in the value of its total assets since last year and had a sharp reversal in the fate of its investment securities which lost $38 million, according to the report of the independent auditor (Ernst and Young, EY) on the financial statements for calender 2022.
Under statement of financial position, the report said that from 2021 to 2022 the funds assets fell slightly by $20 million from $6.374 billion to $6.354 billion. While cash and cash equivalents rose by about $20 million from $142 million to $161 million, the value of investment securities fell by about $40 million from $6.227 billion to $6.187 billion.
Under statement of comprehensive income, the report said the total comprehensive income drastically fell from $390 million to $133 million. The biggest contributor to this reduction was a reversal in the performance of the investment securities which in 2021 had seen a gain of $203 million, but by 2022 made a loss of $38 million. Further, the fund's position was also eroded by an increase in fees and expenses, from $2.8 million in 2021 to $38 million in 2022.
Under statement of change in equity, the report said the fund's equity rose and then fell slightly, moving from $6.127 billion on January 1, 2021, to $6.367 billion on December 31, 2021, to $6.311 billion in December 2022. Each equity amount had included $5.1 billion in the capital account, as then variously adjusted each year by respective increases in net income and reductions due to distributions.