Durrant Pate/Contributor

Sagicor Select Funds remain in the red for another half-year, with both funds recording losses.

The Sagicor Select Manufacturing & Distribution (SELECTMD) Funds’ total income fell from $227.31 million ($6 million-2024) to a loss of $64.66 million ($6 million-2025) based on its latest audited financial report, released earlier this week. This stems from a dip in fair value on financial assets, closing the period at a loss of $140.52 million ($6 million-2025). 

This continues a risk-off trend in market sentiment as investors seek higher returns through fixed-income options. Moreover, there was a year-over-year dip 1.84% dip in interest income, closing the period at $7.24 million. Despite this, dividend income saw a 53.29% year-over-year increase to close the period at J$68.61 million. 

Conversely, expenses remained flat, dipping by 0.83% to end the period at J$16.39 million. As such, net income fell to a loss of $81.06 million ($6 million-2025) from a profit of $210.7 million in the last comparable period. Total assets grew 10.69% year-over-year to close at $4.76 billion as at June 2025. 

This was largely driven by a 7.63% growth in the value Financial Assets held by the fund to $4.42 billion. Liabilities grew 20.34% year-over-year to close the period at $22.42 billion. Furthermore, Equity grew 10.64% to $4.74 billion year-over-year, driven by growth in retained earnings. 

The Manufacturing sector grew 1.7% in Q1 2025 after seeing two contractions of 4% and 0.5% in Q3 2024 and Q4 2024, respectively. This growth represents a recovery in overall economic growth following the fall-out of the hydrological events in the latter half of 2024.

Sagicor Select Financial Select Fund performance

Sagicor Select Financial Fund (SELECTF) recorded a net loss of $121.373 million for the six months ended June 30, 2025. The loss resulted from an unrealized loss on financial assets of $161.765 million, which was juxtaposed by a dividend income of $50.986 million. 

Total income closed on $108.91 million. Total expenses for the half-year amounted to $12.45 million, a decline compared to the $14.25 million recorded in the corresponding period of 2024. Management fees and legal & professional fees were the main cost items. 

Combined, both items accounted for 61% of total operating expenses. At the end of June 2025, the total assets were valued at J$2. billion. This was comprised of Financial Assets held by the fund, at a fair value of $2.77 billion (96.58%). 

The assets were financed by equity of $2.88 billion and liabilities of $23.30 million. The Finance & Insurance Services sub-industry, which SELECTF is heavily invested, continues to be one of the more resilient sectors of the Jamaican economy. 

For context, this industry grew 2.0% over the past five quarters. This is contextualized by higher interest income from commercial banks due to elevated interest rates. Moreover, this was supported by higher service charges and transaction fees.