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Consequent Capital Management briefs OHA trustees on market risks to Native Hawaiian Trust Fund
Summary
A Consequent Capital Management consultant told the OHA investments committee that recent market volatility, driven by quarterly losses and tariff announcements, underlines the need to follow policy, maintain long‑term allocations to private markets, and consider risk‑mitigating diversifying strategies.
At the April 2, 2025 meeting of the Office of Hawaiian Affairs Committee on Investments and Land Management, Vijay Chatterjee of Consequent Capital Management briefed trustees on current market conditions and implications for the Native Hawaiian Trust Fund.
Chatterjee told trustees the first quarter of 2025 was ‘‘one of the worst quarters since 2022,’’ noting the S&P 500 was ‘‘down about 4.5%’’ and that U.S. stocks underperformed global stocks by nearly 9% in the period. He said markets were reacting to a mix of policy uncertainty, interest‑rate considerations and trade actions announced that day; in his remarks he summarized reported tariff figures he had seen as "about 10% across the board," with European tariffs around 20% and China as high as 34% pending final details.
Chatterjee framed the fund as a benchmark,…
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