OHA trustees hear Mixed Results in Native Hawaiian Trust Fund: strong year but weak final quarter

Ryan Lee, endowment director, presented the Native Hawaiian Trust Fund performance to the Office of Hawaiian Affairs (OHA) Board of Trustees, reviewing the quarters ending Sept. 30, 2024 and Dec. 31, 2024.

Lee said the trust produced a 4.5% return for the quarter ending Sept. 30, 2024, closing that quarter with a market value of $606,000,000 and a 12‑month return of about 19%. For the quarter ending Dec. 31, 2024, Lee reported a market value of $595,000,000 and a total return of negative 1.2% for that quarter. For the full calendar year 2024, he said the fund returned about 10.5% and the 10‑year annualized return is about 7.1%–7.3% depending on the exact measurement period.

Lee attributed the earlier quarter’s strength to broadly positive public‑market performance and said U.S. equities — particularly large-cap “mega cap” names — led returns in late 2024. He said private markets have lagged because valuations are reported on a…