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In April, the pension multifunds reversed the losses accumulated between January and March by more than 40%, after all of them registered positive results in this fourth month of the year.
According to the Performance Bulletin prepared by Ciedess, based on data from the Superintendency of Pensions, the riskiest funds, Type A and B, registered positive results of 8.61% and 7.86% respectively, while the moderate risk, Type C, registered an increase of 7.5%. For their part, the more conservative funds obtained gains of 6.87% for Type D and 5.06% for Type E.
These monthly results are the best recorded since the creation of the multifunds in the case of funds B, C, D and E, while for fund A it is the third highest result (after the two-month rebound after the subprime crisis, when in April and May 2009 this fund registered earnings of 9.01% and 9.5% respectively).
According to Ciedess, the monthly result of the A, B and C multifunds is explained mainly by the return on investment in equity instruments, both nationally and internationally. Although investments continue to be strongly influenced by the growth of the coronavirus worldwide, this month there is a rebound due to the rebound effect of some markets, the application of fiscal policies to contain the crisis and the slowdown in the number of infected people.
The world index (MSCI World Index) registered an increase of 10.80%, while the Dow Jones and S&P 500 indices obtained positive results of 11.08% and 12.68% respectively. In turn, the Europe (MSCI Europe) and Asia (MSCI EM Asia) indices posted gains of 5.66% and 9.12% respectively, while the Emerging Markets Index (MSCI EM) rose 9%.
On the other hand, investment abroad was affected by the 1.14% decrease in the dollar, negatively impacting the riskiest funds.
At the local level, the IPSA registered a nominal increase of 14.05%, mainly explained by the result of actions belonging to the services and electricity sectors.
The profitability of D and E funds is mainly explained by the results of investments in local debt securities, as well as the performance of foreign fixed income instruments. In this regard, a decrease in the interest rates of national fixed income instruments was observed, positively impacting conservative funds through capital gains.
This occurs after the Central Bank lowered the rate to its historical low (as in the subprime crisis), projecting that it will remain at these levels in the medium term.
So far in 2020, from January to April, negative results have been recorded for all multifunds, except for Type E. The riskiest funds, Types A and B, accumulated falls of 9.87% and 7.48% respectively, while The moderate risk fund, Type C, posted a 5.02% drop.
For their part, the more conservative funds had mixed results, with a drop of 3.43% for Type D and a slight rise of 0.003% for Type E.
Comparing with the results accumulated as of March 31, it is recorded that a large part of the losses for the year, and even their entirety, have been reversed after the returns of April (recovery of 42% of the accumulated losses until March for fund A , 47% for B, 57% for C, 64% for D and 100% for E).
However, considering the profitability results for the January-April period of each year, those of 2020 correspond to the worst start of the year for all multifunds since their origins.
When analyzing the last 12 months, mixed results are seen for the multifunds. The Type A and B funds recorded losses of -2.03% and -0.73% respectively, while Type C presented a variation of 2.67%. For their part, funds D and E recorded gains of 3.58% and 4.97%, respectively.
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