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According to a profitability bulletin prepared by the consulting firm Ciedess, so far in September all the pension multifunds have rented negatively.
This stems from the uncertainty in the markets regarding the coronavirus, by the regrowths and new confinements.
So far this month (with quota values until September 27), the riskiest funds, A and B, register losses of -3.48% and -3.37% respectively; Meanwhile he Fund C, presents a variation of -3.22%.
Meanwhile, the most conservative funds obtain negative results of -3.25% for Type D and -2.36% for Type E.
What happened?
According to Ciedess’s monthly bulletin, based on data from the Superintendency of Pensions (SP), the downward performance of multifunds A, B and C in September was mainly due to the poor returns on investments in equity instruments, both nationally and internationally.
In particular, the markets have been affected “by the uncertainty regarding the pandemic, by the outbreaks and new closings,” the report detailed.
Given the greater volatility due to the pandemic, it is the riskiest funds that have taken the longest to recover of the falls suffered in March.
Meanwhile, the world index (MSCI World Index) registered a fall of -5.24%, while the indexes Dow Jones and S&P 500 obtain negative results of -4.42% and -5.77%, respectively.
In turn, the indices for Europe (MSCI Europe) and Asia (MSCI EM Asia) show returns of -5.67% and -3.65% each, while the Emerging Markets Index (MSCI EM) shows a variation of -3.85%.
Likewise, “investment abroad was affected by the rise of 1.04% in the dollar, positively impacting the riskier funds,” added Ciedess.
At the local level, IPSA registers a nominal drop of -4.73%, mainly explained by the result of actions belonging to the services and natural resources sectors.
Meanwhile, the Ciedess report explains that the profitability of funds D and E was mainly impacted by the results of investments in local debt securities, as well as by the performance of foreign fixed income instruments.
“In this regard, a rise in interest rates on national fixed income instruments, negatively impacting conservative funds through capital losses. Part of this increase in rates is due to the proposal of a new withdrawal of funds, “said the consultant in its report.
Profitability so far in 2020
According to Ciedess, between January and September 2020, the pension multifunds scored mixed results.
“While A and B registered losses of -4.20% and -1.78%, respectively; the C posted a gain of 0.57%. Meanwhile, D and E obtained positive results of 1.72% and 3.61%, respectively ”, detailed the bulletin prepared by the consulting firm.
Taking as a reference the beginning of this crisis (February 19, 2020), the multifunds registered falls of -28% for fund A, -23% for fund B, -17% for C, -12% for D and -6% for E in real terms.
However, the report added, “Much of these losses, and even all of them in the case of funds D and E, have reversed after the returns in April, May, June and August.”
It should be noted that the lowest accumulated real profitability recorded during the year was -22.95% for fund A, -18.99% for fund B, -15.16% for C, -11.95% for D and -6.01% for E.
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