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Despite registering negative results so far in December, all pension funds would end the year with positive profitability, between 0.7 and 4.1%.
The riskiest funds have been impacted by the fall of the dollar, which remains around $ 712 and could remain at those levels in the medium term.
This 2020 the markets have been marked mainly by volatility, especially in the first months of the pandemic.
This hit pension funds hard, mainly in March, where drops of up to 22.9% were recorded. However, according to the consulting firm Ciedess, with quota values until December 27, in the accumulated annual the results are positive.
Between January and December this translates into returns of between 0.7% in fund A and 4.11% in fund E. However, the year is not over yet and the truth is that, in December, the results have been negative for all funds except the most conservative.
The falls have gone from 0.2% in D to 2.8% in A, due to fears of a second wave of infections and the appearance of new strains of the virus. Particularly in riskier funds, however, the return is also being punished by the exchange rate.
From November 30, the price of dollar has fallen more than $ 50, reaching levels that it had not seen since September 2019 around $ 710.
This is directly related to the expectations of global economic recovery and especially in China, which is also the main copper buyer that has had a bullish rally, remaining at its highest price in eight years, above 3 dollars and 5 cents a pound .
This point above all is the one that allows us to project that the dollar will remain lower next year, as explained by the manager of Income 4 studies, Guillermo Araya.
Despite fundamentals, economic growth and copper remain on the rise and with good expectationsOne of the risks that could change the scenario is internally, as explained by the market analyst at Alpari Research, César Valencia.
Beyond the results from January to December, if we analyze the total losses recorded during the biggest drop in world stock markets, between February 19 and March 24, the only funds that have not yet recovered the impacts of negative returns are A and B, although they have restored 86% and 95% of the effects of the crisis, respectively.
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