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At the moment, March is being a bad month for multi-funds pension: everyone is getting negative results, especially the most conservative and Type C, marked by the uncertainty of the coronavirus.
So far this month (quota values on the 24th) the riskiest funds, A and B, register losses of -0.59% and -0.66%, respectively; while the background C, of moderate risk, presents a variation of -1.15%.
According to a report by the consulting firm Ciedess, the most conservative funds obtain negative results from -1.24% for D and -1.24% for E.
In parallel, so far in 2021 (January to March), there are mixed results for multi-funds.
In detail, the funds A and B register gains of 2.81% and 2.36%, respectively; while the background C presents a variation of -0.31%.
Also, so far this year the more conservative funds obtain negative results, with -2.11% for D and -2.40% for E.
The reasons
Ciedess explained that the monthly result (March) of multifunds A and B was mainly affected by the return on investment in equity instruments, especially the decline in Asian markets.
“Markets have been affected by the persistent uncertainty regarding the pandemic. In the first half of the month, the advances in vaccination processes, the approval of the economic stimulus plan in the United States and the expectations of lower growth in China stand out; while the last days have been marked by the extension of quarantines and the impact of new strains of the virus “commented the consultant.
The document added that so far in March, the world index (MSCI World Index) registered an increase of 1.48%, while the Dow Jones and S&P 500 indices obtained positive results of 4.81% and 2.05% , respectively.
“Meanwhile, the indices for Europe (MSCI Europe) and Asia (MSCI EM Asia) show mixed results of 1.94% and -4.10%, respectively; while the Emerging Markets Index (MSCI EM) presents a variation of -3.05% ”, added the report.
Investment abroad has also been affected by the rise of 1.78% in the dollar, positively impacting riskier funds.
At the local level, the herself registers a nominal increase of 5.88%, due to the result of actions belonging to the services and natural resources sectors.
Finally, Ciedess explained that the returns of funds C, D and E have had an impact on the results of the investments in local debt securities, as well as the performance of foreign fixed income instruments.
“There was a rise in interest rates on national fixed income instruments, negatively impacting conservative funds through capital losses. Also, there is an increase in interest rates ”, he pointed out.
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