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The pension multi-funds they are renting negative so far in the month of December, except one.
According to a report by the consulting firm Ciedess, prepared on the basis of data from the Superintendency of Pensions, so far in the last month of 2020 (with quota values as of the 27th) “Negative results are observed for all multifunds, except Type E”.
The riskiest funds, A and B, register losses of -2.84% and -2.10%, respectively; while C presents a variation of -1.18%.
Meanwhile, the most conservative funds obtain mixed results of -0.21% the D and 0.20% The e.
“The persistent uncertainty in the markets due to the advance of the second wave of the coronavirus in Europe, the expansion of a new strain of the virus in the United Kingdom, the first vaccination processes and the recent signing of a new fiscal stimulus plan in the United States to face the effects of covid-19, they have impacted the results of the multifunds so far in December ”, explained Ciedess.
What is happening?
The consulting firm explained that the monthly result of multifunds A, B and C is mainly affected by the return on investment in variable income instruments -both nationally and internationally- which is offset by the fall of the dollar.
On the other hand, the world index (MSCI World Index) registered an increase of 2.94%, while the Dow Jones and S&P 500 indices obtained positive results of 1.89% and 2.25%, respectively.
In turn, the indices of Europe (MSCI Europe) and Asia (MSCI EM Asia) show returns of 3.43% and 3.31% respectively, while the Emerging Markets index (MSCI EM) shows a variation of 4, 16%.
“Meanwhile, investment abroad is affected by the drop of -6.58% in the dollar, negatively impacting the riskiest funds,” added the consultancy.
At the local level, he argued, the IPSA registers a nominal increase of 2.49%, explained mainly “by the result of actions belonging to the services and natural resources sectors, in addition to the positive effect of the second withdrawal of funds.”
In contrast, the profitability of the more conservative funds D and E is mainly explained by the results of investments in local debt securities, as well as the performance of foreign fixed income instruments.
Annual results and recovery
According to Ciedess, despite the deep crisis generated by the coronavirus, so far in 2020 (until December 27) “There are positive results for all multifunds.”
The A and B register gains of 0.74% and 2.53% respectively; while C shows a variation of 3.56%.
For its part, the D income 3.49% and the E 4.11%.
“As a result of the crisis, the multi-funds registered falls of -28% for fund A, -23% for B, -17% for C, -12% for D and -6% for E in real terms. However, a large part of these losses, and even all of them, have been reversed “, Ciedess stressed in his report.
It should be noted that the lowest accumulated real return registered during the year was -22.95% for fund A, -18.99% for fund B, -15.16% for C, -11.95% for fund D and -6.01% for E.
“Given the increased volatility due to the pandemic, it is the riskiest funds that have taken the longest to recover of the falls suffered in March ”, concluded the consultant.
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