Comportamiento de diferentes instrumentos de inversión a septiembre de 2022

The profitability data of different investment instruments at the end of the third quarter of 2022 have been made public, which allows us to benchmark the results of PC30.

Employment Pension Plans continue to be the long-term investment instrument that performs best in all the periods studied, although the perfect storm of falls in both Equities and Fixed Income is reflected in their negative short-term profitability. The long-term focus and the illiquid nature of the pension funds is precisely two of its main strengths.

We continue in a complicated macroeconomic environment: central banks continue to prioritize controlling inflation despite the risk of recession, which the markets consider increasingly likely. Geopolitical uncertainty remains due to the Russia-Ukraine conflict and the energy crisis. To which is added the new China with Xi Jinping shielding his power.

Although interest rates (Euribor 3m, the index on which the 5-year investment objective is calculated), are beginning to reflect this new situation, they have not yet fully done so, so the PC30 continues to largely meet its objective of investment. Inflation and the fall in risk assets are punishing purchasing power in the short term, although real returns, after inflation, have remained positive since year 3.