Returns and LTV
|wdt_ID||Ordenacion||Etiqueta||Etiqueta Grafica||Rentabilidad||IPC *||Diferencia|
|1||1||Anual historica (desde 20/12/2000)||hª||3,74||2,30||1,44|
|2||2||Anual acumulativa de los últimos 15 años||15a.||5,00||1,80||3,20|
|3||3||Anual acumulativa de los últimos 10 años||10a.||4,06||1,90||2,17|
|4||4||Anual acumulativa de los últimos 5 años||5a.||4,40||3,10||1,32|
|5||5||Anual acumulativa de los últimos 3 años||3a.||3,80||5,40||-1,59|
|6||6||Anual acumulativa des los últimos doce meses||12m.||0,36||3,50||-3,14|
|7||7||A fecha 31/10/2023||hasta la fecha 2023||1,36||3,60||-2,19|
* (CPI nov 2021)
Investment policy statement
The PensionsCaixa 30 Statement of Investment Policy Principles (DPPI) has been drawn up in accordance with the current regulations on Pension Plans and Funds and with the intention of providing the greatest transparency possible in the investment decisions affecting the assets of our Fund.
In order to achieve the previous objectives, this document is structured in the following sections:
- Characteristics and objectives of the Fund
- Investment Beliefs
- Management terms and responsibilities
- Objective of the management to be carried out by the Management Entity
- Aspects of ethical investment criteria
- Risk measurement methods
- Risk control management processes
- Oversight and monitoring of the investment policy document
- Validity of this declaration
In October 2016, the Caixa Control Committee of Pensions 30, F.P. (PC30) established 7 investment beliefs with a dual objective:
- To guide the investment process of the Pension Fund.
- Enable effective decision-making by all the agents involved in the project (Control Committee, Sub-Committees, Management Entity and Consultants).
In addition, this document includes the sub-beliefs that served as the basis for the definition of each of the beliefs and that allow for a more concrete vision of the objective pursued with each of them.
Good government and decision making
A high level government and effective decision making leads to better results.
- It is important that the mission and objectives of the Plan and the Fund are clearly defined and understood.
- It is important that the roles and responsibilities of the Monitoring Committee, the Sub-Committees and those of the Management Entity are clearly defined.
- Better communication between the Supervisory Board and the members and beneficiaries will enable them to make better decisions in their retirement planning.
The investment strategy is the main source of return and risk generation for the Pension Fund.
- There is a close relationship between the return and the risk of an investment.
- Risk will only be taken when it is adequately rewarded in the portfolio as a whole.
- Adequate diversification improves the Fund’s risk/return ratio.
- The Monitoring Committee will pay particular attention to the nature and likelihood of the occurrence of extreme events.
Pension Fund Management
The active and tactical management of the Pension Fund will be an additional source of profitability and risk.
- In financial markets that are less efficient, we will seek value through active management.
- The use of tactical management is a competitive advantage for the Fund.
Investment decisions will be consistent with the Fund’s long-term time horizon.
- Long-term investors have a competitive advantage over short-term investors.
Cost management should provide value to the Pension Fund.
- Costs will be managed efficiently.
- Costs will be considered in investment decisions.
Extra-financial factors will be considered in the investment process.
- Consideration of environmental, social and governance factors in investments is important in generating long-term returns.
- The exclusion of certain investments is acceptable.
- The Monitoring Committee, in coordination with the Management Entity, will be active in collaborative engagement activity and dialogue processes.
Monitoring and analysis of results
Regular monitoring and analysis of the performance of the Fund should focus on the achievement of all the objectives set.
- The monitoring of the performance of the Fund has to consider primarily the achievement of its own objectives and secondarily the performance of other Pension Funds.
- It is important to understand the Fund’s sources of return and risk.
- A robust monitoring framework includes quantitative and qualitative analysis.
Long-term Investment Policy Statement
Royal Decree 738/2020 of 6 August, establishes the need to complement the “Statement of Principles of the Pension Fund Investment Policy” with the development of a “Long-Term Investment Strategy” detailing how the investment strategy is consistent with the profile and duration of the pension fund’s liabilities, in particular its long-term liabilities, as well as how it contributes to medium and long-term performance.
of their assets.
This Article provides that the content of this statement is limited to shares of companies admitted to trading on a regulated market situated or operating in a Member State of the European Union.
Long-term investment objective
According to the “Statement of Principles of the Pension Fund’s Investment Policy” the investment objective of the Pension Fund is to achieve an annual return (measured on an annualised basis over 5-year periods) in line with the Euribor 3 months + 2.75% index with an associated risk level in the region of 10% (measured through annual volatility).
This investment objective should be understood exclusively as a reference point for action, and under no circumstances should it be interpreted as a collective or individual commitment of participants and beneficiaries, whose rights and future development will ultimately also depend on their particular characteristics.
This long-term investment objective has been established taking into account the characteristics of the target group by considering: the distribution of members based on age and vested rights, the prospective evolution of the group based on different scenarios, as well as the potential retirement coverage of members and beneficiaries.
These elements have been essential in determining the risk profile of the group and will be assessed periodically in the future (at least triennially or when relevant changes in the profile of the group occur) through a comprehensive analysis of the risk profile of the group.
Considering the above, the strategic asset allocation regulates the distribution of the Pension Fund’s assets in different asset classes in order to achieve the investment objective set within the defined risk budget.
Within this strategic asset allocation, the percentage of investment in equities of companies admitted to trading on a regulated market located or operating in a Member State of the European Union is established, and these investments are consistent with the profile and duration of the liabilities, mainly long-term. This allocation will contribute to the achievement of the Pension Fund’s investment objective with an expected annual return in line with the 3-month Euribor + 3-4% (measured over five-year periods on an annualised basis), for a maximum expected annual volatility in the region of 25%.
For each asset class, a reference index or benchmark is established that identifies the investment universe and the basic characteristics of each asset class.
The percentage of the portfolio allocated to equity investments where there will be exposure to shares of companies admitted to trading on a regulated market located or operating in a Member State of the European Union is reflected in the benchmark MSCI World ESG Universal Net Return USD – M1WOESU Index).
Performance measurement metrics
The strategic asset allocation and the indexes assigned to each asset class make it possible to assess the returns obtained and the performance of the Management Company, detecting any possible inadequacy or deviation of the portfolio with respect to the investment strategy defined.
In order to validate that the inclusion of shares of companies which are admitted to trading on a regulated market situated or operating in a Member State of the European Union helps to achieve the Fund’s long-term investment objectives, they will be assessed periodically:
- First, if the benchmarks that assess the performance of this asset class in the Fund’s Investment Policy exceed the 3-month Euribor + 2.75% (within the established risk budget) as a metric for measuring the achievement of the long-term European equity investment objective. This metric will help us to assess whether strategically the decision to include shares of companies that are admitted to trading on a regulated market located or operating in a Member State of the European Union helps to achieve the Fund’s long-term investment objectives.
- Secondly, whether the return achieved by that part of the portfolio beats the benchmark chosen for that part of the portfolio (as well as the necessary comparisons in terms of risk, such as annual volatility). This metric can be used to assess if the tactical management carried out by the Management Company either directly or indirectly helps to achieve the investment objective of the Pension Fund.
Given the long-term nature of the investment strategy, the monitoring and evaluation of results should be carried out on an ongoing basis, but with a 5-year horizon.
In addition, given the importance that the Audit Committee attaches to sustainability in the management of its investments, various ESG measures will be assessed for shares of companies admitted to trading on a regulated market located or operating in a Member State of the European Union.
This assessment shall be carried out, at least, by means of the following metrics:
- Measurement of the ESG rating of this part of the portfolio (without prejudice to extrapolation to other asset classes). This measurement will be compared with that of the benchmark in order to determine whether the selection made helps to improve this aspect.
- Measurement of the carbon footprint of this part of the portfolio (without prejudice to extrapolation to other asset classes). This measurement will be compared with that of the benchmark in order to determine whether the selection made helps to improve this aspect.
The metrics mentioned in this section are considered as key indicators for monitoring the achievement of the long-term objectives.
Additional information requirements
Royal Decree 738/2020 of 6 August, requires that where shares in companies admitted to trading on a regulated market that is located or operates in a Member State of the European Union are held through an asset manager, the following information must be published by the Management Company and the Control Committee:
- Consistency and alignment of objectives between the Asset Manager and the Pension Fund.
- The incentives defined with the Manager to align its interests with those of the Pension Fund, as well as its defined measurement and time horizon for its periodic evaluations.
- Turnover costs and their monitoring.
- The duration of the agreement with the asset manager.
- The manner in which the method and time horizon of the asset manager’s performance evaluation and its remuneration for these services are in accordance with the profile and duration of the pension fund’s liabilities, in particular long-term liabilities, and take into account the long-term absolute return.
This Declaration shall be public and shall remain in force indefinitely, but shall be reviewed annually.
Without prejudice to the foregoing, the Pension Fund Control Committee may review and, where appropriate, alter or amend this Declaration. The review shall be carried out, in any case, with the participation of the Management Company.