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Allocation of the reserve

On the 31 December 2019, the overall reserve of the general pension insurance scheme amounted to 22.18 billion euros of which 21.31 billion euros were under the management of the FDC while the balance of 872 million euros was administered by the National Pension Insurance Fund.

Asset allocation

Among the 21.31 billion euros under management at the FDC, 19.98 billion euros were invested through the SICAV and the remaining 1.33 billion euros were managed in-house by the FDC.

 

FDC asset allocation as of 31 December 2019

Asset class

SICAV (€)

Off-SICAV (€)

Total (€)

Total (%)

Equities

9.271.706.063

14.897.143

9.286.603.206

43,57

Bonds

9.826.398.409

/

9.826.398.409

46,11

Liquidities

175.170.818

25.000.000

200.170.818

0,94

Real estate

710.326.622

402.788.550

1.113.115.172

5,22

Loans

/

114.969.363

114.969.363

0,54

Cash and accrued interests

/

172.236.066

172.236.066

0,81

Credit/debit balance [1]

/

599.044.560

599.044.560

2,81

Total

19.983.601.912

1.328.935.682

21.312.537.594

100

[1] This balance represents mainly outstanding contributions not yet available for investment.

SICAV asset allocation as of 31 December 2019

Asset class

Total (€)

Total (%)

Management style

Equities

9.271.706.063

46,40

 

   Global Equities

   7.150.467.987

   35,79

 

         FDC SICAV Global Equities – Active 1

         817.257.017

 

Active

          FDC SICAV Global Equities – Active 2

         992.688.979

 

Active

          FDC SICAV Global Equities – Active 3

         1.008.137.806

 

Active

         FDC SICAV Global Equities – Indexed

      2.106.219.848

 

Indexed

         FDC SICAV Global Equities – Indexed 2

 1.993.666.584

 

Indexed

         FDC SICAV Global Equities Sustainable Impact – Active 1

 232.497.753

 

Active

  Emerging Markets Equities

   1.261.392.497

    6,31

 

        FDC SICAV EMMA Equities – Active 1

         503.989.419

 

Active

        FDC SICAV EMMA Equities – Indexed

         757.403.078

 

Indexed

   Global Small Cap Equities

     859.845.579

    4,30

 

        FDC SICAV global small cap equities – Active 1

        415.582.753

 

Active

        FDC SICAV global small cap equities – Indexed

        444.262.826

 

Indexed

Bonds

9.826.398.409

49,17

 

   EUR denominated bonds

   4.743.732.220

   23,74

 

         FDC SICAV EUR bonds – Active 1

         908.166.605

 

Active

         FDC SICAV EUR bonds – Active 2

         898.055.463

 

Active

         FDC SICAV EUR bonds – Active 3

         932.401.935

 

Active

         FDC SICAV EUR bonds – Indexed

         1.901.518.290

 

Indexed

         FDC SICAV EUR green bonds – Active 1

         103.589.927

 

Active

   Global Bonds (hedged)

   4.500.959.753

   22,52

 

         FDC SICAV global bonds (hedged) – Active 1

         732.502.111

 

Active

         FDC SICAV global bonds (hedged) – Active 2

         747.850.843

 

Active

         FDC SICAV global bonds (hedged) – Active 3

         786.534.951

 

Active

         FDC SICAV global bonds (hedged) – Indexed

      2.234.071.848

 

Indexed

    Emerging Markets Bonds

     581.706.436

    2,91

 

        FDC SICAV EMMA bonds – Active 1

        289.069.562

 

Active

        FDC SICAV EMMA bonds – Indexed

        292.636.874

 

Indexed

Liquidities

  175.170.818

 0,88

 

   EUR denominated liquidities

     175.170.818

    0,88

 

         FDC SICAV EUR liquidities – Active 1

        175.170.818

 

Active

Real Estate

  710.326.622

 3,55

 

   Global Real Estate

        710.326.622

    3,55

 

         FDC SICAV global real estate – Active 1

        310.463.841

 

Active

         FDC SICAV global real estate – Active 2

        399.862.781

 

Active

Total

19.983.601.912

100

 

Deviations from the investment strategy

At this same date and in comparison with the strategic quotas, the quotas of the assets under management of the FDC showed an overweight at the equities level. On the other hand,the strategic quotas at the real estate and bond level have not been fully reached.

FDC asset allocation and deviations as of 31 December 2019

Asset class

Total (€) [2]

Total (%)

Strategic quota (%) [3]

Deviation (%)

Equities

9.286.603.206

44,83

40,00

4,83

Bonds (loans included)

9.941.367.772

48,00

50,50

-2,50

Liquidities (cash and accrued interests included)

372.406.884

1,80

1,00

0,80

Real estate

1.113.115.172

5,37

8,50

-3,13

Total

20.713.493.034

100

100

 

[2] Excluding the credit/debit balance which is not taken into account at the investment strategy level.

[3] Strategic quotas as defined in FDC's revised investment strategy of 2017.