On December 15, 2025, the new investment strategy for Pensions Caixa 2, F.P. was approved, effective from February 1, 2026. This strategy was agreed upon by the Board of Trustees, VidaCaixa as the Managing Entity, and WTW as the investment advisor. The 2026 strategy adapts to an evolving economic environment, focusing on improving the expected return while managing portfolio risks.
The proposed changes preserve the same level of efficiency as the current strategy, maintaining the risk-adjusted return ratio. The expected return of the proposal over the next five years is 5.52%, a slight increase compared to 5.49% in the current strategy, while volatility remains in line with the established limit of 12%. As a result, the efficiency ratio stays stable at 0.45. The 2026 strategy therefore achieves a slight improvement in expected return while keeping the same overall risk profile.
To optimize performance and align the portfolio with current market conditions, several adjustments have been made to asset allocation. These changes aim to rebalance regional exposures, reduce concentration risk, and simplify the structure of certain asset classes. The main focuses of the proposed strategy for 2026 are as follows:
- Reduction of U.S. Country Risk, with increased European Equity Tilt: The strategy reduces the implicit exposure to the United States within Global Equities, addressing a possible concentration risk of the current portfolio, along with mitigating geopolitical risks. A new allocation to European Climate Equity (9%) is incorporated, strengthening the European bias and replacing the former Global Climate Equity allocation.
- Adjustments in Fixed Income: Traditional Euro Fixed Income is reinforced through increases to both Euro Public and Euro Private Credit. Exposure to U.S. Public Fixed Income is reduced.
- Refinement of Emerging Markets Exposure: The strategy maintains exposure to Emerging Market while improving efficiency through a more balanced 50/50 split between Hard Currency and Local Currency debt.
- Elimination of Hedge Funds: The Hedge Fund allocation is removed entirely, simplifying the alternatives bucket and contributing to the overall reduction in USD exposure.
- Reduction of Private Markets Weight: The strategic weight of Private Markets is adjusted from 10% to 8%, improving alignment with the Fund’s realistic level of illiquidity.
Additionally, the revised strategy maintains a simplified structure across asset classes and reduces sensitivity to USD exposure. The elimination of Hedge Funds shifts within Emerging Markets debt, and changes in Global versus European equity exposure together reduce USD exposure by over 12 percentage points. This enhances diversification and aligns the strategy more closely with long-term risk and return objectives.