Investment mandate
Pensions Caixa 2, as part of its motivation to make the Pension Plan a highly capable vehicle to meet the objectives of its members, increasingly seeks the best possible governance of the fund, as well as optimal results, obtained through the management company Vidacaixa. In this regard, the review of the strategy carried out in December 2020, with a view to updating the investment mandate for 2021, defined new strategic positions in the different asset classes included in the mandate and sought a more sustainable strategy, including new ESG benchmarks.
| wdt_ID | Clase de activo | Banda mínima | Banda máxima | Peso estratégico |
|---|---|---|---|---|
| 1 | Renta variable temática global | 20,00 | 60,00 | 40,00 |
| 2 | Renta variable países emergentes | 3,00 | 11,00 | 7,00 |
| 3 | Total renta variable (RV) | 25,00 | 70,00 | 47,00 |
| 4 | Tesorería | 1,00 | 7,00 | 4,00 |
| 5 | Tesorería | 1,00 | 7,00 | 4,00 |
| 6 | Deuda pública zona euro | 1,00 | 7,00 | 4,00 |
| 7 | Deuda pública zona no euro | 3,00 | 12,00 | 6,00 |
| 8 | Deuda pública vinc. inflación | 2,00 | 8,00 | 5,00 |
| 9 | Renta fija privada zona euro | 2,00 | 6,00 | 3,50 |
| 10 | Renta fija privada zona no euro | 2,00 | 6,00 | 3,50 |
| 11 | Renta fija países emergentes | 1,00 | 7,00 | 6,00 |
| 12 | Renta fija privada High Yield | 1,00 | 3,00 | 2,00 |
| 13 | ABS (incl. Titul. y Diversif.) | 1,00 | 5,00 | 3,00 |
| 14 | Reaseguros | 1,00 | 5,00 | 3,00 |
| 15 | Préstamos | 1,00 | 5,00 | 3,00 |
| 16 | Total renta fija (RF) | 20,00 | 60,00 | 39,00 |
| 18 | Capital Riesgo | 2,00 | 8,00 | 6,50 |
| 19 | Otros Activos Reales | 0,00 | 3,00 | 1,50 |
| 20 | Inmobiliarios (REITs) | 0,00 | 4,00 | 2,00 |
| 21 | Total alternativos (ALT) | 3,00 | 15,00 | 10,00 |
| 22 | Total Activos | 0,00 | 0,00 | 100,00 |
| wdt_ID | Exposición Divisa | Min. | Central | Max. |
|---|---|---|---|---|
| 1 | EURUSD | 20,70% | 23,60% | 26,60% |
Mandate 2021
Variation with respect to 2020 and implementation bands
| Clase de activo | Banda Central | Banda | |||
| 2020 | 2021 | Var. | Inferior | Superior | |
| Tesorería | 6% | 4% | -2% | 1% | 7% |
| Renta Fija | 39% | 38% | -1% | 20% | 60% |
| Renta Variable | 40% | 47% | 7% | 25% | 70% |
| Alternativos | 15% | 11% | -4% | 3% | 15% |
Table 3: Evolution of asset allocation in the PC2 strategy over the last few years, as well as allocation to ESG indices
Returns and LTV
As of June 30, 2021, the Fund’s most recent performance data is as follows:
| wdt_ID | fecha | Rentabilidad | IPC * | Diferencia |
|---|---|---|---|---|
| 3 | Anual histórica (desde 20/12/1989) | 6,47 | 2,72 | 3,75 |
| 5 | Anual acumulativa de los últimos 25 años | 4,63 | 2,11 | 2,51 |
| 6 | Anual acumulativa de los últimos 15 años | 4,48 | 1,66 | 2,82 |
| 7 | Anual acumulativa de los últimos 10 años | 5,97 | 1,33 | 4,63 |
| 8 | Anual acumulativa de los últimos 5 años | 5,58 | 1,77 | 3,81 |
| 9 | Anual acumulativa de los últimos 3 años | 8,54 | 2,51 | 6,04 |
| 10 | Acumulada de los últimos doce meses | 10,25 | 6,03 | 4,23 |
| 11 | A fecha 31/01/2022 | -3,19 | -0,50 | -2,69 |
* Data from the last CPI published (June 2021)
When compared to the pensions funds in the Spanish market, the results are highly favorable relative to their peers:
| wdt_ID | Áreas de inversión | a 30 años | a 25 años | a 20 años | a 15 años | a 10 años | a 5 años | a 3 años | a 1 años |
|---|---|---|---|---|---|---|---|---|---|
| 3 | Fondos de Pensiones Asociados | 3,51 | 2,33 | 2,30 | 2,94 | 2,39 | 2,45 | 8,17 | |
| 4 | Top20 F.P.Asociados (ex CaixaBank) | 3,57 | 2,74 | 2,68 | 3,33 | 2,53 | 2,61 | 7,63 | |
| 5 | Fondos de Pensiones de Empleo | 4,02 | 2,84 | 2,83 | 3,37 | 2,66 | 2,81 | 8,79 | |
| 6 | Fondos de Pensiones Individuales | 2,71 | 1,81 | 1,68 | 1,96 | 1,15 | 1,22 | 5,29 | |
| 18 | Fondos de Inversión | 2,46 | 1,83 | 1,64 | 1,65 | 1,08 | 1,23 | 5,89 | |
| 19 | IPC | 2,50 | 2,03 | 1,88 | 1,40 | 0,99 | 1,29 | 0,92 | 2,70 |
| 20 | Pensions Caixa2 | 6,14 | 5,14 | 4,35 | 4,72 | 5,93 | 6,04 | 7,38 | 16,93 |
Investment portfolio
Below you will find the Fund’s asset allocation, following the defined investment mandate, as of 06/30/2021: