As of 2023-04-01:
The share of developed countries equities has been increased, reducing the share of emerging markets and hedging its exchange rate risk to limit the emerging markets risk. The less risky assets benchmark was broadened to include government, corporate, emerging markets, and high-yield corporate debt in order to increase diversification and yield.
The benchmark consists of a basket of risky assets (equities):
- 8,5% MSCI World Daily Net Total Return EUR Index
- 1,5% MSCI EM Daily Net Total Return EUR Index.
Less risky assets (debt securities):
- 27,0% Bloomberg Euro Aggregate Treasury Total Return Value Unhedged EUR Index
- 36,0% Bloomberg Euro Aggregate Corporate Total Return Value Unhedged EUR Index
- 18,0% Bloomberg EM USD Sov + Quasi-Sov Total Value Return Hedged EUR Index
- 9,0% Bloomberg Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2022-01-01 to 2023-03-31:
The share of risk assets and the fund’s volatility have been reduced, according to the life cycle principle, as participants are approaching retirement age.
The benchmark consisted of a basket of risky assets (equities):
- 7,0% MSCI World Daily Net Total Return Index
- 3,0% MSCI EM Daily Net Total Return Index.
Less risky assets (debt securities):
- 54,0% Bloomberg Barclays Euro Aggregate Bond Total Return Value Unhedged EUR Index
- 27,0% Bloomberg Barclays Emerging Markets USD Sovereign + Quasi Sovereign Total Return Value Unhedged EUR Index
- 9,0% Bloomberg Barclays Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2021-01-01 to 2021-12-31:
The share of risky assets and the fund's volatility have been reduced, according to the life cycle principle, as participants approach retirement age.
The benchmark consisted of a basket of risky assets (equities):
- 10,5% MSCI World Daily Net Total Return Index
- 4,5% MSCI EM Daily Net Total Return Index.
Less risky assets (debt securities):
- 51,0% Bloomberg Barclays Euro Aggregate Bond Total Return Value Unhedged EUR Index
- 25,5% Bloomberg Barclays Emerging Markets USD Sovereign + Quasi Sovereign Total Return Value Unhedged EUR Index
- 8,5% Bloomberg Barclays Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2020-01-01 to 2020-12-31:
The share of risky assets and the fund's volatility has been reduced, according to the life cycle principle, as participants approach retirement age.
The benchmark consisted of a basket of risky assets (equities):
- 14,0% MSCI World Daily Net Total Return Index
- 6,0% MSCI EM Daily Net Total Return Index.
Less risky assets (debt securities):
- 48,0% Bloomberg Barclays Euro Aggregate Bond Total Return Value Unhedged EUR Index
- 24,0% Bloomberg Barclays Emerging Markets USD Sovereign + Quasi Sovereign Total Return Value Unhedged EUR Index
- 8,0% Bloomberg Barclays Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2019-01-02 to 2019-12-31:
The benchmark consisted of a basket of risky assets (equities):
- 17,5% MSCI World Daily Net Total Return Index
- 7,5% MSCI EM Daily Net Total Return Index.
Less risky assets (debt securities):
- 45,0% Bloomberg Barclays Euro Aggregate Bond Total Return Value Unhedged EUR Index
- 22,5% Bloomberg Barclays Emerging Markets USD Sovereign + Quasi Sovereign Total Return Value Unhedged EUR Index
- 7,5% Bloomberg Barclays Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
