As of 2025-06-01:
Developed marked and emerging market equity indices were aggregated to one index: MSCI ACWI Net Total Return EUR to simplify benchmark structure and overall equity proportion slightly increased. Less risky asset indexes were adjusted to optimise expected return and risk characteristics for pension fund participants.
The benchmark consists of a basket of risky assets (equities):
- 97,0% MSCI ACWI Net Total Return EUR Index,
and less risky assets (debt securities):
- 1,0% Bloomberg Euro Aggregate Treasury Total Return Value Unhedged EUR Index,
- 2,0% Bloomberg Euro Aggregate Corporate Total Return Value Unhedged EUR Index,
From 2023-04-01 to 2025-05-31:
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 market 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 yields.
The benchmark consists of a basket of risky assets (equities):
- 76.5 % MSCI World Daily Net Total Return EUR Index
- 13,5 % MSCI EM Daily Net Total Return EUR Index.
Less risky assets (debt securities):
- 3,0 % Bloomberg Euro Aggregate Treasury Total Return Value Unhedged EUR Index
- 4,0 % Bloomberg Euro-Aggregate Corporate Total Return Value Unhedged EUR Index
- 2,0 % Bloomberg EM USD Sov + Quasi-Sov Total Return Value Hedged EUR Index
- 1.0 % Bloomberg Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
From 2019-01-02 to 2023-03-31:
The benchmark consisted of a basket of risky assets (equities):
- 63 % MSCI World Daily Net Total Return Index
- 27 % MSCI EM Daily Net Total Return Index.
Less risky assets (debt securities):
- 6 % Bloomberg Barclays Euro Aggregate Bond Total Return Value Unhedged EUR Index
- 3 % Bloomberg Barclays Emerging Markets USD Sovereign + Quasi Sovereign Total Return Value Unhedged EUR Index
- 1 % Bloomberg Barclays Liquidity Screened Euro High Yield Bond Total Return Value Unhedged EUR Index.
