Eurofer, the Italian railway workers’ pension scheme with €1.26bn in assets under management, has recorded positive performances for the three sub-funds in the first six months of this year, continuing on a recovery path started in Q1.
In H1 2023, the sub-fund Dinamico returned 6.33%, investing 60% of total assets in equities and 40% in bonds. The sub-fund returned 3.57% in Q1, the scheme said.
The sub-fund Bilanciato, investing 35% of the assets in equities and the remaining part in bonds, returned 3.69 in H1, up from 2.35% in March.
The Garantito sub-fund, investing mostly in bonds to achieve returns that are at least equal to those of the severance pay Trattamento di Fine Rapporto (TFR), returned 1.2% in H1, from 1.30% in the first quarter of this year.
The performances of the three sub-funds in the second quarter of 2023 continued on a positive path because inflation and the national consumer price index have experienced a decrease, the scheme said in a statement.
In Italy core inflation, meaning all items excluding energy and unprocessed food, was 5.2% in July, down from 5.6% in June, and the all-items index excluding energy was 5.5% last month, down from 5.8% in the previous month, according to the Italian National Institute of Statistics (ISTAT).
In July, the Italian harmonised index of consumer prices (HICP) decreased by 1.6% on a monthly basis, it added.
Last year, Eurofer decided to terminate earlier the mandates with UBS Fund Management (Luxembourg) to run the Bilanciato and the Dinamico sub-funds, and to start negotiations with Lazard Asset Management (Deutschland).
Amundi runs the Garantito sub-fund; the Bilancito is managed by AXA, Amundi, Blackrock, DWS, Eurizon and Lazard, and the Dinamico by Eurizon and Lazard, according to the scheme’s 2022 financial statement.
Read the digital edition of IPE’s latest magazine
No comments yet