PreviAmbiente, the Italian pension fund for workers in the environmental hygiene and related sectors, is setting up a new equity sub-fund – comparto azionario – from 1 January.
The sub-fund will build up a diversified portfolio investing approximately 70% of assets in equities and 30% in bonds.
The comparto azionario sub-fund targets members investing over a period of more than 10 years and inclined to taking risks.
PreviAmbiente will give all members the opportunity to change sub-funds without charging a fee from 1 January. The scheme members will have time to switch sub-funds until 30 June next year.
PreviAmbiente caters for 102,178 members and 2,120 companies, and has assets under management of €1.16bn.
Inarcassa’s 2023 positive returns
Inarcassa, the pension fund for self-employed engineers and architects, is expecting positive returns of €646m in 2023, it said.
The pension fund is waiting for next year’s revenues from contribution revenues of €1.3bn. The number of members is expected to grow to 177,500 in 2023, from 176,800 in 2022.
Inarcassa’s assets under management amount to approximately €12.5bn at market value.
The pension fund has recorded a performance of -8% gross at market value, as of October, with bonds investments under pressure as a result of central banks’ tighter monetary policies.
In light of bonds’ higher yields this year, the board of directors has decided to increase its allocation to Italian government bonds, particularly inflation-linked bonds.
In order to take advantage of the hike in interest rates, and given the historic positive correlation between interest rates and the profitability of the banking sector, the board of directors has also decided to boost assets allocated directly through shareholdings in listed Italian banking institutions.
The pension fund is also increasingly diversifying its portfolio through illiquid asset classes to invest in small and medium-sized Italian companies with positive returns recorded so far in a difficult year, it said.
Enpav targets profits next year
The pension fund for vets, Enpav, expects an increase in profits by 9.53% year-on-year in 2023 to €5.34m.
Contributions are expected to grow by €15.69m, or 12.01% year-on-year, and benefits paid by 15.33% or €10.66m, resulting in a positive ratio between income and expenses of €5.03m.
Enpav forecasts €1.13bn in assets under management in 2023.
INPGI picks alternative investment funds
The board of directors of INPGI, the first-pillar pension scheme for journalists, has invested €100m in real estate and infrastructure via an alternative investment fund (FIA).
The pension fund received 135 applications during the tender process, split into four different types of investments: real estate, infrastructure, private equity, and private debt.
The high number of applications received led the scheme to focus only on selecting funds for real estate and infrastructure, while the tender for private equity and private debt funds will be completed in the coming months, it said.