Fopdire – The pension fund for management staff of oil and gas company ENI has recorded positive results for all its investment options last year. The performance of its garantito assicurativo fund stood at 1.71%, 11.28% for the last five years. Its bilanciato (balanced) fund recorded a positive performance of 3.44% in 2020, with a 13.52% for the past five years. Fopdire’s dinamico fund hit 5.20% last year, reacing a 21.70% figure for the last five years.
On average annually, for the last five years, the garantito recorded returns of 2.16%, the bilanciato 2.57% and the dinamico 4.01%. The severance pay for employees – trattamento di fine rapporto – returned 1.25% in 2020, 8.07% in the last five years and 1.57% on average annually in the last five years.
The fund’s total assets stood at €493.4m at the end of 2020, with 1,540 members.
Previmoda – The pension scheme for the fashion and textile sector has seen its total assets increase to €1.44bn in 2020, compared to €1.32bn in 2019. Its investment option rubino azionario pulled positive returns of 5.98%, while the smeraldo bilanciato recorded 4.29%, and the garantito -0.25%.
The smeraldo bilanciato and the rubino azionario options recovered from the downturn in February and March last year at the peak of the pandemic, and closed 2020 with positive returns. The garantito, which invests mainly in short-term government bonds and liquidity, managed to contain losses during the pandemic but, unlike the other two options which hold a higher share of equities, benefitted only partially from the recovery of public markets.
Foncer – Returns for the bilanciato investment option for the pension scheme for the ceramic industry achieved returns of 2.41% at the end of last year. The performance of its dinamico option stood at 5.72% and that of its garantito fund – which holds mainly “conservative investments” – at 0.15%.
Previp – The Milan-based multi-employer defined contribution pension fund saw its total return investment option exceed its return target of 1.50% to record a positive net result of 1.99% in 2020. The options linea bilanciata and bilanciata azionaria ended last year with results below their benchmarks at 2.13% and 1.76%, respectively.
The underperformance was the result of an “overly prudent investment strategy” of one of the scheme’s asset managers conducted in the first recovery phase between April and August, Previp said. The fund’s board of directors considered the prudent approach “inadequate to the market situation”. It subsequently mandated Anima Sgr to manage the assets of the options. Anima was able to achieve results in line with market developments, it said.
The linea assicurativa option hit returns of 1.95% – it recorded a positive performace in the first nine months of 2020 at 1.46%, while the other three options recorded losses in the first three quarters of the year to finally recover in Q4.
Previp has decided this year to up efforts to monitor trends and risk factors to be able to quickly identify negative impacts of markets on its investment options and to react quickly.
Fondapi – The pension fund for small and medium companies has recorded all-time-high returns for its sub-funds crescita, prudente and garanzia. The crescita sub-fund reached 3.88% returns, prudente 4.39% and garanzia 1.64%. The severance pay for employees – trattamento di fine rapport (TFR) – recorded positive returns of 1.50% at the end of last year. In the last five years, the crescita sub-fund hit positive returns of 24.94%, the prudente 19.56% and the garanzia 6.30%. TFR’s performance stood at 9.79% for the same period.
Eurofer – The pension scheme for railway workers returned positive results in 2020 after suffering a 10% loss in the first months of last year due to the pandemic. Its garantito sub-fund recorded 1.31% returns, the bilanciato 3.39% and the dinamico 6.25%. Eurofer published information on investment trends periodically during the hardest months of the pandemic – it advised its members not to act impulsively and request a change of sub-funds.
Inarcassa – The pension fund for self-employed engineers and architects has continued the process of realigning its new asset allocation strategy with investments in Italian government bonds and in ESG bonds. The board of directors confirmed the tactical reduction in equity holdings, within the limits of its asset allocation strategy, through appropriate listed instruments to hedge risk in view of uncertainties regarding the pandemic and the domestic political situation. The fund exceeded €12bn in total assets at the end of January, thanks to contributions and the stability of financial markets during these first weeks of the year.