Spain's third pillar funds shaky for 2000
Spain’s third pillar individual pension plans slumped to negative performance figures for 2000, according to Inverco – the Spanish pension funds association.
On average the private plans returned -1.85% for the year, says Inverco, which gives the figures for 376 of the funds – around 77% of the whole individual system.
Only fixed-income funds gave any credible performance over the year, averaging 3.83% for 2000, whilst straight equity funds limped home with a -10.6% average.
Mixed fixed-income funds (Renta fija mixta) with an allowance of up to 15% equities just broke the positive barrier registering 0.65%, while mixed equity funds (Renta variable) where shares can represent between 30% and 75% returned an average of 4.97%.
The individual funds measured by Inverco represent Pts3trn (e18bn) in assets and cover 3.2m individual members.