N.B. This information is indicative of the risk of the fund and has been calculated on the basis of historical data. However, this historical data may not be a reliable indication of the fund's future risk profile. In addition, there are no guarantees that the category indicated will remain unchanged, and it may vary over time.
Receiving payment of the provision or exercising the right to repurchase is only possible in the event of one of the exceptional liquidity contingencies or suppositions provided for in the regulations governing pension plans and funds happening.
The value of the mobilisation rights, provisions and exceptional liquidity suppositions depends on the market value of the pension fund's assets and may result in major losses.
The investment vocation of the fund is defined as a Long-term Fixed-Income fund with a non-guaranteed target yield (INVERCO Category: Long-term Fixed Income)
The fund's investment objective is to obtain a specific value for each participation in a predetermined time horizon. The return obtained by the participant will depend on the net asset value subscribed by each share. The Fund's investment is managed seeking the maximum return within an appropriate distribution and compensation of risk.
The fund will invest 100% of its assets in public/private fixed-income securities (including money market instruments, listed or not, liquid assets and deposits), mainly from issuers/markets of the European Union, with maturity around 2024.
The fund manager seeks to obtain a return similar to direct investment in benchmark bonds (public/private fixed-income in euros from issuers/markets in the European Union, with maturity around 2024), less fees/expenses.
Deposit issues and entities will have, at the purchase date, at least an average credit rating (min. BBB-), and may invest up to 35% in lower credit rating (BB +, BB or BB-). Additionally, up to 5% of the total assets may be invested in issuers without credit ratings. Current accounts for the pension fund, in the Depository Institution, will not be subject to limits based on their credit rating. If ratings are downgraded, the assets may be maintained in the portfolio. The aforementioned credit ratings are those assigned by Standard & Poors or the equivalent by other Agencies. For unrated issues the issuer's rating will be taken. Thus, from the date of a rating downgrade, the fund may maintain all assets with a credit rating lower than the aforementioned and, in its absence, a pre-determination regarding the credit rating.
Over 70% of the assets may be invested in securities issued or guaranteed by a Member State of the European Union.
The assets will be mainly euro-denominated, and up to 30% may be invested in other currencies.
The Fund intends to operate with derivative financial instruments traded on organised markets for hedging strategies and investment purposes, in accordance with Article 71 of the Pension Regulation approved by Royal Decree 304/2004. Likewise, the fund intends to use, if necessary, derivative financial instruments not traded on organised derivatives markets for hedging strategies or for achieving a specific target return. This operation holds risks due to the possibility of an imperfect hedge, due to the type of leverage involved or the absence of a clearing house.
In addition, the Fund may invest in demand deposits according to the current regulation.
Given the long-term nature of pension funds, the composition of the fixed-income portfolio must present an adequate level of stability; therefore, the intention shall be to maintain the investment in the portfolio, even if this means being subject to a maturity date. However, operations aimed at taking advantage of circumstantial market movements shall also be allowed.
Date of Creation: 14/06/2012
Promoting Entity: Arquia Pensiones / Entidad Gestora de Fondos de Pensiones S.A.
Managing Entity: Arquia Pensiones
Depository: Arquia Banca / Arquia Bank S.A.
Auditor: KPMG Auditores, SL.
- Management/Assets: 0.40%
- Deposit/Assets: 0.10%
- Contribution: 0%
- Transfer: 0%