Five signature pension plans and one sustainable are the retirement products that show the best performance in the last 12 months.
Since last November the markets have subscribed to volatility and, for the most part, to declines. The change of cycle in the monetary policies of the central banks and the Russian invasion of the Ukraine have caused a strong punishment to the prices of both equities and fixed income.
Pension plans have not been able to escape the collapse of many contributions and in the last twelve months, four out of five of these retirement savings products have accumulated losses. The situation is especially negative in fixed income plans, both short and long term. Of these two categories, only one plan has managed to settle the last year positively, with minimal profitability.
There are half a dozen plans, however, that have not only obtained positive results, but also accumulate returns of over 10%. Five are “author” pension plans from independent managers and the other is a sustainable product from a bank.
The most profitable pension plan in the last 12 months is the Azvalor Global Value, managed by Álvaro Guzmán and Fernando Bernad, with a revaluation of 58.81%. Launched in 2016, it is a global equity product with a ‘value’ philosophy, which seeks good companies at a price below their intrinsic value and with a long-term vision.
At the end of the first quarter, its portfolio was made up of 91.65% shares and 8.35% cash. Its main bets are US coal mining and processing company Arch Resources; the Australian Whitehaven Coal, also dedicated to coal; the US corporation NOV (National Oilwell Varco) and the Canadian mining companies Barrick Gold and New Gold. With a slightly lower weight, it also invests in PrairieSky Royalty, Tullow Oil, Endeavor Mining, Consol and Gold Fields.
The Cobas Global pension plan has yielded 19.13% in the last year. It is a replica of the Cobas Selección investment fund and is managed by Francisco García Paramés, also with a ‘value’ style, in good companies with a great discount on their intrinsic price. As in the case of the Azvalor product, the plan has benefited from its clear commitment to the energy sector, with 20.8% invested in the oil and gas transport and storage sector; 11.4% in oil and gas exploration; and 9.5% in equipment and energy services. Notable in his portfolio are Golar, the independent owner and operator of liquefied natural gas and floating storage and regasification units; UK electricity and telecommunications services and retail company Currys (formerly Dixon Carphone); and UK engineering services provider Babcock.
Both AZValor and Cobas also place their international mixed variable income pension plans among the most profitable in the last 12 months. Azvalor Consolidación, which has increased in value by 18.71% in one year, has 43% of its portfolio in shares, 28% in bonds and another 29% in liquidity. Equities are managed using the same criteria as the Azvalor Global Value plan, so their main positions coincide: Arch Resources, Consol, Barrick Gold, New Gold, Tullow Oil, Whitehaven Coal and PrairieSky Royalty.
In the case of Cobas, its Cobas Global Mixto has almost 70% of its assets invested in equities, 6.5% in fixed income, 8.8% in monetary assets and the remaining 15% in treasury. Golar, Currys and Babcock are once again his biggest bets on the stock market. In 12 months it has rented 14.38%.
Horos Internacional coincides with the previous ones in its ‘value’ philosophy and in being an author’s plan. In this case, its managers are Javier Ruiz, Alejandro Martín and Miguel Rodríguez. The plan, launched in 2018, is managed using the same criteria as its Horos Value Internacional investment fund and accumulates a one-year return of 13%.
Its portfolio includes titles such as those of the South African media company Naspers, the Spanish insurance company Catalana Occidente, the Portuguese holding company Semapa, the Irish aircraft leasing company AerCap; the German carmaker BMW or the Hong Kong alternative investment firm Sun Hung Kai.
Lastly, the only pension plan with a return of more than 10% that belongs to a large bank is the BBVA Plan USA Sustainable Development ISR, with 12.49%. This plan invests more than 75% in equities, mainly from the United States, and applies socially responsible investment criteria, in addition to financial criteria. Thus, it looks for companies that integrate into their strategy and operations opportunities to minimize environmental, social and governance risks. Berkshire Hathaway, Warren Buffett’s investment arm; Alphabet, parent of Google, and Johnson Pharmaceuticals