worsen the downward trend since June, the profitability of the fund to 12 months of retirement certificates (FCR) State fell to 2.68% in November. This performance is below average profitability of private retirement savings plans (PPR) of the same category, which in December stood at 4.5%.
According to data from the monthly newsletter of the Institute of Management Funds Capitalization of Social Security (IGFCSS), the profitability of PPR also called the state was affected by lower profitability of investment in bonds.
profitability debt OECD, which represents 54% of the portfolio was up by 1.11% and Portuguese government debt by 1.99%. On the whole, the debt (sovereign and private) represent 80% of portfolio assets. Have investment in shares represents 18.8% of the total investment and registered an increase of 13.58%, which prevented a sharper fall in the total return on the FCR.
data from the Portuguese Association of Pension Funds and Assets, for the last 12 months show that the average profitability of private PPR Class A (net asset value of the investment to 5% of shares) amounted to 1.26% in December. The profitability of the category B (between 5% and 15% equity) was 3.87%.
In category C (with a weight of shares between 15% and 35%), which allows better comparison with PPR state, where the weight of shares can go up to 25%, the profitability in December amounted to 4, 56%. The last category, where the option of investing in shares may exceed 35%, had a yield of 5.98%.
profitability of PPR state maintains a downward trend since July, the month in which reached 5.8%, which is explained by the reduction in yields or interest rates implied obligations. In the last year, the highest annual rate of return was recorded in July, in 7.22%. The worst months were August and September, when pressed to 2%.
FCR, individual and voluntary, is not recommended by D eco Protest because it is less liquid than other PPR, where it is possible, in certain circumstances, the early redemption. António Ribeiro, savings expert organization of consumer protection, remember that in the case of FCR their mobilization is possible only upon having reached the age of cessation of work.
António Ribeiro also highlights that the private offer, you can choose a PPR with a more adequate to the subscriber profile investment policy. It also emphasizes that the FCR, “capital is not guaranteed.”
Created in 2008 with the purpose of functioning as a supplementary saving for retirement, the value of the portfolio FCR around EUR 29.1 million.
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