SPAIN - The profitability of Spanish pension funds has fallen by 4.1% since the beginning of year, Mercer's Pension Investment Performance Service has found.
It said variable income funds denominated in euros posted the worse performance, with a decline in value of 11.7% in February. The yearly drop accumulated by these funds is 19.1%.
Variable income funds not denominated in euros performed slightly better in February, with a drop of 9.2%. However, they lost 19.1% since the beginning of the year.
In contrast, fixed income funds have posted an increase of asset values of 0.5% for the month of February.
In terms of year-on-year results, the total of variable income funds lost 34%, while fixed income funds gained 3.9%.
During the last 12 months Spanish schemes posted a median loss of 10.3%.
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