Chile - The country's second pillar pension system, AFPs, posted positive results of up to 4.77% for the month of December driven by the funds' equity exposure, regulator Superintendencia de Pensiones has revealed.
The results consolidate an upward trend during the year which saw Funds A - the most risky ones - gain 43.49% in 2009. Funds B gained 33.41%, C gained 22.53%, D 15.34% and E - the most conservative one - 8.34%.
Superintendencia said the much higher performance of funds A and B was mainly due to their exposure to foreign equity. Funds A allocated 61.5% of their portfolio to this asset class and funds B allocated 41.1%, with the rest invested in national equity and fixed income.
Funds C and D benefited from their exposure to national equity, with 17.5% and 9.4% invested respectively.
Funds E only have approximately 2% allocated to foreign equities. The rest of the funds' portfolio was allocated to both national and foreign fixed income, whose contribution to their performance in December was minimal, data by the Superintendencia show.
Overall assets under management of the AFPs grew by 31% during 2009, reaching the value of US$118bn.
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