Gildi’s mutual pension division had assets of ISK 983.2 billion at the end of 2023. The department’s assets developed in the following way in 2023 (note that all figures are in ISK billions):
*Including ISK 2.7 billion disability contribution from the national treasury
Below you can find information about returns, asset composition, and the investment strategy of Gildi’s mutual pension division. Detailed information can be found in the fund’s Annual Reports, which can be accessed here.
The net nominal return of Gildi’s mutual pension division in 2023 was 6.7%, but was -2.2% in 2021. The net real return was -1.2%, compared to -10.6% the previous year.
The average nominal return of the mutual pension division for the last five years amounts to 10.0% and a total of 8.5% for the last ten years
The average real return of the mutual pension division for the last five years amounts to 4.1% and a total of 4.5% for the last ten years
In the investment policy of Gildi's mutual insurance division for 2025, the combined weight of equities and bonds has been slightly adjusted compared to the previous policy, with the weight of bonds increased by 1.5% at the expense of equities. The combined weight of bonds in the new policy is 46.5%. The proportion of foreign bonds is increased by 2.5% from the previous policy, rising from 0.5% to 3%, while the proportion of mortgage bonds is reduced from 11% to 10%. The proportion of domestic equities is decreased by 2%, from 22% to 20%. The proportion of other investments is increased by 0.5% from the previous policy, which includes foreign real estate and infrastructure funds.
The investment policy's deviation limits are designed to enhance the fund's ability to respond strategically when necessary. The limits remain relatively broad, as do additional restrictions on the combined proportion of equities and the combined proportion of bonds. This reflects, among other factors, uncertainty about the investment opportunities that will be available to the fund and in which asset classes those opportunities will arise, both domestically and internationally.
| Variance (maximum) | ||
|---|---|---|
| 10.0% | ||
| 65.0% | ||
| 23.0% | ||
| 12.0% | ||
| 16.0% | ||
| 5.0% | ||
| 15.0% | ||
| 12.0% | ||
| 60.0% | ||
| 29.0% | ||
| 39.0% | ||
| 5.0% | ||
| 100% |
Gildi’s portfolio consists of several assets divided into different categories depending on their nature. Below is an insight into the fund’s portfolio from several different perspectives as it stood at the end of 2023.
You can find out more information and a breakdown of the portfolio in the fund’s Annual Financial Statement: