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
Gildi´s investment policy 2024 is unchanged for total allocation to equities and fixed income compared to the previous policy from 2023. Changes were made within fixed income where financials, mortgage-backed securities, and municipalities are increased of the prior policy while the government bonds and related issues are decreased.
The asset class formerly called deposits in the previous policy has been renamed to deposits and liquid funds. This category now includes cash deposits and liquid money market funds in Icelandic króna and foreign currency. At the same time, the asset-class foreign short-term funds are removed from the policy.
Limits in the investment policy are set to increase the fund's ability to respond effectively if necessary. Limits remain quite flexible in some asset classes, as well as additional constraints on the combined ratio of equities and bonds. This reflects, among other things, uncertainty about which investment opportunities will be available to the fund and in which asset classes those opportunities will arise.
| Variance (maximum) | ||
|---|---|---|
| 10,0% | ||
| 65,0% | ||
| 23,0% | ||
| 12,0% | ||
| 17,0% | ||
| 5,0% | ||
| 15,0% | ||
| 12,0% | ||
| 60,0% | ||
| 29,0% | ||
| 39,0% | ||
| 4,0% | ||
| 100,0% |
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: