Gildi’s mutual pension division had assets of ISK 908.5 billion at the end of 2021. The department’s assets developed in the following way in 2021 (note that all figures are in ISK billions):
*Including ISK 2.0 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 2021 was 17.8%, but was 13.6% in 2020. The net real return was 12.4%, compared to 9.7% the previous year.
The nominal return of foreign unlisted shares was the highest of all asset groups, at 51.3% in 2021. Domestic listed shares returned 39.1%, and domestic unlisted shares returned 25.1%, but the latter had returned the weakest return of the fund’s asset groups in the previous two years. More information on returns can be found in the fund’s Annual Report.
The average nominal return of the mutual pension division for the last five years amounts to 11.9% and a total of 10.2% for the last ten years
The average real return of the mutual pension division for the last five years amounts to 8.4% and a total of 7.1% for the last ten years
In the Investment Policy of Gildi’s mutual pension division for 2022, it is proposed to increase the combined significance of stocks and reduce the combined significance of bonds. The ratio of domestic stocks and government bonds is increased from the policy of 2021, but on the other hand, the criteria of the policy for mortgage bonds, corporate bonds and foreign bonds is reduced. However, the emphasis is still on increasing the significance of mortgage bonds and corporate bonds from what is now. Other investments in the strategy include foreign real estate funds and foreign infrastructure funds, as well as foreign hedge funds that are in the process of being redeemed. The policy proposes that the significance of assets in foreign currency will be 39%, and this is unchanged from the previous policy.
| Securities class | Assets 30.9.2001 | Strategy 2022 | Difference | Variance (minimum) | Variance (maximum) |
|---|---|---|---|---|---|
| DEPOSITS | 3.1% | 0.5% | -2.6% | 0.0% | 10.0% |
| BONDS | 42.7% | 46.5% | 3.8% | 35.0% | 65.0% |
| - Government bonds | 18.7% | 18.5% | -0.2% | 12.0% | 27.0% |
| - Bank and savings bank bonds | 6.8% | 7.0% | 0.2% | 3.0% | 11.0% |
| - Mortgage bonds | 7.7% | 10.0% | 2.3% | 2.0% | 16.0% |
| - Municipal bonds | 1.7% | 2.0% | 0.3% | 0.0% | 5.0% |
| - Corporate bonds | 5.4% | 7.0% | 1.6% | 2.0% | 14.0% |
| - Foreign short-term funds | 0.3% | 0.0% | -0.3% | 0.0% | 10.0% |
| - Foreign bonds | 2.1% | 2.0% | -0.1% | 0.0% | 12.0% |
| SHARES | 53.5% | 52.0% | -1.5% | 35.0% | 60.0% |
| Domestic shares | 23.2% | 21.0% | -2.2% | 11.0% | 28.0% |
| Foreign shares | 30.3% | 31.0% | 0.7% | 18.0% | 38.0% |
| OTHER INVESTMENTS | 0.7% | 1.0% | 0.3% | 0.0% | 4.0% |
| TOTAL | 100% | 100% |
Gildi’s portfolio consists of a number of assets that are 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 2021.
You can find out more information and a breakdown of the portfolio in the fund’s Annual Financial Statement: