Rentabilidad de los Fondos de Pensiones en España, 2002-2012 (Pension Funds in Spain, 2002-2012)

15 Pages Posted: 13 Feb 2013

See all articles by Pablo Fernandez

Pablo Fernandez

IESE Business School

Javier Aguirreamalloa

IESE Business School

Pablo Linares

University of Navarra, IESE Business School

Date Written: February 11, 2013

Abstract

En el periodo diciembre 2002 - diciembre 2012, la rentabilidad del IBEX 35 fue 113% (media anual 7,86%) y la de los bonos del Estado a 10 años 52% (media anual 4,3%). Entre los 573 fondos de pensiones con 10 años de historia, sólo 2 fondos superaron la rentabilidad del IBEX 35, y sólo 32 fondos superaron la rentabilidad de los bonos del Estado a 10 años. 446 tuvieron una rentabilidad media anual inferior al 3%. Los 573 fondos tenían (diciembre 2012) 4,9 millones de partícipes y un patrimonio de 25.346 millones de euros.

During the last 10 years, the average return of the pension funds in Spain was lower than the inflation and than the return of Government Bonds. Only 2 funds (out of 573) had a return higher than the return of the IBEX35, and only 32 higher than the return of the Government Bonds. Nevertheless, on December 31, 2012, 4.9 million investors had 25 billion euros invested in these pension funds.

Note: Downloadable document is in Spanish.

Keywords: pension funds, mutual funds, INVERCO, Spain, fondos pensiones

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo and Aguirreamalloa, Javier and Linares, Pablo, Rentabilidad de los Fondos de Pensiones en España, 2002-2012 (Pension Funds in Spain, 2002-2012) (February 11, 2013). Available at SSRN: https://ssrn.com/abstract=2214903 or http://dx.doi.org/10.2139/ssrn.2214903

Pablo Fernandez (Contact Author)

IESE Business School ( email )

Avenida Pearson 21
Barcelona, 08034
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

HOME PAGE: http://web.iese.edu/PabloFernandez/

Javier Aguirreamalloa

IESE Business School ( email )

08034 Barcelona
Spain

Pablo Linares

University of Navarra, IESE Business School ( email )

Camino del Cerro del Aguila 3
Madrid, 28023
Spain
+34 91.211.31.81 (Phone)

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