Although the global financial markets, which had been on an upward trend for the past seven years, came to a hault last year, the majority of the country’s pension funds successfully dealt with this challenge and ended the year with positive results. Last year the annual average return achieved by them amounted from1.5% (conservative funds) to 5–6% (equity funds). The results of the pension funds of INVL Asset Management, a Lithuanian asset management company, stood out – based on the information announced by the companies managing the funds, the funds of INVL Asset Management took leading positions in all the categories of third pillar pension funds and in three out of four second pillar categories in terms of return earned last year. The company’s pension funds were ranked first in all the categories of third pillar funds and in two second pillar categories in terms of return achieved in the last quarter of the previous year*.
“Last year was not favourable to markets; the main global stock and bond indices underwent only slight changes; therefore, we generated the value by actively investing in bonds, particularly in the well-known region of Central and Eastern Europe. The fact that a significant portion of our investments is made in US dollars contributed to the positive results; this price of US dollar went up by 11% with respect to the euro last year. In addition, we paid major attention to the selection of secure and efficient investments. We do not have any doubts that there will be a lot of geopolitical and economic news next year as well; however, we are certain that the experience of our team, proper management of pension fund costs and orientation towards long-term return will help us generate value for our clients”, says Tomas Krakauskas, Chief Investment Officer at INVL Asset Management.
To evaluate the last year’s performance, the pension funds INVL MEZZO II 53+, INVL Active Investment Pension Fund (which was merged with INVL MEDIO II 47+ on 31 December 2015) and INVL EXTREMO II 16+ were ranked first in their categories among the second pillar pension funds, and the INVL STABILO II 58+ pension fund took the second position among the conservative investment pension funds. Based on the past five-year results, INVL EXTREMO II 16+ and INVL STABILO II 58+ were the leaders in their categories in terms of return achieved during this period, whereas INVL MEZZO II 53+ and INVL Active Investment Pension Fund were in the third position.
Among third pillar funds, the best results in individual categories in 2015 were achieved by INVL STABILO III 58+, INVL MEDIO III 47+ and INVL EXTREMO III 16+. These funds took leading positions, based on both the quarterly and five-year results.
As of 30 December 2015, the company managed seven second and third pillar pensions funds. There were a total of 24 second pillar and 12 third pillar funds on the market. As of 31 December 2015, following the completion of the merger of some funds, INVL Asset Management managed four second pillar and four third pillar pension funds. The data as of 30 December 2015 served as a basis for the assessment of the results of the merged second pillar pension funds (MP STABILO II, INVL Active Investment Pension Fund, INVL Rational Risk Pension Fund).
Based on the data as of 31 December 2015, the number of clients of the pension funds managed by INVL Asset Management grew by 3.2% over the year and stood at110,000, whereas the managed assets amounted to EUR 195.9 million.
INVL Asset Management, an asset management company, belongs to Invalda INVL, one of the leading asset management groups in the Baltics. The companies in this Group manage pension and equity funds, alternative investments, individual portfolios, private equity and other financial instruments. They serve more than 150,000 clients in Lithuania and Latvia, plus international investors, with total assets under management of over EUR 300 million.
* The data as of 30 December 2015 served as a basis for the assessment of the results of the merged second pillar pension funds (MP STABILO II, INVL Active Investment Pension Fund, INVL Rational Risk Pension Fund). According to the classification of pension funds by the Bank of Lithuania: by investment strategy, the Bank of Lithuania divides second pillar pension funds into the following four risk groups: conservative investment, small equity share (up to 30% of funds is invested in equity), medium equity share (30-70% of funds is invested in equity) and equity pension funds (70-100% of funds is invested in equity); and third pillar pension funds into the following three risk groups: 100% bond pension funds, mixed investment and 100% equity pension funds.
Additional information on the performance of the company’s pension funds specified in the press release
| Name of the fund | Return over 2015, % | Return over the past 5 years, % | Return of benchmark index over 2015, % | Return of benchmark index over the past five years, % |
| INVL MEZZO II 53+ | 7.57 | 25.37 | 5.4 | 13.07 |
| INVL Active Investment pension fund** | 7.58 | 29.43 | 6.5 | 2.22 |
| INVL EXTREMO II 16+ | 8.26 | 34.22 | 9.42 | 43.14 |
| INVL STABILO II 58+ | 2.26 | 24.28 | 1.17 | 13.42 |
| INVL STABILO III 58+ | 4.58 | 22.12 | 8.03 | 28.24 |
| INVL MEDIO III 47+ | 5.62 | 24.16 | 6.12 | – |
| INVL EXTREMO III 16+ | 7.97 | 30.96 | 9.42 | – |
**The values of INVL Active Investment pension fund are provided until 30 December 2015 as this fund was merged with INVL MEDIO II 47+ pension fund as a result of the merger of pension funds completed on 31 December 2015.
More detailed information about the performance of all domestic pension fund management companies (in 2015, in the fourth quarter of 2015, over the past 5 years) is provided in the document attached hereto. The information is based on the publicly available data of these companies. No data is given if funds have been operating for a period shorter than the reporting period, or if no data have been made available.
– The results of the II pillar pension funds for the year 2015
– The results of the III pillar pension funds for the year 2015
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.