Pension Bond-Mixed Fund

 Management Style / Category

Pension Bond-Mixed Fund, indicating a predominantly conservative investment policy.

 Investment Policy

• The fund may invest in both domestic and international equities, up to a maximum of 30% of its assets; the remaining portion will be primarily invested in fixed income, encompassing both government and private securities, as well as the Money Market.
• There are no maximum limits concerning asset distribution across economic sectors.
• Investments will be made in securities that offer the best risk-reward profile over a medium to long-term horizon.

 Return Objective

• The primary goal of the fund is to achieve long-term returns that exceed the performance of the Money Market by a spread of 100 basis points.

 Investor Profile

• GVC Gaesco Senior, FP is suitable for investors with a conservative risk profile who wish to avoid the fluctuations in returns arising from the overall market volatility and specifically from equities. However, given the nature of its investments, the fund can generate short-term negative returns, although over the long term, it should provide returns superior to those of the Money Market.

THE FOLLOWING PENSION PLAN IS AFFILIATD WITH THIS FUND: Plan Familiar P.P.
 
PENSION FACTSHEET

Pension Equity-Mixed Fund

 Management Style / Category

• Pension Equity-Mixed Fund.
• The fund's management style is highly dynamic, constantly aiming to capitalize on short-term market opportunities without significantly increasing the risk profile.

 Investment Policy

• The fund may invest in both domestic and international equities, up to a maximum of 80% of its assets; the remaining portion will be primarily invested in fixed income, encompassing both government and private securities, as well as the Money Market.
• There are no maximum limits concerning asset distribution across economic sectors.
• Investments will be made in securities that offer the best risk-reward profile over a medium to long-term horizon.

• The fund may use equity derivatives both for hedging spot positions and as a supplementary investment strategy.

 Return Objective

• The primary goal of the fund is to achieve long-term returns that exceed the performance of the index composed of 80% Euro Stoxx 50 and 20% Money Market.

 Investor Profile

• GVC Gaesco Junior, FP is designed for investors who prioritize optimizing returns in the medium and long term and are willing to tolerate fluctuations in returns resulting from overall market volatility and specifically from equities.

THE FOLLOWING PENSION PLAN IS AFFILIATD WITH THIS FUND:  Plan Capitalización P.P.

  Pension Factsheet

Pension Absolute Return Fund


 Management Style / Category

Pension Absolute Return Fund, a single-strategy direct fund.

 Investment Policy

• The fund's objective is to protect and optimize assets over the medium term. To achieve this, it applies proprietary management techniques developed entirely by GVC Gaesco. These techniques were systematized and optimized during an 18-year backtesting period (from December 1988 to December 2006).
• The fund capitalizes on market trends in equities, investing more as markets become healthier and divesting as markets deteriorate—specifically, when the attractiveness of the risk-return ratio diminishes.
• The investment process is clear and disciplined, leveraging years of market experience to differentiate between typical market noise and structural movements, thereby avoiding the subjective influence of emotions.
• Investments are allocated between risk-free assets (fixed income and the money market) and risky assets (futures on equity indices) based on market context and economic prospects. The range of equity investment is extensive (0%-100%), providing flexibility to adapt to market fluctuations. The strategy solely employs long positions. Uninvested portions in equities are allocated to the money market and fixed income, primarily in euros.
   
  • Equities: Divided into eight separate sub-markets—four geographical and four style-related. Investment decisions are made based on each market's characteristics, each with a maximum investable portion close to 12.5%. Investments in each market depend on the relationship between return and volatility, employing a proprietary strategy with a positive correlation to equity index returns and a negative correlation to equity index volatility. No leverage is used.
  • Currencies: Assumes that investors' base currency is the euro, optimizing the risk-return relationship in euros.
  • Mercado Monetario y Renta Fija: Money Market and Fixed Income: Uninvested portions in equities are allocated to the money market and fixed income, primarily in euros. These investments may have both public and private issuers, with an investment-grade rating by Standard & Poor's and a portfolio duration of under 2 years.

 Return Objective

• The fund's management takes the one-week Euribor index compounded annually plus 200 basis points as a reference.

 Investor Profile

• Patrimonialista, FP is intended for investors with a conservative to moderate risk profile seeking returns independent of financial market developments. They are willing to tolerate fluctuations in their assets due to market volatility. However, since the fund's goals include asset protection, stable returns, and optimized investment, the annualized volatility will not typically exceed 6% under normal market conditions.

THE FOLLOWING PENSION PLAN IS AFFILIATD WITH THIS FUND: Patrimonialista P.P.

  PENSION FACTSHEET