Pubblicato in: Banche Centrali, Devoluzione socialismo, Finanza e Sistema Bancario

Canada. Come negli Stati Uniti i fondi pensione sono in grave sofferenza.

Giuseppe Sandro Mela.

2022-08-15.

2022-08-14__ Canada. Come negli Stati Uniti i fondi pensione sono in grave sofferenza.pgn

Con un certo quale ritardo rispetto agli Stati Uniti anche in Canada l’inflazione sta portando in sofferenza fondi di investimento e, soprattutto, fondi pensioni.

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Fondi Pensioni ed Inflazione. Il macello è già iniziato. L’inflazione li falcia senza pietà.

Soaring inflation is hitting retirement savings hard.

I fondi pensioni di S&P 500 hanno un buco di 382 miliardi Usd.

General Electric. 31 mld Usd di buco nel fondo pensioni.

Inflazione. Powell e Lagarde non sanno che pesci prendere.

Usa. Un panino 18 Usd, una libbra di pomodori 12 Usd, patatine fritte 15 Usd.

America. Wall Street. Da Sep2021 al Jun22 18 la capitalizzazione ha perso 15.5 trilioni di dollari.

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In Canada a giugno la inflazione aveva raggiunti l’8.133%.

Nulla quindi di cui stupirsi se il Canada Pension Plan Investment Board sia entrato in sofferenza e se gli investitori, sia privati sia istituzionali, vivano nel terrore di quanto avverrà, ossia il default.

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Il Canada Pension Plan Investment Board, il più grande fondo pensionistico del Paese, ha registrato un rendimento negativo del 4.2% nel primo trimestre fiscale, penalizzato da un più ampio sell-off delle azioni globali. Il fondo ha chiuso il trimestre con un patrimonio netto di 523 miliardi di dollari (409 miliardi di dollari), ha dichiarato giovedì il CPPIB. Il fondo ha subito perdite anche negli investimenti a reddito fisso, mentre gli investimenti in private equity, credito e immobiliare hanno contribuito modestamente al calo, ha dichiarato il fondo.

I mercati azionari globali sono stati colpiti quest’anno dall’accelerazione dell’inflazione – e dagli aumenti dei tassi d’interesse delle banche centrali per contrastarla – che hanno pesato sugli utili societari e fatto temere una recessione. I rialzi dei tassi hanno anche danneggiato i prezzi delle obbligazioni, un’altra importante classe di attività per CPPIB.

I mercati finanziari hanno vissuto i primi sei mesi dell’anno più difficili dell’ultimo mezzo secolo e il primo trimestre fiscale del fondo non è stato immune da questo calo generalizzato. Il rendimento nominale netto annualizzato a cinque anni del fondo è sceso all’8.7%, dal 10% del trimestre conclusosi il 31 marzo, mentre il rendimento a 10 anni è passato al 1.3% dal 10.9%.

Sappiamo che i canadesi sono preoccupati per l’impatto della volatilità dei mercati sui loro piani pensionistici e possono trarre conforto dal fatto che il Fondo dovrebbe garantire una solida performance nel lungo periodo, anche in presenza di turbolenze periodiche come quelle a cui stiamo assistendo quest’anno.

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«Canada Pension Plan Investment Board, the country’s largest pension fund, posted a negative 4.2% return in its fiscal first quarter, hurt by a broader sell-off in global equities. The fund ended the quarter with net assets of C$523 billion ($409 billion), CPPIB said Thursday. The fund also experienced losses in fixed-income investments, while private equity, credit and real estate investments also contributed “modestly” to the decline, the fund said.

Global equity markets have been hammered this year as accelerating inflation — and central banks’ interest-rate increases to combat it — have weighed on corporate earnings and prompted fears that a recession may be in the offing. The rate hikes have also hurt bond prices, another major asset class for CPPIB»

«Financial markets experienced the most challenging first six months of the year in the last half century, and the fund’s first fiscal quarter was not immune to such widespread decline. The fund’s five-year annualized net nominal return fell to 8.7%, from 10% as of the quarter ended March 31, while its 10-year return slipped to 10.3% from 10.9%»

«We know Canadians are concerned about the impact of market volatility on their retirement plans, and they can take comfort in the fact that the Fund is expected to deliver solid performance over the long term, even with periodic turbulence such as we are witnessing this year»

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Canada’s Biggest Pension Posts 4.2% Drop on Equity Meltdown

– Interest rate increases hurt fund’s fixed-income investments

– Private equity, credit, real estate contribute to decline

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Canada Pension Plan Investment Board, the country’s largest pension fund, posted a negative 4.2% return in its fiscal first quarter, hurt by a broader sell-off in global equities.

The fund ended the quarter with net assets of C$523 billion ($409 billion), CPPIB said Thursday. The fund also experienced losses in fixed-income investments, while private equity, credit and real estate investments also contributed “modestly” to the decline, the fund said. 

Global equity markets have been hammered this year as accelerating inflation — and central banks’ interest-rate increases to combat it — have weighed on corporate earnings and prompted fears that a recession may be in the offing. The rate hikes have also hurt bond prices, another major asset class for CPPIB.

“Financial markets experienced the most challenging first six months of the year in the last half century, and the fund’s first fiscal quarter was not immune to such widespread decline,” Chief Executive Officer John Graham said in the statement. “The uncertain business and investment conditions we noted in the previous quarter continue, and we expect to see this turbulence persist throughout the fiscal year.”

The fund’s five-year annualized net nominal return fell to 8.7%, from 10% as of the quarter ended March 31, while its 10-year return slipped to 10.3% from 10.9%.

CPPIB saw C$3.1 billion of foreign-exchange gains in the most recent quarter as the Canadian dollar weakened against the US currency. The fund also saw gains by external portfolio managers, quantitative trading strategies and investments in energy and infrastructure.

The Chief Actuary of Canada conducted its regular, three-year review of the long-term sustainability of the pension plan and confirmed that it remains sustainable over the 75-year projection period at its legislated contribution rates. The chief actuary’s findings are based on the assumption that the base account will earn an average return of 3.95% above Canadian consumer price inflation through 2093.

“We know Canadians are concerned about the impact of market volatility on their retirement plans, and they can take comfort in the fact that the Fund is expected to deliver solid performance over the long term, even with periodic turbulence such as we are witnessing this year,” Graham said.