mirovinski fondovi 2002 - 2017 · mirovinski fondovi 2002 - 2017 zagreb, 5. veljače 2018 1 ....
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MIROVINSKI FONDOVI 2002 - 2017
Zagreb, 5. veljače 2018 1
Imovina 2002-2017
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Struktura ulaganja OMF-ova kategorije A
31.12.2016 31.12.2017
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Struktura ulaganja OMF-ova kategorije B
31.12.2016 31.12.2017
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Struktura ulaganja OMF-ova kategorije C
31.12.2016 31.12.2017
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Broj i dobna struktura članova OMF-ova 31.12.2017.
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Nominalni prinosi i vrijednost udjela OMF-ova kategorije B
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Prinosi obveznih mirovinskih fondova
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Pension funds’ real net investment returns Dec 2015 – Dec 2016
9 Source: OECD Pension Markets in Focus 2017
PENSION MARKETS IN FOCUS © OECD 2017 15
Figure 6. Real investment rate of return of pension providers, net of investment expenses, Dec 2015-Dec 2016
In per cent
Note: Please see the methodological notes at the end of the report.
Source: OECD Global Pension Statistics.
Returns over one year may not accurately reflect long-term performance. Pension assets are
invested over 30 to 40 years, it is therefore important to assess performance over a longer period of
time than just one year. This newsletter therefore calculates average annual returns over the past 5
and 10 years for a selection of countries.
In the post-financial crisis timeframe, the average annual returns over the last five years (between
December 2011 and December 2016) were positive in all countries except Nigeria (Table 1). The
highest 5-year average real investment rates of return (net of investment expenses) were achieved in
Dominican Republic (8%), Serbia (7.1%), Canada (6.9%) and Costa Rica (6.9%). Overall, 39 out of 45
reporting countries experienced an annual real investment rate of return (net of investment
expenses) above 2% over the last five years.
Losses from the financial crisis were recouped in most reporting countries. Pension providers in most
countries experienced negative investment returns in 2008 and to a lesser extent in 2011. Despite
this negative performance, investments from pension plans generated a positive annual income on
average over a 10-year period (between December 2006 and December 2016) in 25 out 31 reporting
countries. The highest annual returns over this period were observed in the Dominican Republic
(6.3%), Colombia (5.8%) and Slovenia (5.2%). The lowest annual returns over the period can be
8.38.1
7.26.9
5.94.94.8
4.34.04.03.93.73.7
3.03.02.62.52.42.32.12.02.02.02.01.91.51.01.00.6
0.0-0.3-0.4
-1.2
-20 -10 0 10 20
PolandIreland
NetherlandsSloveniaDenmarkSwedenHungaryGreeceFinlandCanada
SwitzerlandIsrael
BelgiumSimple average
LuxembourgAustria
Slovak RepublicWeighted average
JapanTurkey
United StatesItaly
NorwayKorea
AustraliaChile
EstoniaSpain
PortugalLatvia
IcelandMexico
Czech Republic
%
A. Selected OECD countries
9.07.67.6
6.56.56.46.15.85.45.15.15.04.94.74.34.24.03.73.53.43.33.12.72.62.6
1.00.1
-0.2-0.3
-2.4-2.7
-4.8-5.7-17.0
-20 -10 0 10 20
ArmeniaDominican Republic
CroatiaPeru
BrazilCosta Rica
FYR of MacedoniaSerbiaRussia
IndonesiaMalta
RomaniaBulgaria
El SalvadorWeighted average
PanamaGhana
MaldivesColombiaThailand
LiechtensteinKosovoAlbania
LithuaniaSimple average
UruguayTanzania
GuyanaHong Kong (China)
MauritiusEgypt
MalawiNigeria
Suriname
%
B. Selected non-OECD jurisdictions
Realni prinos mirovinskih fondova u OECD + CRO
Izvor: OECD Global Pension Statistics 10
Imovina mirovinskih fondova kao % BDP-a u 2016.
Izvor: OECD Global Pension Statistics 11
Što je obilježilo 2017.
• slučaj Agrokor
• početak podizanja kreditnog ratinga RH prema investicijskom?
• pokrenuta izmjena Zakona o obveznim mirovinskim fondovima
• i dalje samo jedan MOD – nužno podešavanje zakonskih rješenja
• aktivno sudjelovanje u korporativnom upravljanju
• realizirana ulaganja: Arena, Pula; Sunce Holding; Hoteli Makarska,
Jadran, Crikvenica)
• suradnja sa Zagrebačkom burzom, uspjeh Konferencije
• sudjelovanje u projektima podizanja nivoa financijske pismenosti
• GODINA DOBRE SURADNJE S MEDIJIMA? 12
Poruke 2017.
Rast daleko brži od predviđanja s kraja 2016. godine 13
US TREASURIES – KRAJ PADAJUĆIH PRINOSA? (FT)
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Ubrzani rast sve je iznenadio, pa i središnje banke
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Pregled prema budućnosti
• 2017. je prva godina od velike financijske krize u kojoj se bilježi globalni
sinhronizirani gospodarski rast
• rast je sve iznenadio, pa tako i centralne banke. U sadašnjim
gospodarskim uvjetima sve su G4 centralne banke "iza krivulje" u
kontekstu normalizacije monetarne politike
• unatoč najavama o normalizaciji monetarne politike, valuacije na dioničkim
tržištima ostaju povijesno visoke ohrabrene pozitivnim kretanjima.
HRVATSKA
• pozitivna gospodarska kretanja, ali bez odraza na dioničko tržište
• treba očekivati stabilizaciju domaćeg tržišta kapitala
• nade u povratak nekih tvrtki na burzu nakon perioda restrukturiranja
• mirovinski fondovi i dalje čekaju svoje prilike – infrastruktura?,
privatizacije? novi izlasci na tržište kapitala? 16
