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Chilean pension schemes' top 10 pooled funds revealed

Chilean pension schemes' top 10 pooled funds revealed

The most widely picked fund by the six Chilean public pension funds – known as AFPs (Administradoras de Fondos de Pensiones) – is the Vanguard Value Index Fund, according to Modern Investor’s analysis of Citywire’s Global WOW database.

The Vanguard fund is an ETF tracking the MSCI US Prime Market Value Index, and manages €2.3 billion on behalf of AFPs.

Citywire identified 236 pooled funds managing over €62.5 billion on behalf of the six Chilean AFPs, each of which has a different risk profile. The amount represents 93% of all AFPs' assets invested in pooled funds.

Unlike most emerging market pension regimes, AFPs, which are deemed as one of the most sophisticated retirement systems in Latin America, are permitted to allocate up to 80% of their assets abroad.

The second most popular fund - and the only one except Vanguard Value Index which crossed the €2 billion threshold - is the Investec GSF Asian Equity fund. This Ucits vehicle is managed by Citywire + rated Greg Kuhnert and invests in companies listed in Asia excluding Japan.

iShares MSCI Japan ETF, the third fund on the list, manages €1.9 billion on behalf of AFPs and tracks the MSCI Japan index. In total, iShares, which is BlackRock's ETFs arm, manages €7.3 billion on behalf of Chile's pension schemes, making it the largest asset manager for that industry. Vanguard’s funds come in second place, with almost €7.1 billion of AFPs' assets managed across 12 funds.

Number four on the list is taken by the AXA WF US High Yield Bonds, which is the only non-equity fund among the top ten. The Ucits fund invests in non-investment grade public and private debt securities of companies domiciled in the United States, and it is managed by Citywire + rated Carl Whitbeck.

The ranking shows that AFPs are also tapping Asian growth: Franklin India fund, which manages €1.7 billion on behalf of Chile's pension schemes, is among the five funds most loved by AFPs. Run by Citywire A-rated Stephen Dover, it invests in stocks and bonds of Indian companies as well as firms with a large part of their business in India.

The only 'pure' index tracker on AFPs' wish list is Vanguard Institutional Total Stock Market Index Fund, which manages €1.64 billion on behalf of Chile’s pension funds and tracks the CRSP US Total Market Index.

Overall, there are five actively-managed Ucits funds in the ranking and four ETFs: the iShares Core S&P 500 ETF is number seven, while Vanguard 500 Index Fund ETF is at the bottom of the table.

The two additional Ucits funds on the top 10 list are Invesco Greater China Equity, co-managed by two Citywire AA-rated managers Mike Shiao and Lorraine Kuo, as well as the Julius Baer EF Japan fund, which is run by Carlo Capaul, Stefan Fröhlich and Ernst Glanzmann.

Modern Investor the Chilean and the Mexican pension systems. In a series of data-driven investigations, we have also looked at a range of different subjects, including Finland’s public sector workers’ pension scheme Keva unusually high exposure to a single pooled fund, as well as the issue of UK local authorities' exposure to hedge funds.

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Carl Whitbeck
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108/213 in Bonds - US Dollar High Yield (Performance over 3 years) Average Total Return: 15.69%
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Ernst Glanzmann
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43/85 in Equity - Greater China (Performance over 3 years) Average Total Return: 50.76%
Greg Kuhnert
Greg Kuhnert
76/228 in Equity - Asia Pacific Excluding Japan (Performance over 3 years) Average Total Return: 42.54%
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