Andorra Retirement Fund Hits €2.072B, Up 4.6% YTD
The fund's assets have more than doubled since 2012, fueled by strong returns and pension contributions. It maintains low volatility at 5.6% annualized over five years while outperforming inflation.
Key Points
- Assets reached €2.072 billion by end-August, from €1.9684 billion at 2025 year-end.
- 12-month return 8.2%, 3-year 24.5%, 5-year 20.5%, decade 42%.
- Portfolio: 60.2% fixed income/cash, 30.6% equities, 9.2% other.
- Cumulative return since 2012: 56.4%, beating CPI inflation of 29.9%.
Andorra's Retirement Reserve Fund (FRJ) reached €2.072 billion in assets under management at the end of August, with a year-to-date return of 4.6%, preliminary monthly data shows.
The figure marks an increase from €1.9684 billion at the end of 2025 and continues the fund's upward trajectory. Over the past 12 months, it posted an 8.2% return, with 24.5% across three years, 20.5% over five years, and 42% over the last decade. Since late 2012, assets have more than doubled from €912.4 million, driven by €683.9 million in cumulative returns and €475.7 million in contributions from CASS pension surpluses. The FRJ has generated a 56.4% cumulative return since 31 December 2012, surpassing Andorra's CPI rise of 29.9% over the same period and fulfilling its mandate to exceed inflation long-term. Five-year annualized volatility was 5.6%.
Portfolio allocation stayed steady at 60.2% in fixed income and cash equivalents, 30.6% in equities, and 9.2% in other assets.
In August, equities advanced on technology sector strength and steady corporate profits amid robust economic expansion. Fixed income declined due to sticky inflation, rising public debt issuance, and funding competition from artificial intelligence-related companies.
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