Andorra Pension Fund Hits €2.057M in September Despite Monthly Drop

Andorra's pension reserve fund stood at €2.057 million at the end of September, reflecting a year-to-date return of 3.6% despite a monthly decline.

The fund dropped by €15 million last month from its August peak of €2.072 million, according to the latest monthly report. Fixed-income assets fell due to price drops amid rising inflation and persistent fiscal deficits across governments. Equity holdings, however, remained stable, supported by strong macroeconomic indicators and growing investor confidence.

The portfolio breaks down as 60% in fixed income and cash equivalents—primarily short-term instruments like money market funds, commercial paper, term deposits and current accounts, plus sovereign and corporate bonds. Equities account for 30.6%, including listed stocks, ETFs and investment funds. The remaining 9.4% covers illiquid assets and private equity.

Compared to the end of 2025, when the fund totalled €1.968.4 million, it has risen by €89 million. Over the past 12 months, returns reached 6%. Since December 2012, the fund has grown by €1.145 million, with €481.1 million from pension branch contribution surpluses and €663.9 million from asset management by the fund itself and external managers. Cumulative performance to end-September stands at 54.9%, exceeding Andorra's accumulated inflation of 31.2% over the period—a legal requirement for the fund.

This long-term outperformance continues despite recent volatility, maintaining assets well above the €2 billion threshold.