Andorra Pension Fund Hits Record €1.987 Billion

Andorra's pension reserve fund, managed by the CASS, hit a record €1.987 billion at the end of January 2026, up €19 million from the €1.9678 billion recorded at the close of 2025.

The January gain reflected a 1% return on investments amid a positive start for financial markets despite ongoing geopolitical instability. Fixed-income assets advanced on expectations of looser monetary policy, while equities climbed, with emerging markets posting stronger gains than developed ones.

Reports vary slightly on the precise figure: €1.9868 billion according to one CASS monthly update, €1.9866 million in another, and €1.987 billion in preliminary data. The total includes €611.3 million from investment returns and €463.1 million from surplus contributions in the retirement branch.

The portfolio remains allocated at 60.6% to fixed-income and monetary assets, 30.2% to equities, and 9.2% to other investments. Over the past 12 months, it achieved a 5.8% return, with a 23% gain across the last five years. Annualized volatility over five years stood at 5.2%, and the fund posted a 39.9% cumulative return over the past decade.

Since late 2012, the fund has delivered a 50.9% cumulative return, more than double the 25.5% rise in Andorra's consumer price index during the same period, meeting its legal mandate to outpace long-term inflation.