Reserve fund falls 0.15% in November to €1,947.2m
Assets under management slipped to €1,947.2m as November produced a modest negative return amid uncertainty over AI investment and Fed policy.
Key Points
- AUM down 0.15% in November to €1,947.2 million
- Year‑to‑date gain 5.6% (from €1,822.9m); 12‑month return 5.3%
- Asset allocation: 61.9% fixed income/money‑market, 29.6% equities, 8.5% other
- Since 2012 cumulative return +48.4%; five‑year volatility 5.4%; report is preliminary
The reserve fund’s upward trend paused in November as assets under management fell 0.15% to €1,947.2 million, slightly down from about €1,950 million at the end of October. November’s return was modestly negative.
Managers attributed the setback to international market uncertainty over the scale and impact of heavy corporate investment in artificial intelligence and to debate about the Federal Reserve’s next monetary policy moves. Despite the dip, the fund’s managers say the portfolio “remains solid.”
Year to date the fund has risen from €1,822.9 million on 31 December to €1,947.2 million, a gain of 5.6%, outperforming cumulative inflation so far in 2025. The fund’s return over the past 12 months stands at 5.3%.
The investment portfolio is allocated roughly 61.9% to fixed income and money-market instruments, 29.6% to equities and 8.5% to other assets.
Over longer horizons, the fund has delivered cumulative returns of 48.4% since 31 December 2012. It reports gains of about 33.8% over ten years and 21.4% over five years, while Andorra’s cumulative inflation over the same since 2012 is 26.1%. Five-year annualised volatility is reported at 5.4%.
The monthly report is preliminary and has not yet been audited or validated by the fund’s governing bodies.
Original Sources
This article was aggregated from the following Catalan-language sources: