Reserve fund AUM dips 0.15% in November to €1,947.2m
Assets under management fell €2.8m in November amid uncertainty over corporate AI investment and the Fed’s next moves; year-to-date and 12-month.
Key Points
- AUM fell 0.15% in November to €1,947.2m, a €2.8m decline from October.
- Managers cited uncertainty on corporate AI investment and Fed policy as drivers of the dip.
- Year-to-date gain: 5.6% (from €1,822.9m at end-2024); 12‑month return: 5.3%.
- Portfolio allocation: 61.9% fixed income/money market, 29.6% equities, 8.5% other; cumulative return since 2012: 48.4% vs inflation 26.1%.
The reserve fund’s upward trend stalled in November, when assets under management fell 0.15% to €1,947.2 million, a decline of €2.8 million from €1,950.0 million at the end of October. November’s return was slightly negative.
Managers attributed the setback to international market uncertainty about the scale and impact of corporate investment in artificial intelligence and to debate over the Federal Reserve’s next monetary policy moves.
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%, keeping returns ahead of cumulative inflation so far in 2025. Over the past twelve months the fund’s return stands at 5.3%.
The investment portfolio is currently allocated roughly 61.9% to fixed income and money-market instruments, 29.6% to equities and 8.5% to other assets.
Over the longer period since 31 December 2012, the fund’s cumulative return is 48.4%, compared with cumulative inflation of 26.1%. The board said the portfolio “remains solid.”
Original Sources
This article was aggregated from the following Catalan-language sources: