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In what types of financial instruments are the funds invested?

The funds are invested according to different guidelines compatible with each fund specific objectives. The PRF is invested in fixed income instruments issued by sovereign issuers as well as sovereign related entities (multilateral agencies, municipalities, state owned companies, among others) and as a whole they account for 65% of the fund. The PRF is also invested in fixed income issued by private corporations (20% of the fund) and equity (15% of the fund). Fixed income instruments must have an investment grade rating, and the portfolio can only be invested in securities that are part of the corresponding benchmarks.  

The majority of the ESSF is invested in sovereign fixed income (92.5%), of which 77.5% is invested in sovereign instruments issued by the U.S., Germany, Japan and Switzerland, and 15% in banking deposits in institutions with a credit rating of at least A-. The remaining 7.5% is invested in equities.

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