Wednesday, april 21, 2021

Financial Committee meets with external manager and consulting firm

In its second session of the year, held last Friday, on April 16th, 2021, the Financial Committee met, via videoconference, with a delegation from BlackRock, the entity responsible for investing part of the investment portfolio of the Pension Reserve Fund (PRF). This meeting is part of the external managers’ annual presentations to the Committee to account for their management.

On this occasion, BlackRock reported its organization and key results in its High Yield bond mandate during 2020 and the first quarter of 2021. BlackRock also analyzed the markets' current situation, highlighting the Covid-19 pandemic effects. The members of the Financial Committee thanked BlackRock's presentation and the work done.

Next, the consulting firm RVK, Inc., in charge of conducting the asset allocation study for the Economic and Social Stabilization Fund, presented some methodological aspects to be considered by the members of the Financial Committee. After exchanging views, the Committee recommended that the currency in which the study should be conducted should be in pesos and real terms and that the consultant should incorporate the impact of copper price volatility on tax revenues in its analysis of the optimal portfolio.

Finally, the Technical Secretariat of the Committee presented the main results of both Sovereign Wealth Funds and the composition of their portfolios relative to their benchmarks.

External and autonomous in nature, the Financial Committee is made up of professional experts with extensive experience: José De Gregorio (president), Cristián Eyzaguirre (vice-president), Ricardo Budinich, Jaime Casassus, Martín Costabal and Paulina Yazigi.

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