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Funds sink with 4.5 billion reimbursements, back to 2005 levels


The coronavirus delves into the funds crisis in March. Spanish funds suffer 4,425 million euros in net repayments during the first 20 days of the month, according to the progress of VDOS. Total, including the collapse of portfolio assets, an equity of 29,762 million has been lost. This mass flight reveals Inverco's complacency, which in a public letter sent yesterday highlighted "the maturity of the participants" in crises like the current one.

In this way, Spanish funds have already entered red numbers and approaching 1,100 million net departures in the year as a whole, erasing at a stroke the fundraising rally in January and February. His patrimony, at the moment, stands at 245,911 million, according to VDOS, and thus going back to 2005 levels, an exercise that closed with 245,823 million, with data from Inverco.

Precisely, the employers of the fund and pension managers published yesterday a letter in which they congratulated the CNMV and the monetary and political authorities for their efforts to contain and report on the Covid-19 crisis. He even pointed out that, "in this context of uncertainty, it is necessary to highlight the maturity of the participants, who understand that their objectives are medium and long term, especially in variable income and some fixed income strategies ”. Provisional data for the sector, with large sales in a very short time, debunks this theory.

According to VDOS, the higher monthly repayments They are registered by the mixed categories, with 2,491 million net departures, and fixed income, with 1,097 million in net reimbursements. Despite the widespread collapse, There is a category that sticks its head, equities, with 170 million net subscriptions. A small group of stakeholders is understanding that market declines create attractive listing opportunities if you have a long-term vision.


In its letter, Inverco praised the “prominent role” that the CNMV is playing in the face of such chaos, maintaining daily contact with the managers and monitoring their operation with regard to asset valuations and control of the liquidity, which "today is perfectly manageable, how it is also happening in the rest of European countries ”, according to the association.

Likewise, Ángel Martínez-Aldama, the president of Inverco, threw flowers at the entities that make up the association and the industry as a whole, regarding "The greater and better profiling of the level of risk of the participants that marketers have been making in recent years, together with the carrying out of the required suitability and suitability tests", that according to Inverco "today make the more than seven million investment fund participants better know the characteristics of their investments and understand that the longer they maintain their position, the more stable their profitability will be". The Covid-19 outbreak seriously questions it.


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