The Afores registered 151,318 million pesos of capital gains during January

Las retirement fund managers (Afores) started 2023 on the right foot in terms of capital gains, since they registered 151,318 million pesos during January, as reported by the National Commission of the Retirement Savings System (consar). The data for 2023 presented by Consar contrasts with the 136.575 million pesos of capital losses registered in January 2022.

In addition, the amount revealed this Wednesday confirms that the Afores, and therefore the Retirement Savings System (SAR), spin four months registering positive numbers for workers. The government agency also reported that from January 2022 to January 2023, capital gains of 72,415 million pesos have been registered.

It should be remembered that last year the Afores registered losses of 215.477 million pesos, which was a historical figure for the 25 years of the SAR. The Afores recorded gains and losses in six months, respectively.

The losses of 2022 were caused by the armed conflict in Ukraine, by the accelerated world inflation and by the increase in the interest rates of the central banks to counteract the inflationary effects.

Both capital gains and losses are the result of fluctuations in asset prices and are only realized as gains or losses in workers’ portfolios when resources are withdrawn.

The historical yield of the system from 1997 to the end of December 2022 was 4.71% in real terms. At the end of the last month of 2022, the Afores managed more than 5.2 trillion pesos, of which 2.3 trillion pesos are the result of capital gains.

Workers’ investment in government securities represents more than 50%, while investment in international equities stands at 12 percent.

The Retirement Savings System had 72.4 million accounts registered, of which only 54.1 million have been recognized by their owners, at the end of 2022.

santiago.renteria@eleconomista.mx