Excellent Returns for Pension Fund Portfolios in 2025

Note: This is a supplementary report to the report on inbestMe portfolio returns at the end of 2025.

Overall, all inbestMe portfolios had an exceptional performance in 2025, and pension fund portfolios were no exception.

Excellent Returns for Standard Pension Fund Portfolios in 2025

As shown in the chart above, returns ranged from 1.2% for profile 0 to 12.7% for profile 10, with an average return (profiles 1–10) of 7.5%. Profile 7, the average investor profile at inbestMe, achieved a 9.2% return.

During the same period, the weighted average of investment funds according to Inverco was 5%, i.e., 2.6 percentage points below our pension fund portfolios.

Good Returns for ISR Pension Fund Portfolios in 2025, but Below Standard Portfolios

ISR pension fund portfolios also performed well, with returns ranging from 1.2% for profile 0 to 8.5% for profile 10.

The average return (profiles 1–10) was 5.2%, clearly below the standard pension portfolios. The 2025 average of 5.2% was 0.3 percentage points above the Inverco average of 4.9% (though not directly comparable, as it is not ISR).

ISR portfolio returns were particularly affected by the performance gap between non-ISR and ISR equity indices. The global ISR equity index underperformed the general index by 6–7 percentage points, a difference reflected in our portfolios.

Pension Fund Portfolio Returns Since Inception

At inbestMe, we promote medium- to long-term investing. Our portfolios are designed for time horizons of at least 3 years or more. Focusing on medium and long term allows us to analyze performance with perspective and maximize the benefits of indexation.

As shown in the chart above, our portfolios have accumulated returns ranging from 3.5% for profile 0 to 60.6% for profile 10. On average (profiles 1–10), our portfolios have accumulated 33.6%, 14.4 percentage points higher than the average Inverco fund return. The average investor profile at inbestMe (profile 7) has accumulated 41.9%, 24.8 percentage points higher than the comparable Inverco category (17.1%).

Our pension fund portfolios have achieved annualized returns (TAEs) ranging from 0.6% for profile 0 to 8.2% for profile 10. On average (profiles 1–10), the TAE is 5%, 2.1 percentage points above the Inverco fund average (2.9%). The average profile (profile 7) achieves a TAE of 6%, 2.3 points higher than the Inverco category (2.7%).

Despite starting just before the COVID-19 crisis (January 2020) and experiencing the 2022 downturn, the recovery over the past three years has brought the annualized returns (TAEs) of our pension fund portfolios close to or above expected levels, especially for medium and high profiles.

Important Notes

Data:

The data were prepared using information from GVC Gaesco Pensiones, the pension fund manager that administers inbestMe’s indexed pension funds, audited annually.

More information is available at the following links:

• inbestMe Equity Pension Fund
• inbestMe Fixed Income Pension Fund
• inbestMe ISR Equity Pension Fund

It has been detected that most data providers, such as Qué Fondos and Bloomberg, report incorrect information for the inbestMe Fixed Income Pension Fund, despite being informed.

The issue arises because these platforms do not reflect the pension fund change carried out in March 2021, which involved resetting the net asset value (NAV) to 10. This reset had no impact on the participants’ returns, as the participants’ shares were proportionally adjusted at the same time. On these platforms, this adjustment erroneously appears as a drop in returns, when in reality it is simply the effect of resetting the reference value (it seems they do not have the functionality to reflect this type of event in pension funds).

Reference indices:

During 2024, we rationalized and standardized reference indices. For pension fund portfolios, we use Inverco statistics of fund categories as benchmarks.