This report complements our report on the performance of inbestMe investment portfolios as of the end of the first half of 2026, focusing specifically on our pension plan portfolios.
inbestMe offers the broadest range of indexed pension plan portfolios in the Spanish market. We provide 20 portfolio options, combining 10 risk profiles with two investment approaches: Standard (indexed) and SRI (Socially Responsible Investing). These portfolios are designed to adapt to your needs, allowing you to adjust your risk profile at any time or during your annual review.
During the first half of 2026, inbestMe’s pension plan portfolios continued to mirror the strong performance of all our portfolios, reflecting our philosophy of broad diversification, index investing and low costs, which together ensure a highly efficient investment approach.
These positive results were supported by gains across almost all asset classes, with the only exception being gold, which is not included in these portfolios.
Strong returns from the Standard Pension Plan Portfolios as of the end of June 2026
As shown in the chart above, returns ranged from 0.6% for Risk Profile 0 to an outstanding 11.5% for Risk Profile 10, with an average return (Profiles 1 to 10) of 6.6%. This is particularly encouraging given that it was achieved during a volatile spring marked by the Iran war initiated by Trump.
The average return of 6.6% is 2.6 percentage points higher than the Inverco benchmark.
The average inbestMe investor (Risk Profile 7/10) achieved a solid 8.2% return.
Even stronger returns from the SRI Pension Plan Portfolios as of the end of June 2026
Unlike previous years, SRI pension plan portfolios have outperformed so far this year, particularly among the higher risk profiles.
The average return across all profiles (Profiles 1 to 10) reached 7.3%, which is 0.7 percentage points above the Standard Pension Plan Portfolios and 3.3 percentage points above the benchmark index.
The average inbestMe investor (Risk Profile 7/10) has achieved an impressive 9.2% return year to date, which would already represent an excellent return even over a full 12-month period (bearing in mind that only the first six months of 2026 have elapsed).
The main reason behind the stronger performance of the SRI portfolios is that the global SRI equity index has outperformed the general global equity index by approximately 4 percentage points, which is reflected in the higher returns, especially among the more aggressive risk profiles.
This is undoubtedly excellent news for investors who prioritize sustainability, as 2026 has so far proven to be a more favourable year for responsible investing.
It remains to be seen how the year will end for the SRI portfolios, as this outperformance has so far been concentrated almost entirely in the month of June.
Returns of the Pension Plan Portfolios Since Inception as of the End of June 2026
At inbestMe, we encourage investing with a medium- to long-term perspective. Our investment portfolios—whether built with index funds or pension plans—are specifically designed for investment horizons of at least three years or longer. Focusing on the medium and long term allows us to assess performance from a broader perspective and fully benefit from the advantages of index investing offered by our portfolios. This is particularly relevant for pension plan portfolios, whose primary purpose is retirement savings and which therefore generally involve long investment horizons.
As shown in the chart above, our portfolios have delivered remarkable cumulative returns, ranging from 4% for Risk Profile 0 to 79% for Risk Profile 10.
On average (Profiles 1 to 10), our portfolios have accumulated a 42.9% return, 19.3 percentage points higher than the average return of investment funds according to Inverco.
The average inbestMe investor (Risk Profile 7 out of 10) has accumulated a 53.5% return, 30.9 percentage points higher than the Inverco average (22.6%).
The chart above shows that our pension plan portfolios have achieved very strong annualised returns (CAGR), ranging from 0.6% for Risk Profile 0 to 9.4% for Risk Profile 10.
On average (Profiles 1 to 10), our portfolios have delivered an annualised return (CAGR) of 5.6%, 2.3 percentage points higher than the average annualised return of investment funds according to Inverco, which stood at 3.3% over the same period.
The average inbestMe investor (Risk Profile 7 out of 10) has achieved a very solid 6.8% CAGR, 3.6 percentage points higher than the benchmark (3.2%).
Although our pension plans were launched just before the onset of the COVID-19 crisis (January 2020), thanks to the recovery in 2023 and 2024, together with the strong performance recorded in 2025 and during the first half of 2026, the annualised returns (CAGR) of our pension plan portfolios are now above expected long-term returns for medium- and high-risk profiles. Returns for the more conservative profiles remain slightly below expectations, mainly because these portfolios were exceptionally affected in 2022, when bond markets experienced sharp losses following the rapid rise in interest rates.
This is yet another reminder that patience remains one of the most valuable virtues in investing.
While these results confirm the efficiency of our investment model, they also call for prudence. We should avoid excessive optimism, as market corrections and bear markets are a natural part of investing and will inevitably occur again.
It is therefore essential to choose the risk profile that best matches your investment objectives and tolerance for volatility. During the onboarding process, we illustrate the expected range of returns as well as the potential drawdowns associated with each portfolio so investors can make well-informed decisions.
Important Notes
About the Data
The data presented in this report have been prepared using information provided by GVC Gaesco Pensiones, the pension fund management company responsible for administering the indexed pension plans promoted by inbestMe. These figures are audited annually.
The data have also been verified against the records maintained and monitored by inbestMe as portfolio manager.
Detailed factsheets and information for our pension plans are available through the following links:
We have identified that several financial data providers—including Qué Fondos, Finect, and even Bloomberg—display incorrect information for the inbestMe Fixed Income Pension Plan, despite having informed them of the issue.
The problem arises because these providers do not properly reflect the pension fund migration carried out in March 2021, which involved resetting the net asset value (NAV) to 10. This reset had no impact whatsoever on investors’ returns, since participants’ units were simultaneously adjusted proportionally.
However, these platforms incorrectly interpret the adjustment as a decline in performance, when in reality it merely reflects the technical reset of the unit value. It appears that these providers lack the functionality required to correctly process this type of event in pension plans, probably because such situations are relatively uncommon.
As a result, the information displayed on these platforms is only reliable from April 2021 onwards. Historical performance prior to that date is incorrect due to the issue described above.
We have also observed that certain third-party platforms and banking services are either unaware of this data error or take advantage of it, unfairly understating the performance of our pension plans. Their excellent long-term results are clearly reflected in this report.
Related posts:
Excellent Returns for Pension Fund Portfolios in 2025
Strong returns for Pension Plan Portfolios despite a volatile environment at the end of June 2025
Excellent Returns of inbestMe Value ETF Portfolios in 2025
Conservative portfolios continue to deliver on their objectives despite slightly higher volatility at the end of June 2026
Dollar ETF portfolios have accumulated returns of up to 168% as of the end of June 2026
