Enpapi reduces illiquid assets, but transparency regarding its assets remains low

One (and only one) thing is certain. The portfolio of Enpapi, the pension fund for self-employed nurses, is more liquid thanks to the rebalancing of investments carried out in recent years. Enpapi datain recent years. Otherwise, the pension fund’s 2025 financial statements do not provide details of the asset allocation (nor did Enpapi, when contacted by ‘Plus24’, see fit to provide this information) and therefore do not allow for a reconstruction of the actual composition of the assets, nor their geographical distribution. Even the meagre return (1.87 per cent) fails to make it clear whether it represents the gross market return on the assets or a different accounting indicator. In short, there is a lack of transparency, which is desirable when it comes to members’ pension prospects. But let us take things in order.

Enpapi ended 2025 with total assets of 1.386 billion, with – as mentioned – a gradual reduction in illiquid investments and a strengthening of the liquid securities component. According to the financial statements, the invested assets consist of 366 million in property funds (27.68 per cent), 551 million classified as equity/bond funds (41.69 per cent), 199.9 million in bonds (15.12 per cent), 141.8 million in private equity, infrastructure and renewable energy funds (10.73 per cent) and 44.2 million in equity holdings (3.34 per cent), in addition to the Swiss Life policy and cash holdings.

The organisation points out that the portfolio rebalancing process has made it possible to gradually reduce the proportion of illiquid assets which, according to a ‘look-through’ approach (i.e. by analysing in detail what a financial instrument actually consists of), currently account for around 38 per cent of invested assets, with the aim of reaching 30 per cent by 2029. At the same time, the liquid component is now reported to have exceeded 60 per cent of the portfolio.

During 2025, Enpapi also increased its investment in Italian government bonds, building up a portfolio of around 200 million in BTps, with further purchases made in the early months of 2026. The organisation justifies this decision both by the rise in yields offered by Italian government debt and by the aim of reducing the portfolio’s risk profile and improving the stability of income streams.

As mentioned above, certain factors limit the transparency of the analysis. “The financial statements,” explains Vincenzo Cagnetta, an analyst and independent financial adviser at Studio Enca, “aggregate equity and bond funds into a single item, without providing a breakdown.” This approach does not allow one to understand the institution’s actual exposure to the equity markets and, conversely, how much is invested in the bond sector via funds. A similar issue,” continues the analyst, “concerns the geographical breakdown of investments. Although the financial statements highlight some directly identifiable exposures – such as Italian BTPs and shareholdings in domestic companies – no breakdown of assets between Italia, Europe, North America, Asia and emerging markets is published.”