2026 gets off to a good start for Pir: positive balance of 239 million in January
A decisive contribution was made by bonds, which collected EUR 176 million. Five products left the starting blocks
Key points
The first month of the year followed in the footsteps that the individual savings plan system has been following for some time now: positive inflows achieved mainly thanks to the contribution of bond products. In January, 239 million euro entered the Pir managers' coffers, the best figure since July 2025 (343 million euro), and products specialising in bonds contributed to the result with total inflows of over 176 million euro. Another significant boost in January also came from balanced Pir products, which closed the month with accounts in the black by EUR 65 million, while inflows for equities were still negative, although fairly close to breakeven (EUR -3.3 million). A plus sign, moreover, for flexible funds with a balance of 0.9 million.
The new proposals on the market
A consolidated trend, therefore, that characterises the dynamics of savings plans and confirms the attention paid to these products not only through inflows, which are punctually directed towards existing Pir, but also through the debut of new proposals. In January alone, five (strictly bond) funds by Arca, Mediolanum, Eurizon and Bcc Risparmio&Previdenza debuted on the market. Needless to say, inflows for them were very positive: 170 million, i.e. almost the entire monthly balance of the entire typology. Andrea Cecchini, general manager of Bcc Risparmio&Previdenza, a company that has proposed two bond Pir on the market eight months apart, emphasises how the Pir regulations and the tax benefit make these instruments naturally associated with a well-defined time horizon, and explains what he sees as the reasons behind the decision to focus on the bond-linked Pir typology. "The possibility for clients to make annual payments of up to EUR 40,000 on several PIRs from the same issuer," he continues, "led us to make a very clear choice: to accompany clients over time with different products, launched at different times, with portfolio characteristics and expected returns consistent with the market context of each year. Keeping a single product open over time would have resulted in a dilution of returns for clients who entered in the early stages, penalising rather than rewarding them. On the contrary, the structure we have adopted, and which is now also reflected in the new InvestiPer Obbligazionario Pir II product, introduces discipline into investments and allows clients to make more efficient use of the tax and financial advantages offered by Pir. It is a choice that reflects an evolved advisory vision'.
Performance
On the returns front, the news coming in is particularly positive for equities, which, especially over the five-year period, continue to ride with the wind in their sails. Arca Azioni Italia (110.2%), Leadersel Pmi (106.3%) and Sella Investimenti Azionari Italia (96.4%) have been particularly profitable since 2021.
