Pir funds in July collected 342 million

The script repeats itself month after month. It is still bonds that firmly hold the reins of the entire individual savings plan (Pir) system. During the month of July, this category cashed in an impressive EUR 348 million, offsetting the negative results of equities (-EUR 7.2 million) and flexible instruments (-EUR 10.6 million) and bringing EUR 342 million into the managers' coffers (balanced funds closed the account with a surplus of over EUR 10 million).

In reality, it is on a limited number of funds that flows are concentrated, but their size is such that it affects the total result. Even within the funds of the same stable, the tendency is to reposition capital on the last product to come onto the market.

And because the bond Pir formula is so popular, other new products from the Eurizon stable (which has also incorporated Fideuram's funds), Mediolanum and Amundi, all strictly bond products, also left the starting blocks last month.

A fascination that seems inexhaustible and as such convinces more and more investors to bet on this type. And indeed, in the space of little more than a year, the Pir scenario has completely turned upside down. For a very long time, the market remained frozen and no more products were being launched (also due to the legislative chaos that blocked the sector in 2019). Not only that. The significant aspect of this change is the fact that in the first few years after the debut of individual plans on the market, bond products could be counted on the fingers of one hand, it almost seemed like a category with no utility in relation to the objective for which these instruments were created (investment in the real economy with a long-term view but tending towards equities).

Here too, the script is repeated for equities in particular: they are not bought, but continue to offer stellar returns, especially over the past five years with eight products that continue to perform in triple figures. Over the last five years, the absolute best product is confirmed as Leadersel Pmi with a 129% growth, followed closely by Arca Azioni Italia up 125% and Sella Investimenti Azionari with a 114.2% gain.