In June, the operators' collection is back in the black
Balance in the black by EUR 16 million, first positive figure since March 2022. Since January, the system has been in the red by 539 million
2' min read
Key points
2' min read
After more than two years, Pirates returned to positive territory in June. With inflows of almost 16 million, Individual Savings Plans thus interrupted a long and constant series of negative figures that had sometimes called into question the very usefulness of these instruments (the plus sign had not been seen since March 2022).
The scenario
.In June, however, the trend reversed. To tell the truth, however, it is premature to speak of a reversal of the trend, also because last month there was no general return of flows on savings plans, which in most cases are equity and balanced, but once again it was a couple of Eurizon-branded bond products that catalysed attention and determined the fate of the entire sector.
The semester
Generally speaking, however, analysing the funding figures for the first half of the year, which closed with a negative result of EUR 539 million, the second quarter showed a general improvement in the accounts of all companies: the total balance went from EUR -359 million in the first three months of 2024 to EUR -181 million from March to the end of June.
Yields
.On the returns side, despite the fact that the segment of small- and mid-cap stocks has been sluggish compared to the market's biggies, the performance of the products is nonetheless very positive, not only over the five-year period, but also since the beginning of the year (see table on page). This indicates that, although the investment pool is that of SMEs, managers also diversify part of their portfolios into securities from the main market. From 2019 to date, product results are positive and, with a few minor exceptions, all in double figures. The best products are the Amundi Etf Amundi Ftse All Cap Pir 2020, which recorded a 71.2 per cent appreciation. Second place went to a fund from the Eurizon stable, Pir Italia Azionario, with a gain of 60.5 per cent, while on the third step of the podium came Arca Azioni Italia whose performance was 59 per cent.
Since the beginning of the year
.Shortening the time span to 2024, again the figures tend to be all positive. The three best-performing plans of the period are Mediobanca Mid & Small Cap Italia (17%), Leadersel Pmi (16%) and again Arca Azioni Italia (15.2%). Two AcomeA products, Pmi Italia Esg P1 (-2.6%) and P2 (-2%), close the ranking.
