In September, Pir inflows fall further: -37 million

Another step backwards. Inflows from individual savings plans in September posted a negative result of EUR 37 million, down on the previous two months. The sector's balance sheet, which has recorded total outflows of over EUR 640 million since the beginning of the year, is thus becoming increasingly heavy. Once again, the only category to close the year in the black was bonds, thanks almost exclusively to Eurizon's stable of funds, which brought in a dowry of EUR 68 million, EUR 70 million of which was raised with the two latest funds, Edizione 7 and Edizione 8 (the latter launched in September). Figures which, however, only partly offset the negative figures for equities (-39 million), balanced funds (-35 million) and flexible funds (-32 million).

It is clear from these numbers that the approach to the stock market through PIRs is failing to gain a foothold, indeed, there is an obvious gap that not even legislative adjustments aimed at making these instruments more attractive are managing to change. Seven years after their inception, PIRs remain at the pole, and not even the tax breaks that pushed them so much at their debut have any hold on savers. It has to be said that the economic situation, especially from a geopolitical point of view, certainly does not speak in favour of investments involving a margin of risk. But since the uncertain structural scenario now seems to have become a constant that is unlikely to disappear, other levers will have to be used to bridge a gap with investors, which is getting deeper as time goes by.

As repeatedly emphasised in these columns, the trend in flows is not, however, justified by the returns of these products which, despite everything, have always shown positive trends, especially in the long term. The truth is that this market has not had the desired growth (the number of funds on the market has remained substantially unchanged for years), few people know them (and sell them), and they therefore remain a niche product, despite an almost ten-year presence on the Italian market.

Positive five-year results in all cases and since the beginning of the year, almost. From 2019 to date, the best products are Leadersel Pmi which has returned 74.8%, Eurizon Pir Italia Azionario up 60%, Arca Azioni Italia with 58.5% and Sella Investimenti Azionari Italia Pir up 55%. Since the beginning of the year, Leadersel Pmi (16.9%), Mediobanca Mid&Small Cap (15.9%) and again Arca Azioni Italia with 15.7% stand out.

Among the management companies offering Pir, only four closed the month of September with accounts in the black. Apart from Eurizon, which cashed in 58.8 million (all on the two bond products), Neam's inflows were around 500 thousand euro, followed by Sella with 300 thousand and Mediobanca 100 thousand. The list of negative balances is much longer, and in this case it is Mediolanum that has suffered the largest outflows (31 million), followed by Amundi (-26 million) and Banca Generali in the red by over 10 million.