Solid surveyors' fund but excessive weight in the Quaestio fund
Undeployed liquidity and too much Italia in the portfolio are among the bottlenecks
Key points
The solidity of the Cassa geometriwas (also) contributed to last March by the Constitutional Court. But a careful analysis of the 2025 budget of the social security body for building professionals shows how improving the financial management of assets could be particularly important to cope with the progressive decline in membership and the increase in pensioners.
The critical points of the entity's investments, in fact, would be the liquidity held in the portfolio (as much as 17%), the strong exposure to Italia (66%) and the concentration of a significant part of the financial assets in the Quaestio sub-fund (800 million out of 2.15 billion in assets, 37.21%). This fund, however, has recorded an excellent performance in 2025 (8.19%), but this refers only to the 800 million invested in this sub-fund and not to the total return (asked several times by 'Plus24' to Cassa Geometri) of the invested assets (precisely 2.15 billion). But let us go in order
Consulta's assist
Among the most significant events of recent months is Constitutional Court ruling 29\2026, which declared illegitimate the mechanism that required the Cassa Geometri to repay to the State the savings resulting from the spending review. This decision is intended to strengthen the principle of patrimonial and financial autonomy of all privatised social security funds.
The dynamics of the entity
On the pension front, a dynamic common to most of the liberal professions emerges: membership has fallen to just over 71,000, compared to over 92,000 10 years earlier. At the same time, the number of pensioners continues to grow, with a progressive deterioration in the ratio of active to benefit recipients.
The asset allocation, on the other hand, shows a structure marked by prudence. The bond component represents 39.92 per cent of the invested assets, equities 14.70 per cent, alternative investments (mainly infrastructure and private equity) 8.27 per cent, and real estate 19.88 per cent. In addition to these components, there is cash of 17% and a residual share of 0.24% attributable to funds and management.
