FRR 2016 ANNUAL REPORT04
EUR 36.004 billion
The FRR s assets at 31/12/2016
4.97% 2016 performance net of charges
* Since the entry into force of the 2010 pensions reform, the FRR s financial model has changed substantially: the FRR no longer receives new investments (EUR 1.5 to 2 billion a year up to 2010); the FRR pays EUR 2.1 billion every year to the CADES.
Key figures
4.2% Annualised performance
of assets since June 2004
5.4% Annualised performance
of assets since December 2010*
The FRR s net annual performance
Changes in the value of the FRR s net assets at 31 December 2016 (EUR billion)
20 %
15 %
10 %
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
20052004 2nd semester
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2.93
12.35 11.10
4.85
-24.93
14.95
4.19
10.51 8.75
3.08 4.97
0.37
5.03
12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 12/2011 12/2012 12/2013 12/2014 12/2015 12/2016
Assets under management Cumulated Endowments
16
20
24
28
32
36
40
19.6
36.0