“Many times candidates are very aggressive during their electoral campaigns, but tend to moderate their speeches once they reach the presidency,” he said.
Across the region, Sura has about $147 billion in assets under management in Chile, Argentina, Colombia, Mexico, Peru, Uruguay, and El Salvador, and hopes to end the year with as much as $162 billion, Calle said. Three-fourths of those assets correspond to Sura’s pension operations in the region, with the rest at its wealth management and investment operations.
In anticipation of rate hikes, Sura this year shifted its portfolios away from fixed income and is overweighting equities in Chile, Mexico and Colombia. Some Chilean and Colombian stocks had been excessively punished even before the pandemic, Calle said.
Sura is also increasing allocation to alternative assets such as private equity, private debt, infrastructure and real estate investments, with a goal of increasing their weight to 15% from 7% today, Calle said. Its private equity portfolio should increase by 50% to $15 billion by 2025.
The company is also increasing its offering of real estate funds in Chile, Colombia and Peru to 20 by year-end from 15 today, and should add Mexican real estate funds soon. Calle expects pension funds will remain an important client of its infrastructure funds as they seek options in a world of diminishing returns.
And Sura’s own pension fund will be around for that, he says. (Bloomberg)
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