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AFP Fund E falls 10.39% in real terms in 2026, with Modelo posting the largest loss
All seven AFPs are in the red in the most conservative fund, and Superintendent Joaquín Cortez expressed concern about the results.
All seven pension fund administrators lost almost the same amount in Fund E after making the same bet
Experts attribute all administrators’ use of derivatives tied to U.S. interest rates, with nearly identical results, to the “herd effect.”
Fund E: Central Bank warned of swap risks before 10.39% decline
All seven pension fund administrators replicated a derivatives bet on falling U.S. interest rates that, according to Bloomberg, has accumulated US$7,700 million in valuation losses.
Chile's Fund E loses 9.38% in real terms while Peru's riskiest fund gains 25.99%
Experts attribute the gap between the two countries' pension fund administrators to different investment rules and strategies, rather than one model being better than the other.
Pension fund managers go from US$1,400 million gain to US$7,700 million loss on U.S. bets
Swaps betting on lower U.S. interest rates hit Fund E, which is down 10.4% this year, while economists disagree on the scale.
AFP Fund D loses 6.38% in real terms in 2026 and has a high concentration of members nearing retirement
Four in ten Fund D members are over 60, and all AFP pension fund managers recorded losses in that fund between January and September.
Pension fund managers’ Fund E loses 10.39% in real terms in 2026 on interest rate swap bet
Derivative contracts that amplified the impact of rising US interest rates explain almost the entire decline in the most conservative fund, which has 768,836 members.
Pension funds’ Fund E falls 10.39% in real terms in 2026 as Mas blames previous government
The minister of Economy and Mining attributes the plunge in the most conservative fund to earlier decisions and says they have already been corrected.