ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
226
The Fund patrimony demonstrated the following average proportions by financial asset class:
The heading “Others” includes gains/losses in foreign exchange, commissions, taxes and non-attributable gains.
An analysis of the composition of the portfolio allows one to conclude that there is sufficient diversification with
regard to the various financial products and it is in accordance with the need for liquidity to pay pensions.
The movements that occurred in the fund’s patrimony are as follows:
Shares
12.11%
13.20%
Bonds
51.97%
52.28%
Real estate
18.27%
19.52%
Other funds
1.94%
1.45%
Liquidity
16.97%
14.84%
Others
-1.26%
-1.29%
100%
100%
2012
2011
Initial balance
4,191,930.09
4,563,844.19
Pensions paid
(915,808.08)
(253,732.78)
Contributions
940,000.00
-
Fund revenue
293,978.40
(118,181.32)
Final balance
4,510,100.41
4,191,930.09
2012
2011
