Política de investimentos: análise da performance dos investimentos do Natalprev

Abstract

The investment policy is the instrument that establishes the guidelines, bases and guides the investment decision-making process of pension funds, observing the principles of security, profitability, solvency, liquidity, motivation, adequacy to the nature of their obligations and transparency. At Natalprev, its investment policy has the central objective of promoting the maximization of the profitability of its assets, seeking to preserve and preserve its assets and, subsequently, to establish reserves for the payment of benefits to the insured. It complies with what is determined by current legislation, especially Resolution of the National Monetary Council No. 3922/2010 (amended by 4695/2018) and Ministerial Ordinance No. 519/2011. Thus, the objective of the study was to analyze the performance of Natalprev's RPPS investment portfolios. And specific objectives, to evaluate the fixed income and variable income scenarios in comparison to the IPCA when in the pandemic period the economy was affected by the escalation of inflation; as well as evaluating the results of the ccumulated risk and the relative risk over time with the objective of preferring the risk of less variability of return in the long term; and, define the diversification of investment portfolios in order to obtain an optimal portfolio, maximizing the fund's equity at any instant of time. The literature review presents the historical rescue of social security, as well as of social security systems; It also addresses budget, financial and actuarial balance forecasts, highlighting the investment policy and financial risks of the Own Social Security Schemes (RPPS). Research data were provided through the Financial, Accounting and Actuarial Department of the Social Security Institute for Employees of the Municipality of Natal (Natalprev). This made available the reports prepared by the consulting company responsible for financial investments, together with the Investment Policy report for the years 2017 to 2021, in addition to the Statement of Results of the Actuarial Valuation - DRAA and the Statement of Applications and Investments of Resources - DAIR. These refer to the monthly profitability of the 46 investment portfolios, from January 2017 to november 2021.The analyzes and discussions present the behavior of the investment portfolios over the time studied, which we grouped into fixed income, variable income and investments abroad. It was concluded that fixed income investments have a better performance compared to the other two portfolios, which had the IPCA as a parameter, which remained throughout the time series with a rate of return above this index.