Current trends in performance and flows in the Spanish pension fund industry

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<dc:creator>Barahona, Ricardo</dc:creator>
<dc:creator>Banco de España</dc:creator>
<dc:date>2026</dc:date>
<dc:description xml:lang="es">Sumario: This paper analyses the financial performance and investor flows of individual pension funds in Spain. Using detailed fund-level data, it decomposes returns into risk exposure, risk-adjusted performance and fees, showing that average risk-adjusted returns are negative after fees. Evidence of managerial skill is found before fees, as well as persistence in relative fund performance. The study also shows that investors actively reallocate savings towards better-performing funds. Finally, the performance of pension funds is compared with that of mutual funds domiciled in Spain</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/190334.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:publisher>Banco de España</dc:publisher>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Fondos de pensiones</dc:subject>
<dc:subject xml:lang="es">Planes de pensiones</dc:subject>
<dc:subject xml:lang="es">Rentabilidad ajustada al riesgo</dc:subject>
<dc:subject xml:lang="es">Gestión de activos</dc:subject>
<dc:subject xml:lang="es">Mercados financieros</dc:subject>
<dc:subject xml:lang="es">España</dc:subject>
<dc:type xml:lang="es">Libros</dc:type>
<dc:title xml:lang="es">Current trends in performance and flows in the Spanish pension fund industry</dc:title>
<dc:format xml:lang="es">26 p.</dc:format>
<dc:coverage xml:lang="es">España</dc:coverage>
</rdf:Description>
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