The 2022 audited annual report of FDC's SICAV is now available.
FDC's SICAV closed 2022, a difficult year in many ways, with a negative performance of -12.87%, thus underperforming its strategic benchmark by 54 basis points. In that respect, the positive contribution to overall performance by asset allocation, mainly due to the decision to underweight euro denominated bonds during the whole year, was more than compensated by weaker relative performances of certain investment managers of FDC’s SICAV.
Overall performance of equities was -13.06% while fixed income posted a result of -14.53%. Rising interest rates allowed money market to be slightly positive, this by 2 basis points. Finally, global real estate resisted well with an annual performance of 9.91%, although the first signs of a turnaround appeared in the 4th quarter 2022.
While EUR 480 million were newly invested during the year, a capital loss of EUR 3.17 billion led to a decline of the SICAV’s total net assets, amounting at year end EUR 21.91 billion, a decrease of EUR 2.69 billion compared to 2021.