PRESS NOTICE
Bogotá, Jul 19, 2007
PERFORMANCE OF MANDATORY PENSION FUNDS, VOLUNTARY PENSION FUNDS,
UNEMPLYMENT FUNDS, PAY AS YOU GO REGIME AND ADMINISTRATOR OF
PROFESSIONAL RISKS OF THE ISS MAY OF 2007
1. MANDATORY PENSIONS FUNDS
1.1 MANDATORY PENSION FUNDS YIELD
The accumulated yield of mandatory pension funds during the last three years, period that
considers for the calculation of the minimum yield, was in average of the 13.24% cash annual,
equivalent to a 7.75% yield real and superior to the demanded minimum yield in 3.19 percentage
points. Individually, the funds reached yields that go from the 12.35% to the 14.95% (graphs 1 and
2).
16.00%
G R A P H 1.
M A N D A T O R Y P E N S IO N F UN D S Y IE LD
M A Y .3 1/ 0 4 T O M A Y .3 1/ 0 7
14.95%
14.00%
12.97%
12.87%
12.71%
13.24%
12.51%
12.35%
12.00%
10.05%
10.00%
NOM INA L YIELD
AVERAGE
(*)
MINIMUN
4.71%
YIELD
7.75%
6.90%
HORIZONTE
7.05%
7.24%
COLFONDOS
PORVENIR
PROTECCION
0.00%
SANTANDER
2.00%
SKANDIA
4.00%
7.49%
9.37%
6.00%
7.39%
8.00%
REA L YIELD
GRAPH 2
RETURN´S ACCUMULATED OF MANADATORY PENSIONS FUNDS
EVOLUTION
24.00%
22.00%
20.00%
18.00%
16.00%
14.00%
12.00%
06-06
07-06
08-06
PROTECCION
09-06
10-06
PORVENIR
11-06
12-06
HORIZONTE
01-07
SANTANDER
02-07
03-07
04-07
COLFONDOS
05-07
SKANDIA
During the last five years mandatory pension funds obtained a yield effective average of 14.26%
annual, the equivalent one to a real yield of the 8.13%, whereas the yield average from beginning of
operations to the 31 of May of 2007 were of the 16.60% annual cash, that corresponds in real terms
to the 5.13% (graph 3).
GRAPH 3.
YIELD FROM THE BEGINNING OF OPERATIONS (1)
16.31%
16.01%
16.00%
15.93%
4.86%
4.59%
4.59%
4.52%
COLFONDOS
PORVENIR
SKANDIA
HORIZONTE
16.60%
16.44%
4.98%
MAY.31/07
SANTANDER
18.13%
14.26%
13.29%
13.55%
14.00%
13.56%
16.00%
13.89%
18.00%
14.12%
20.00%
16.37%
LA ST F IV E Y EA R Y IELD
M A Y .3 1/ 0 2 T O M A Y .3 1/ 0 7
12.00%
7.21%
HORIZONTE
2.00%
5.13%
7.45%
SANTANDER
6.51%
7.46%
PORVENIR
8.13%
7.78%
COLFONDOS
4.00%
7.99%
6.00%
SKANDIA
8.00%
10.12%
10.00%
NOM INA L YIELD
AVERAGE (*)
PROTECCION
AVERAGE (*)
PROTECCION
0.00%
REA L YIELD
(*) Weighed by the balance daily average of the patrimony
(1) May 1994, without Skandia that began in March 1995
1.2 VOLATILITY AND EVOLUTION YIELDS
1.2.1 MONTHLY YIELD AND VOLATILENESS
The monthly yield average of Mandatory Pension Funds during last thirty and six months, was
between the 10,95% and 15,24% (annual cash), with annualized volatilenesses of 4,73% and
7,32%, respectively. The yield and volatileness of each one of the funds are reflected in graph 4.
Monthly yield annual effective average
GRAPH 4
MANDATORY PENSION FUNDS
MONTHLY YIELD AVERAGE AND VOLATILENESS
MAY 31 2004 -MAY 31 2007
16.90%
16.60%
16.30%
16.00%
15.70%
Protección
15.40%
15.10%
14.80%
14.50%
Skandia
14.20%
13.90%
Santander
Porvenir
13.60%
13.30%
13.00%
Colfondos
12.70%
12.40%
12.10%
11.80%
11.50%
11.20%
Horizonte
PORTFOLIO
OF REFERENCE
10.90%
10.60%
10.30%
10.00%
4.50%
5.00%
5.50%
6.00%
VOLATILENESS
6.50%
7.00%
7.50%
1.2.2. ACCUMULATED YIELD AND VOLATILENESS
The accumulated yield average of Mandatory Pension Funds during last thirty and six months, was
between the 11.64% and 14.95% (annual cash), with annualized volatilenesses of 1.78% and
2,34%, respectively. The yield and volatileness of each one of the funds are reflected in graph 5.
(*) It corresponds to the accumulated yield of the last 36 months
1.3 VALUE OF THE FUNDS
The value of mandatory pension funds reached to the 31 of May of 2007 a value of USD 23.572
millions, superior in USD 2.503 millions the value registered to the 30 of April, that is to say, an
11.9% (graph 6 and 7, Chart 1.1).
6,500
26.8%
GR A P H 6.
V A LUE O F E A C H F UN D A N D IT S P A R T IC IP A T IO N IN T H E S Y S T E M
M A Y 3 1T H 2 0 0 7 - M ILLIO N S US D O LLA R
24.7%
6,000
5,500
5,000
17.2%
4,500
14.6%
FUND VA LUE
P ERCENTA GE OF P A RTICIP A TION
SKANDIA
HORIZONTE
PROTECCION
0
PORVENIR
30
0.1%
500
SKANDIA
PLAN
ALTERNATIVO
2,901
SANTANDER
983
4.2%
3,449
1,500
1,000
COLFONDOS
2,000
12.3%
4,061
2,500
5,823
3,500
3,000
6,326
4,000
6.4%Jun-06
5,000
7.4%-
23,572
5.2%
3.4%
0.9%
0.7%-
1.8%
5.9%
11.9%
21,070
20,029
19,378
19,205
19,347
18,276
16,812
6.8%
10,000
1.6%
16,553
4.2%
14,323
15,305
15,000
May-06
MILLIONS OF USD
20,000
10.9%15,879
25,000
17,957
GR A P H 7.
V A LUE O F T H E F UN D S
LA S T Y E A R E V O LUT IO N
FUNDS VALUE
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
-
MONTHLY VARIATION
1.4 AFFILIATED
The number of affiliated with the regime of individual saving with solidarity to the 31 of may of 2007
ascended to a 7.344.705, with an increase of the 1.2%, that is to say, 85.859 affiliated as opposed
to the number reported to the 30 of April of 2007. (Graph 8).
GR A PH 8 .
A F F ILIA T ED A N D PA R T IC IPA T ION OF EA C H F U N D IN T HE SY ST EM
M A Y 3 1T H 2 0 0 7
2,400,000
28.2%
2,100,000
21.7%
SKANDIA
7,344,705
7,197,578
7,121,325
7,010,287
6,961,430
6,906,460
6,853,741
6,799,647
6,701,261
6,648,211
7,200,000
6,757,284
7,500,000
7,074,020
N UM B E R O F A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
6,900,000
338
0.0%
SKANDIA PLAN
ALTERNATIVO
1,060,237
P ERCENTA GE OF P A RTICIP A TION
7,258,846
A FFILIA TED
HORIZONTE
PORVENIR
0
PROTECCION
300,000
14.4%
COLFONDOS 1,149,367
600,000
1,405,177
900,000
1,596,450
2,068,925
1,200,000
15.6%
64,211
0.9%
19.1%
1,500,000
SANTANDER
1,800,000
0.9%
Apr-07
1.2%
1.1%
Mar-07
0.7%
Dec-06
0.7%
0.8%
Nov-06
0.9%
0.8%
0.6%
Aug-06
Oct-06
0.8%
Jul-06
0.8%
0.8%
Jun-06
Sep-06
0.9%
6,300,000
May-06
6,600,000
AFFILIATED
MONTHLY VARIATION
May-07
Feb-07
Jan-07
6,000,000
Of the total of affiliated with the funds of mandatory pension funds, the 53.3% correspond to
affiliated active, that is to say, 3.911.695 and the 46.7%, that is 3.433.010 to affiliated inactive. The
inactive affiliated ones are those that have not carried out quotations in at least last six months
(graph 9).
GR A P H 9
A C T IV E S A N D IN A C T IV E S A F F ILIA T E D B Y E A C H F UN D
M A Y 3 1T H 2 0 0 7
1,400,000
1,200,000
A CTIVES
44
SKANDIA PLAN
ALTERNATIVO
294
19,351
SKANDIA
44,860
567,797
492,440
SANTANDER
728,354
676,823
572,760
COLFONDOS
576,607
PORVENIR
-
PROTECCION
200,000
HORIZONTE
400,000
645,808
600,000
895,049
1,173,876
800,000
950,642
1,000,000
INA CTIVES
53.3%
52.3%
47.7%
Mar-07
52.7%
52.1%
47.9%
Feb-07
51.9%
52.0%
48.0%
51.9%
51.7%
51.3%
48.7%
Aug-06
51.5%
51.1%
48.9%
Jul-06
51.6%
52.0%
51.6%
54.0%
48.3%
A C T IV E S A N D IN A C T IV E S A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
46.7%
48.1%
47.3%
46.0%
48.1%
48.4%
Jun-06
48.5%
48.4%
48.0%
May-06
50.0%
ACTIVES
May-07
Apr-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
44.0%
INACTIVES
Of the total of affiliated in the Regime of Individual Saving the 56.3% corresponds to non-quoting
members, is to say to 4.132.635 people; the 43.7%, that is 3.212.070 people, are quoting members
(graph 10). Meaning by non-quoting members those who are affiliated but are not pensioned yet,
and that for some reason, they did not realized the mandatory payment for the reported moth.
1,200,000
G R A P H 10
A F F ILIA T E D C O N T R IB UT O R S A N D N O N C O N T R IB UT O R S B Y F UN D
M A Y .3 1T H 2 0 0 7
1,000,000
QUOTING
NON-QUOTING
120
218
SKANDIA PLAN
ALTERNATIVO
28,250
35,961
SKANDIA
SANTANDER
676,187
384,050
523,058
626,309
COLFONDOS
901,585
503,592
759,313
PROTECCION
-
PORVENIR
200,000
HORIZONTE
400,000
837,137
600,000
1,063,047
1,005,878
800,000
56.8%
56.3%
43.2%
43.7%
Apr-07
May-07
57.7%
57.5%
59.1%
40.9%
Sep-06
58.5%
59.9%
40.1%
Aug-06
58.0%
60.0%
40.0%
Jul-06
60.0%
58.4%
60.0%
40.0%
Jun-06
58.3%
60.5%
39.5%
65.0%
May-06
C O N T R IB UT O R S A N D N O N C O N T R IB UT O R S A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
55.0%
50.0%
42.3%
42.5%
41.5%
41.6%
35.0%
41.7%
40.0%
42.0%
45.0%
30.0%
NON-QUOTING
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
25.0%
QUOTING
Of the total number of affiliated with the funds of mandatory pension funds, the 83.2% happen less
than two minimum wages, the 10.7% perceive income between two and four minimum wages and
the 6.1% win more than four minimum wages.
The 55.8% of the affiliated ones oscillate between the 15 and 34 years old, of which, in this
segment, the 55.5% are men and the 44.5% women.
The 96.2% of the total number of affiliated with the system correspond to workers with labor bond
and the 3.8% to independent workers.
As far as the origin of the affiliated ones, it is important to write down that the 57.6% correspond to
people who entered in the system, 29.7% come from the Pay As You Go Régime, the 12.1% to
transfers between AFPs and the 0.6% comes from the Government social security funds (Chart
1.2).
1.5 PENSIONERS
To the 31 of May of 2007 the Regime of individual saving with solidarity counts on 23.592
pensioners, 14.261 for survival, 5.145 for invalidity and 4.186 of retirement age (graph 11).
The 51.5% of the pensioners are to say 12.160, have decided on the modality of programmed
retiree's pension; the 48.5%, 11.431 pensioners, by the one of immediate life rent and 1 pensioner
by the one of retirement programmed with deferred life rent (Chart 1.3).
SURVIVA L
INVA LIDITY
RETIREM ENT A GE
246
108
39
13
SKANDIA P.A
SANTANDER
COLFONDOS
HORIZONTE
PORVENIR
0
PROTECCION
500
SKANDIA
158
501
871
2,226
2,335
546
376
1,000
616
974
1,246
2,000
1,500
3,261
3,396
2,500
1,469
2,276
3,000
2,935
4,000
3,500
G R A P H 11
P E N S IO N E R S S B Y F UN D
M A Y 3 1T H 2 0 0 7
23,592
23,181
22,915
22,531
21,944
21,598
21,346
21,101
20,812
20,371
20,102
19,948
25,000
22,302
N UM B E R O F P E N S IO N E R S
LA S T Y E A R E V O LUT IO N
1.8%
1.2%
1.7%
1.6%
Jan-07
1.0%
1.6%
1.2%
Nov-06
Dec-06
1.2%
1.3%
0.8%
1.5%
10,000
5,000
1.4%
15,000
Oct-06
2.2%
20,000
PENSIONERS
May-07
Apr-07
Mar-07
Feb-07
Sep-06
Aug-06
Jul-06
Jun-06
May-06
-
MONTHLY VARIATION
1.6 INVESTMENT PORTFOLIO
As of May 31 2007, the value of portfolio of Mandatory Pension Funds reached USD$ 23,551
million, showing an increase of 12% with respect to the end of the previous month, when it was of
USD$ 21,032 million.
To the closing of May 2007, 74.3% of portfolio of the mentioned funds, that is to say, USD$17,505
million correspond to investments of fixed income; the 20.1%, USD$ 4,730 million, to investments in
equity; the 2.8%, USD$ 655 million, to overnight deposits, 1.7%, USD$ 394 million, Deposits in
Central Bank and the 1.1%, USD$ 267 million, to the net position in derivatives (right less
obligations) (Graph 12 and Chart 1.4).
GRAPH 12
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MAY 31TH 2007 - THOUSANDS OF US DOLLAR -
99%
FIXED INCOME
EQUITY
77.4%
73.3%
79.4%
62.7%
68.7%
74.3%
76.0%
76.7%
OVERNIGHT
DEPOSITS
Deposits in
Central Bank
27.9%
24.3%
16.5%
17.7%
20.8%
20.1%
21.9%
18.3%
4.1%
DERIVATIVES NET POSITION-
0.7%
1.0%
1.4%
4.5%
0.9%
-1%
COLFONDOS
$ 3,445,020
HORIZONTE
$ 4,049,541
1.7%
PORVENIR
$ 6,341,293
1.9%
2.8%
1.2%
4.9%
9.1%
0.3%
0.3%
0.3%
5.1%
1.1%
PROTECCION
$ 5,811,898
SANTANDER
$ 2,894,298
SKANDIA
ALTERNATIVO
$ 29,626
SKANDIA
$ 979,422
1.1%
1.7%
SYSTEM
$ 23,551,099
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO IN FIXED INCOME, EQUITY,
OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION - MILLION
OF US DOLLAR
100%
80%
60%
40%
DERIVATIVES NET POSITION
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
May-07
23,551 M
APR-07
21,032 M
Mar-07
19,975 M
Feb-07
19,346 M
JAN-07
19,147 M
DIC-06
19,284 M
NOV-06
18,190 M
OCT-06
17,879 M
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
0%
MAY-06
15,297 M
20%
Investment in public debt continues being the most significant in these funds. At May 31 2007,
these investment represented the 46.6% of the value total of portfolio (national debt commits the
41.7%, external national debt 2.4% and territorial organizations and decentralized entities 2.6%),
followed of the titles emitted by institutions watched by other regulatory authority with 18.7%, titles
emitted by the Institutions watched by the Financial Supervision that counted on a participation of
the 14.2% and the outside investments with a participation a 13.1%. (Graph 13 Charts 1.4).
GRAP H 13
P ORTFOLIO DIVERSIFICATION BY ISSUER
M AY 31TH 2007 - THOUSANDS OF US DOLLAR 100%
Internal govermment
debt
22.1%
31.2%
Institutions watched by
other regulatory
authority
41.3%
42.9%
41.7%
42.4%
40.5%
45.2%
13.6%
Institutions watched by
the Financial
Supervisión
13.8%
International
Investment
19.0%
16.3%
14.3%
19.7%
18.7%
22.0%
External Public Debt
22.5%
19.5%
12.7%
Fogafin
15.1%
17.2%
38.6%
14.2%
13.1%
10.5%
12.5%
13.0%
Other public debt titles
16.5%
1.7%
1.1%
Others (1)
2.1%
3.4%
3.3%
0%
1.7%
1.0%
3.7%
COLFONDOS
$ 3,445,020
2.3%
1.5%
2.6%
HORIZONTE
$ 4,049,541
13.1%
9.1%
15.9%
13.2%
2.2%
2.7%
1.5%
10.2% 7.1%
7.0%
2.6%
0.2%
3.8%
3.1%
9.4%
6.3%
1.4%
PORVENIR
$ 6,341,293
PROTECCION
$ 5,811,898
(1) Ovenight deposits, Deposits in Central Bank and Derivatives net position
SANTANDER
$ 2,894,298
2.4%
1.8%
2.6%
0.5%
4.1%
SKANDIA
ALTERNATIVO
$ 29,626
SKANDIA
$ 979,422
5.6%
SYSTEM
$ 23,551,099
May-07 23,551 M
APR-07 21,032 M
Mar-07 19,975 M
Feb-07 19,346 M
JAN-07 19,147 M
DIC-06 19,284 M
NOV-06 18,190 M
OCT-06 17,879 M
SEP-06 16,687 M
AUG-06 16,423 M
JUL-06 15,734 M
MAY-06 15,297 M
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
JUN-06 14,240 M
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
INTERNAL GOVERMMENT DEBT
Institutions w atched by the Financial Supervision
EXTERNAL GOVERMMENT DEBT
INSTITUTIONS NONWACHED BY THE BANKING SUPERINTENDENCY
FOGAFIN
INTERNATIONAL INVESTMENT
OTHERS
MUNICIPAL BONDS
The 73.4% of portfolio mention before is denominated in Colombian pesos, the 15% in UVR, the
9.6% in US Dollar, the 1.4% in euros and rest 0.6% in British Pound, Real and Yen. (Graph 14).
G R A P H 14
P O R T F O LIO D IV E R S IF IC A T IO N B Y C UR R E N C Y
M A Y 3 1T H 2 0 0 7 - T H O US A N D S O F US D O LLA R -
100%
COL Peso
(Includes
Derivatives Net
Position)
50.9%
UVR
65.2%
70.4%
70.6%
74.2%
73.4%
75.4%
81.6%
US Dollar
11.8%
Euro
19.8%
17.4%
14.4%
34.6%
16.4%
15.0%
14.8%
8.2%
13.5%
8.2%
2.7%
9.6%
1.4%
SYSTEM
$ 23,551,099
1.5% 0.6%
SKANDIA
$ 979,422
2.0%
SKANDIA
ALTERNATIVO
$ 29,626
7.9%
1.8% 0.1%
1.3% 0.1%
PROTECCION
$ 5,811,898
HORIZONTE
$ 4,049,541
(1) British Pound, Real and
Yen
COLFONDOS
$ 3,445,020
0%
2.4% 1.0%
0.6%
11.8%
1.6%
SANTANDER
$ 2,894,298
9.6%
8.5%
PORVENIR
$ 6,341,293
Others (1)
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
MILLION OF US DOLLAR
78%
68%
58%
48%
38%
28%
18%
8%
May-07
23,551 M
APR-07
21,032 M
Mar-07
19,975 M
JAN-07
19,147 M
DIC-06
19,284 M
NOV-06
18,190 M
Feb-07
19,346 M
COL PESO
US DOLLAR
UVR
EURO
OTHERS
OCT-06
17,879 M
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
MAY-06
15,297 M
-2%
Concerning the foreing currency position, it is observed that 43.9% of this position is covered from
the exchange rate fluctuation risk. Uncovered portion represents the 6.5% of the total value of the
funds (Graph 15 and Chart 4).
GRAPH 15
MANDATORY PENSION FUND
PERCENTAGE WITHOUT COVER (MAXIMUM 20%)
15.0%
12.0%
9.0%
8.8%
7.4%
7.4%
6.6%
6.0%
3.8%
2.5%
3.0%
0.0%
05-06
06-06
07-06
08-06
09-06
10-06
11-06
12-06
01-07
02-07
03-07
04-07
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
SKANDIA
COLFONDOS
05-07
Of another part, the 28.6% of portfolio is invested in fixed income issues denominated in Colombian
peso, 18.1% indexed to CPI issues, the 15% to fixed income in UVR, the 13.2% of portfolio is
invested in stocks, 6.9% in Shares (Derived from securitization processes, Mutual Funds, Unit trust
funds and Index Fund), the 7% to the DTF, 4.2% to fixed income in US Dollar, the 0.4% to fixed
income in euros and rest 6.6% are titles indexed to fixed income in Real from Brazil, fixed income in
British Pound, the variation of the UVR, CPI middle income, Libor, Deposits in Central Bank,
Overnight Deposits and net position in derivatives. (Graph 16 and Chart 1.5).
G R A P H 16
P O R T F O LIO D IV E R S IF IC A T IO N O N F IX E D IN C O M E B Y IN T E R E S T R A T E T Y P E , E Q UIT Y , O V E R N IG H T D E P O S IT S A N D
D E R IV A T IV E S N E T P O S IT IO N
M A Y 3 1T H 2 0 0 7 - T H O US A N D S O F US D O LLA R -
100%
Fixed inco me - Co l
P eso s
18.6%
30.4%
30.7%
18.9%
28.6%
27.0%
25.3%
CP I
37.5%
15.2%
19.5%
Fixed inco me - UVR
15.0%
17.9%
17.3%
18.1%
11.8%
21.5%
DTF
1.6%
2.4%
21.7%
14.8%
16.4%
Fixed inco me - US
Do llar
6.5%
5.6%
8.2%
7.9%
4.0%
7.1%
7.2%
3.7%
5.5%
4.5%
6.6%
4.2%
12.0%
8.9%
18.6%
2.4%
1.2%
13.2%
13.9%
Shares (1)
12.9%
12.4%
5.8%
7.6%
5.7%
0%
0.5%
2.0%
COLFONDOS
$ 3,445,020
Others (2)
6.0%
7.9%
14.3%
8.0%
7.2%
P ORVENIR
$ 6,341,293
P ROTECCION
$ 5,811,898
6.9%
21.2%
1.2%
11.5%
3.1%
HORIZONTE
$ 4,049,541
7.0%
4.1%
21.5%
Fixed inco me - Euro
15.0%
17.4%
14.4%
Sto cks
19.8%
6.4%
0.4%
6.6%
1.7%
SA NTA NDER
$ 2,894,298
SKA NDIA
A LTERNA TIVO
$ 29,626
SKA NDIA
$ 979,422
SYSTEM
$ 23,551,099
´(1) Securitization, Mutual Funds, Index Funds, Unit Trust Funds
´(2) Real from Brazil, Libor, Floating UVR, CPI Middle income, fixed income in British Pound, Overnight Deposits, Deposits in Central Bank and Derivatives net position
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO OF FIXED INCOME BY INTEREST RATE
TYPE , EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MILLION OF US DOLLAR
35%
30%
25%
20%
15%
10%
5%
OTHERS
FIXED INCOME COL PESO
FIXED INCOME EURO
FIXED INCOME UVR
CPI
FIXED INCOME US DOLLAR
DTF
SHARES
STOCKS
May-07
23,551 M
APR-07
21,032 M
Mar-07
19,975 M
Feb-07
19,346 M
JAN-07
19,147 M
DIC-06
19,284 M
NOV-06
18,190 M
OCT-06
17,879 M
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
MAY-06
15,297 M
0%
As far as the classification of portfolio by credit risk, it is observed that the 44% are titles emitted by
the Nation, the 21.8% are investments with qualification AAA, the 4.3% AA+, the 0.9% AA, 1.4%
AA-, 23.2% are investments that do not require qualification and rest 4.3% corresponds to titles
emitted by the Fogafin, titles with A+, A, 1+, BBB+, BBB, BBB-, B, E, titles with distant qualification
and Titles of emitters in Liquidation (graph17)
Source: INFORMATION SUPPLIED BY AFP¨S
1) Titles FOGAFIN, Securities with A+, A, 1+, BBB+, BBB, BBB-, B, E, titles with distant qualification and Titles of emitters in Liquidation
(2) Investments: Unit Trust Funds, Mutual Fund, Index Fund and Stocks
Note 1: For effects to establish the percentage, the total value of portafolio considers excluded the net position in derivatives
Note 2: For the titles with provision the net value of purchase was taken from amortizations of capital
Finally, it is possible to write down that 2.2% of portfolio of fixed income have an inferior maturity to
180 days, the 2.1% between 181 and 360 days, the 4.8% between 361 and 720 days, the 14%
between 721 and 1080 days, the 12.3% between 1081 and 1440 days, the 10.9% between 1441
and 1800 days, the 6.4% between 1801 and 2160 days, the 24.7% between 2161 and 2880 days,
9% between 2881 and 3600 days and the 13.7% have a maturity superior to 10 years (Graph 18
and Chart 1.6).
GRAPH 18
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) MAY 31TH 2007
100%
7.3%
9.8%
> 3600
7.9%
8.2%
12.4%
14.7%
8.2%
6.3%
13.7%
7.7%
9.3%
2881 - 3600
9.0%
40.3%
9.3%
2161 - 2880
15.3%
24.3%
26.3%
16.3%
32.7%
29.3%
14.7%
1801 - 2160
24.7%
1.2%
1441 - 1800
7.2%
7.2%
10.6%
8.5%
9.9%
4.5%
1081 - 1440
9.6%
9.2%
6.4%
8.0%
13.0%
13.6%
14.7%
10.9%
11.2%
721 - 1080
18.1%
15.8%
3.6%
9.2%
9.0%
361 - 720
28.3%
12.3%
6.4%
20.0%
9.7%
15.8%
181 - 360
14.5%
15.6%
13.9%
8.2%
14.0%
6.8%
10.7%
0 - 180
5.8%
5.1%
1.7%
0%
1.3%
2.8%
COLFONDOS
4.3%
2.3%
3.1%
HORIZONTE
3.1%
PORVENIR
10.5%
4.4%
3.4%
1.4%
PROTECCION
4.8%
7.3%
0.2%
3.9%
1.1%
SANTANDER
2.0%
SKANDIA
ALTERNATIVO
1.2%
0.9%
SKANDIA
2.1%
2.2%
SYSTEM
2. VOLUNTARY PENSIONS FUNDS
2.1 VALUE OF THE FUNDS
The total value of the voluntary pensions funds administrated by pension fund administrator
societies, fiduciary societies and insurance agencies to the 31 of May of 2007, reached the sum of
USD 3.499 millions, 7% superior to the registered value to the 30 of April of 2007. (Graph 19).
1,100
GRAPH 19
VALUE OF EACH FUND AND ITS PARTICIPATION IN THE SYSTEM
MAY.31th 2007 - MILLIONS US DOLLAR
1,071
1,050
1,000
950
900
850
806
800
750
700
650
600
603
30.6%
550
500
450
400
23.0%
350
279
300
17.2%
250
198
199
200
98
150
71
8.0%
5.7%
100
5.7%
2.8%
2.0%
68
1.9%
50
38
33
1.1%
0.9%
13
16
0.4%
0.5%
3
1
3
0.1%
0.1%
0.0%
FUND VALUE
HELM TRUST
CREDIVALOR
FIDUCOR
MULTIPENSIONES
FIDUCOR
FIDUPENSIONES
FIDUPOPULAR PLAN
FUTURO
FIDUPOPULAR PLAN
FUTURO MULTIOPCION
PROTECCION SMURFIT
FIDUALIANZA ABIERTO
VISION
COLSEGUROS
FIDUCOLOMBIA
RENTAPENSION
SANTANDER
COLFONDOS CLASS
HORIZONTE
FIDUDAVIVIENDA
DAFUTURO
PORVENIR
PROTECCION
SKANDIA MULTIFUND
0
PERCENTAGE OF PARTICIPATION
3,151
0.5%
Mar-07
3,269
3,135
0.6%Feb-07
3,223
0.3%
Dec-06
3,153
3,214
0.2%
Nov-06
3,084
0.9%
Sep-06
3,207
3,057
1.3%
Aug-06
3,019
2,915
3,500
3,214
4,000
3,499
V A LUE O F T H E F UN D S
LA S T Y E A R E V O LUT IO N
7.0%
2,500
3.7%
9.3%-
500
7.1%-
1,000
2.2%-
1,500
4.0%
3.6%
2,000
FUNDS VALUE
MONTHLY VARIATION
May-07
Apr-07
Jan-07
Oct-06
Jul-06
Jun-06
-
May-06
MILLIONS OF USD
3,000
2.2 AFFILIATED
The number of affiliated with the voluntary pensions funds administrated by pension fund
administrator societies, fiduciary societies and insurance agencies to the 31 of May of 2007
ascended to 485.434, displaying an inferior of 1.211 affiliated, as opposed to the number reported
to the closing of the previous month (graph 20).
GRAPH 20
AFFILIATED AND PARTICIPATION OF EACH FUND IN THE SYSTEM
MAY.31th 2007
100,000
90,000
89,968
89,058
80,000
18.5%
18.3%
74,132
70,000
15.3%
60,000
53,695
50,000
11.1%
47,188
46,223
43,416
9.7%
9.5%
8.9%
40,000
12,182
2.5%
10,000
4,683
3,522
1.0%
0.7%
1,442
1,205
0.3%
0.2%
FIDUPOPULAR PLAN
FUTURO
MULTIOPCION
18,258
3.8%
20,000
PROTECCION
SMURFIT
30,000
198
0.0%
146
0.0%
118
0.0%
AFFILIATED
FIDUCOR
FIDUPENSIONES
FIDUCOR
MULTIPENSIONES
HELM TRUST
CREDIVALOR
FIDUALIANZA
ABIERTO VISION
FIDUPOPULAR PLAN
FUTURO
COLSEGUROS
SANTANDER
SKANDIA MULTIFUND
FIDUCOLOMBIA
RENTAPENSION
HORIZONTE
COLFONDOS CLASS
PORVENIR
FIDUDAVIVIENDA
DAFUTURO
PROTECCION
0
PERCENTAGE OF PARTICIPATION
N UM B E R O F A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
0.0%
0.5%-
0.2%-
Mar-07
Apr-07
May-07
485,434
0.1%Feb-07
486,449
489,219
0.1%
Jan-07
489,045
489,900
0.5%
Dec-06
483,134
489,263
0.4%
Nov-06
0.8%Jul-06
486,926
0.4%
Oct-06
0.2%Jun-06
480,000
1.5%
485,000
2.1%-
483,419
490,000
484,829
0.1%Sep-06
495,000
493,899
498,005
500,000
499,102
505,000
A FFILIA TED
Aug-06
May-06
475,000
M ONTHLY VA RIA TION
Of the total number of affiliated, the 47.64% less than two minimum wages, the 9.1% perceive
income between two and four minimum wages and the 43.3% win more than four minimum wages.
The 66.5% of the affiliated ones oscillate between the 15 and 34 years old, of which, in this
segment, the 50.9% are men and the 49.1% women.
The 70.4% of the total number of affiliated with the system correspond to workers with labor bond
and the 29.6% to independent workers.
2.3 INVESTMENT PORTFOLIO
As of May 31 2007, the value of portfolio of the voluntary pensions funds managed by the pensions
funds and unemployment funds managers, fiduciary entities and insurance companies reached
USD$ 3.535 million, showing a increase of 7.9% with respect to the end of the previous month,
when it was of USD$ 3.276 million.
At the end of May 2007, 55.6% of portfolio of the these funds, USD$1,965 million corresponds to
fixed income investments; 15.6%, USD$ 551 million to investments in equity, 26.8%, $948 million
dollars to overnight deposits and 2%, $71 million dollars to net position in derivatives. (Graph 21
and Chart 2.1.1).
GRAPH 21
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MAY 31TH 2007 - THOUSANDS OF US DOLLAR -
26.8%
2.0%
15.6%
55.6%
SYSTEM $ 3,534,624
5.3%
19.8%
14.6%
60.4%
SKANDIA M ULTIFUND $ 1,074,545
10.6%
11.8%
77.5%
SANTANDER $ 98,032
18.1%
28.4%
53.4%
PROTECC. SM URFIT $ 32,414
27.6%
28.3%
44.1%
PROTECCION $ 834,032
0.1%
41.7%
2.0%
0.4%
10.9%
45.4%
PORVENIR $ 605,490
8.9%
84.9%
5.9%
HORIZONTE $ 199,752
14.7%
85.3%
HELM T. CREDIVALOR $ 674
38.6%
56.8%
4.6%
FIDPOPU. M ULTIOPCION $ 13,282
62.9%
37.1%
FIDPOPU. PLAN FUTURO $ 16,224
36.7%
4.5%
58.9%
FIDUDAV. DAFUTURO $ 279,679
41.2%
18.0%
40.8%
FIDUCOR M ULTIPENSIONES $ 2,559
3.6%
79.5%
16.9%
FIDUCOR FIDUPENSIONES $ 3,100
0.1% 3.7% 4.0%
92.2%
FIDCOLOM . RENTAPENSION $ 71,224
2.4% 5.7%
91.9%
FID ALIAN ABIERTO VISION $ 37,611
0.2%1.5%
16.1%
82.2%
COLSEGUROS $ 66,874
0.3%
45.1%
18.7%
35.9%
COLFONDOS CLASS $ 199,132
-1.0%
99.0%
DERIVATIVES -NET POSITION-
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
The overnight deposits are the most significant investment portfolio of these funds. At May 31 2007
these investments represented 26.8%, followed titles emitted by Institutions watched by the
Financial Supervision with the 22.8%, Debt public investment 20.6% (national debt commits 16.2%,
external national debt 1.6% and territorial organizations and decentralized entities 2.8%), followed
by the outside investments with the 17.8%, and issues by of institutions watched by other regulatory
authority with the 9.6% (Graph 22 and Chart 2.1.1).
GRAPH 22
PORTFOLIO DIVERSIFICATION BY ISSUER
MAY 31TH 2007 - THOUSANDS OF US DOLLAR -
1.6% 2.8%
27.2%
26.8%
9.6%
22.8%
16.2%
17.8%
SYSTEM $ 3,534,624
2.4% 2.9%
4.1%
19.9%
19.8%
31.7%
23.0%
10.8%
SKANDIA MULTIFUND
6.0%
13.3%
16.7%
27.7%
SANTANDER
18.6%
10.0%
17.9%
30.7%
1.5%
$ 98,032
21.3%
PROTECC. SMURFIT
28.4%
28.3%
2.9%
14.8%
15.2%
15.4%
9.5%1.1% 5.0% 6.8%
8.9%
0.1% 8.4%
42.3%
12.5%
23.4%
13.3%
31.5%
$ 32,414
23.2%
PROTECCION
41.7%
$ 1,074,545
28.7%
7.6%
11.4%
PORVENIR
$ 834,032
$ 605,490
32.4%
HORIZONTE $ 199,752
14.7%
7.8%
77.5%
HELM T. CREDIVALOR
38.6%
4.1%2.2%
37.1%
13.7%
36.7%
5.6%
37.8%
22.7%
41.2%
FIDPOPU. MULTIOPCION
$ 13,282
FIDPOPU. PLAN FUTURO
$ 16,224
11.4%
28.1%
2.1%4.8%
37.5%
2.3% 7.6%
$ 674
4.6% 6.5%
44.1%
FIDUDAV. DAFUTURO
$ 279,679
6.8% 4.7%
FIDUCOR MULTIPENSIONES
6.7%
79.5%
$ 2,559
13.7%
FIDUCOR FIDUPENSIONES
9.0% 0.8% 6.6%
3.7%
13.3%
3.2%
1.5% 1.5%
0.7%
11.3%
40.9%
FIDCOLOM. RENTAPENSION
$ 71,224
FID ALIAN ABIERTO VISION
$ 37,611
8.1%
27.4%
COLSEGUROS
45.1%
0.7%2.7%
7.7%
45.4%
$ 3,100
33.5%
58.2%
16.4%
0.8%3.8%
13.9%
6.0%
43.9%
10.3%
16.2%
$ 66,874
16.7%
COLFONDOS CLASS
-1%
$ 199,132
99%
OVERNIGHT DEP OSITS
Others (1)
External P ublic Debt
Other public debt titles
Institutio ns watched by o ther regulato ry autho rity
Institutio ns watched by the Financial Supervisio n
Internatio nal Investment
Internal Go vermment Debt
(1) FOGAFIN, DEPOSITS IN CENTRAL BANK DERIVATIVES NET POSITION
The 81.6% of portfolio mention before is denominated in Colombian pesos, the 12.7% in US
Dollars, the 3.6% in UVR, the 1.7% in Euros and the rest 0.4% in British pound, Reales Yen, and
Canadian Dollar (Graph 23).
GRAPH 23
PORTFOLIO DIVERSIFICATION BY CURRENCY
MAY 31TH 2007 - THOUSANDS OF US DOLLAR 1.7%
0.4%
3.6% 12.7%
81.6%
SYSTEM $ 3,534,624
23.1%
2.4% 3.3%
71.2%
SKANDIA MULTIFUND
0.2%
2.6%
3.2%
0.1%
SANTANDER
4.8% 5.6%
$ 98,032
89.5%
PROTECC. SMURFIT
3.3%
1.4%
$ 32,414
80.5%
4.9% 9.9%
PROTECCION
3.6% 0.4%
$ 1,074,545
93.8%
11.6%
84.4%
0.5% 1.4% 5.3%
PORVENIR
$ 834,032
$ 605,490
92.8%
HORIZONTE $ 199,752
100.0%
HELM T. CREDIVALOR
0.1% 4.5%
$ 674
95.4%
FIDPOPU. MULTIOPCION
$ 13,282
FIDPOPU. PLAN FUTURO
$ 16,224
100.0%
0.1% 3.9%2.1%
93.9%
FIDUDAV. DAFUTURO
$ 279,679
93.2%
6.8%
FIDUCOR MULTIPENSIONES
$ 2,559
100.0%
FIDUCOR FIDUPENSIONES
1.5%
5.0%
93.5%
0.2% 2.2% 1.3%
1.4%
FIDCOLOM. RENTAPENSION
$ 71,224
FID ALIAN ABIERTO VISION
$ 37,611
96.3%
9.0%
89.6%
COLSEGUROS
1.7% 3.6%
$ 3,100
9.0%
$ 66,874
85.7%
COLFONDOS CLASS
0%
$ 199,132
100%
Others (1)
euro
UVR
US Dollar
COL Peso (Includes Derivatives Net Position)
(1) British Pound, Real, Yen and Canadian Dollar
Concerning the foreign currency position, it is observed that 35.4% of this position is covered from
the exchange rate fluctuation risk. Uncovered portion represents 9.6% of the total value of the funds
(Chart 4).
On the other hand, the 19.9% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 14.2% indexed to CPI, 10.9% in Shares (Derived from securitization
processes, Mutual Funds, unit trust funds, and Indexed Funds), the 10.9% to the DTF, 6.2% in
fixed income denominated in US Dollar, the 4.6% of portfolio is invested in stocks , the 3.6% to fixed
income in UVR, and the rest 29.6% are fixed income issues denominated in Euro, British pound,
Canadian Dollar, titles indexed to Libor, CPI middle income, overnight deposits, Deposits in Central
Bank and net position in derivatives.(Graph 24 and Chart 2.1.2).
GRAPH 24
PORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND
DERIVATIVES NET POSITION
MAY 31TH 2007 - THOUSANDS OF US DOLLAR 4.6%
29.6%
3.6% 6.2%
10.9%
12.6%
11.8%
10.9%
19.9%
14.2%
SYSTEM $ 3,534,624
0.8%
27.2%
3.3%
13.8%
18.7%
11.8%
SKANDIA M ULTIFUND $ 1,074,545
11.8%
14.8%
2.5% 3.2%
8.1%
23.5%
18.1%
23.4%
36.0%
4.8%0.7% 3.6%
SANTANDER $ 98,032
4.9%
19.0%
25.3%
PROTECC. SM URFIT $ 32,414
28.4%
4.9% 1.5% 7.6%
11.3%
16.3%
9.8%
20.3%
PROTECCION $ 834,032
4.7%
44.2%
9.8%
3.6%
5.6%
6.2%
17.7%
8.1%
PORVENIR $ 605,490
9.7%
2.1% 1.4%2.1% 9.1%
21.0%
3.7%
50.7%
HORIZONTE $ 199,752
69.6%
14.7%
7.9%
7.8%
HELM T. CREDIVALOR $ 674
32.0%
38.6%
4.6%
9.9%
14.9%
FIDPOPU. M ULTIOPCION $ 13,282
16.4%
40.5%
36.7%
1.4%3.9%
18.2%
20.2%
24.8%
3.1%
FIDPOPU. PLAN FUTURO $ 16,224
32.2%
2.5%
FIDUDAV. DAFUTURO $ 279,679
41.2%
0.9%
17.1%
29.0%
11.8%
FIDUCOR M ULTIPENSIONES $ 2,559
1.4%
3.8% 1.5%
3.6% 1.4%
FIDUCOR FIDUPENSIONES $ 3,100
15.5%
79.5%
41.4%
4.0%
17.6%
30.3%
FIDCOLOM . RENTAPENSION $ 71,224
2.4% 5.4% 2.2% 1.2%
44.7%
0.3%
36.0%
7.9%
FID ALIAN ABIERTO VISION $ 37,611
1.8% 0.1%1.4% 6.3%
8.4%
16.0%
43.1%
23.0%
COLSEGUROS $ 66,874
45.4%
6.1% 3.6%
1.4% 5.9%
12.6%
14.9%
10.1%
COLFONDOS CLASS $ 199,132
0%
100%
Others (2)
Stocks
Fixed income - UVR
Fixed income - US Dollar
DTF
Shares (1)
CPI
Fixed income - Col Pesos
´(1) Securitization, Mutual Funds, Index Funds and Unit Trust Funds
´(2) Libor, Fixed income Euros, British pound, Canadian Dollar, CPI middle income, Overnight Deposits, Deposits in Central Bank and Derivatives Net Position
Of another part, the 23% of portfolio of fixed income have an inferior maturity to 180 days, 5.4%
between 181 and 360 days, 12.5% between 361 and 720 days, 17.9% between 721 and 1080 days,
11.7% between 1081 and 1440 days, 10.6% between 1441 and 1800 days, 5.8% between 1801
and 2160 days, 4.3% between 2161 and 2880 days, 5.6% between 2881 and 3600 days and the
3.2% have a maturity superior to 10 years (Graph 25 and Chart 2.1.3).
GRAPH 25
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) MAY 31TH 2007
5.4%
23.0%
12.5%
11.7%
17.9%
5.8%
10.6%
4.3%
5.6%
3.2%
SYSTEM
10.1%
15.9%
15.6%
2.7%
9.1%
12.9%
17.1%
2.0%
8.1%
6.5%
SKANDIA MULTIFUND
11.2%
9.4%
12.0%
10.7%
15.5%
5.7%
1.9%
14.0%
8.3%
11.2%
SANTANDER
23.7%
1.6% 6.9%
9.4%
31.6%
9.7%
6.4%
1.5%
9.2%
PROTECC. SMURFIT
5.2%
24.9%
5.8%
30.7%
6.5%
7.0%
4.5%
8.9%
0.6%
5.8%
PROTECCION
44.6%
5.1%
3.6%
9.4%
2.1%
12.1%
8.4%
8.0%
6.2% 0.4%
PORVENIR
7.0%
32.0%
10.6%
18.3%
0.6%
5.3% 0.7%
0.8%
8.5%
16.2%
HORIZONTE
100.0%
HELM T. CREDIVALOR
17.6%
27.3%
32.0%
10.9%
7.2%
5.0%
FIDPOPU. MULTIOPCION
44.3%
36.9%
10.6%
1.8% 3.7%
2.7%
FIDPOPU. PLAN FUTURO
26.0%
8.9%
21.6%
17.1%
3.2%
7.4%
12.9%
2.1% 0.8%
FIDUDAV. DAFUTURO
65.9%
10.2%
23.8%
FIDUCOR MULTIPENSIONES
5.1%
94.9%
FIDUCOR FIDUPENSIONES
21.4%
23.6%
20.9%
4.2% 1.0%1.1%1.1%
0.7%
10.5%
15.4%
FIDCOLOM. RENTAPENSION
37.6%
4.7%
11.8%
9.1%
11.8%
10.5%
12.2%
1.6% 0.7%
FID ALIAN ABIERTO VISION
27.3%
13.3%
2.4%
28.2%
3.7% 1.0%1.8% 2.3%
13.8%
6.2%
COLSEGUROS
16.8%
11.7%
3.4%
6.4%
22.3%
14.2%
2.5%
5.8%
9.9%
6.9%
COLFONDOS CLASS
0%
100%
0 - 180
181 - 360
361 - 720
721 - 1080
1081 - 1440
1441 - 1800
1801 - 2160
2161 - 2880
2881 - 3600
> 3600
3. UNEMPLOYMENT FUNDS
3.1 YIELD
During the period 31 May of 2005 to 31 May of 2007, the funds obtained a yield average of the
6.50% cash annual, equivalent to a real yield of the 1.30%. It is important to emphasize that these
yields oscillated between the 4.61% and the 8.18% (graph 26).
8.01%
7.02%
7.00%
6.61%
6.50%
NOM INA L YIELD
REA L YIELD
(*) Weighed by the balance daily average of the patrimony
1.30%
PROMEDIO (*)
0.49%COLFONDOS
HORIZONTE
SANTANDER
1.00%
0.00%
0.26%-
2.00%
5.06%
4.61%
PROTECCION
1.41%
3.00%
4.86%
1.80%
2.74%
SKANDIA
4.00%
2.90%
5.00%
PORVENIR
6.00%
0.07%-
8.18%
8.00%
RENTABILIDAD
MINIMA
9.00%
G R Á F IC O 2 6 .
F UN D S Y IE LD
M A Y .3 1/ 0 5 T O M A Y .3 1/ 0 7
RETURN´S ACCUMULATED OF UNEMPLOYMENT FUNDS
EVOLUTION
14.50%
13.50%
12.50%
RENTABILIDAD ACUMULADA
11.50%
10.50%
9.50%
8.50%
7.50%
6.50%
5.50%
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
COLFONDOS
05-07
04-07
03-07
02-07
01-07
12-06
11-06
10-06
09-06
08-06
07-06
06-06
4.50%
SKANDIA
The obligatory minimum yield certified by the Superintendencia Financiera de Colombia for the
mentioned period was of the 5.06% annual cash. In average, the funds surpassed in 1.44
percentage points this minimum yield.
3.2. YIELD AND VOLATILENESS
3.2.1 MONTHLY YIELD AND VOLATILENESS
The monthly yield average of the unemployment funds during last the twenty-four months, was
between the 5,98% and 9,89% (annual cash), with annualized volatilenesses of the 5,83% and the
4,90%, respectively. The yield and volatileness of each one of the funds are reflected in graph 27
Monthly yield annual effective average
GRAPH 27
UNEMPLOYMENT FUNDS
MONTHLY YIELD AVERAGE AND VOLATILENESS
MAY 31 2005 -MAY 31 2007
11.00%
10.70%
10.40%
10.10%
Skandia
Porvenir
9.80%
9.50%
9.20%
Santander
8.90%
8.60%
8.30%
Horizonte
8.00%
7.70%
7.40%
7.10%
6.80%
6.50%
6.20%
Protección
PORTFOLIO
OF REFERENCE
Colfondos
5.90%
5.60%
5.30%
5.00%
4.50%
5.00%
5.50%
6.00%
VOLATILENESS
6.50%
7.00%
3.2.2 ACCUMULATED YIELD AND VOLATILENESS
The accumulated yield average of the unemployment funds during last the twenty-four months, was
between the 4.53% and 8,18% (annual cash), with annualized volatilenesses of the 2,56% and the
2,96%, respectively. The yield average and volatileness of each one of the funds is reflected in
graphs 28.
(*)
ACCUMULATED YIELD AVERAGE
GRAPH 28
UNEMPLOYMENT FUNDS
ACCUMULATED YIELD AVERAGE AND VOLATILENESS
MAY 31 2005 -MAY 31 2007
10.00%
9.70%
9.40%
9.10%
8.80%
Porvenir
8.50%
Skandia
8.20%
7.90%
7.60%
Santander
7.30%
7.00%
6.70%
6.40%
6.10%
5.80%
5.50%
Protección
5.20%
PORTFOLIO
4.90%
OF REFERENCE
4.60%
4.30%
4.00%
2.00% 2.07% 2.14% 2.21% 2.28% 2.35% 2.42% 2.49% 2.56% 2.63% 2.70% 2.77% 2.84% 2.91% 2.98% 3.05% 3.12% 3.19%
VOLATILENESS
(*) It corresponds to the accumulated yield of last 24 months
3.3 VALUE OF THE FUNDS
The funds reached to the 31of May of 2007 a value of $2.358 millions, a 6.7% superior one to the
registered value to the 30 of April (graphs 29 and 30).
G R A P H 29.
VA LUE O F EA C H F UN D A N D IT S P A R T IC IP A T IO N IN T H E SYST EM M A Y 31T H 2007 - M ILLIO N S US D O LLA R
800
30.6%
24.0%
700
600
19.4%
FUND VALUE
PERCENTAGE OF PARTICIPATION
46
2.0%
SKANDIA
COLFONDOS 279
HORIZONTE
PROTECCION
PORVENIR
100
0
11.8%
SANTANDER 288
200
12.2%
457
300
566
400
721
500
2,358
2,211
6.7%
3.8%-
9.7%Jun-06
2.7%
10.6%-
1,000
May-06
1,500
0.3%
1,645
1.5%Jan-07
39.3%
1,670
2.3%
Dec-06
1,633
1.5%-
1,616
2.3%Sep-06
Nov-06
1,653
0.3%Aug-06
1,659
1,657
5.4%
Jul-06
1,572
2,000
1,741
2,500
2,204
2,291
GR A P H 30.
V A LUE O F T H E F UN D S LA S T Y E A R E V O LUT IO N
M ILLIO N S US D O LLA R
500
FUNDS VALUE
May-07
Apr-07
Mar-07
Feb-07
Oct-06
0
MONTHLY VARIATION
3.4 AFFILIATED
The number of affiliated with the funds on the 31 of May of 2007 was 4.341.806, displaying an
inferior of the 1.9%, that is to say, 85.413 affiliated as opposed to the number reported to the 30 of
April of 2007. (Graph 31).
GR A P H 31
A F F ILIA T E D A N D P A R T IC IP A T IO N O F E A C H F UN D IN T H E S Y S T E M
M A Y 3 1T H 2 0 0 7
-
30.5%
1,400,000
1,200,000
21.7%
1,322,717
1,000,000
13.7%
12.3%
30,150
0.7%
200,000
534,583
595,161
400,000
916,726
600,000
21.1%
942,469
800,000
COLFONDOS
SANTANDER
PROTECCION
HORIZONTE
PORVENIR
A FFILIA TED
SKANDIA
0
P ERCENTA GE OF P A RTICIP A TION
4,341,806
4,427,219
4,507,429
4,578,911
3,703,398
3,710,477
3,721,053
3,744,028
3,769,872
3,813,605
3,866,581
4,100,000
3,924,267
4,900,000
3,994,994
N UM B E R O F A F F ILIA T E D LA S T Y E A R E V O LUT IO N
1.8%-
1.9%-
Apr-07
May-07
0.2%Jan-07
1.6%-
0.3%Dec-06
Mar-07
0.6%Nov-06
1.1%Sep-06
0.7%-
1.4%Aug-06
Oct-06
1.5%-
1.8%Jun-06
Jul-06
1.6%-
1,700,000
May-06
2,500,000
23.6%
3,300,000
900,000
A FFILIA TED
Feb-07
100,000
M ONTHLY VA RIA TION
Of the total of affiliated, the 96.2% correspond to dependent workers, the 2.3% to affiliated voluntary
and 1.5% with independent workers. Of another part, the 65.2% of the affiliated the funds are men
and the 34.8% women (To see Chart 3.2).
3.5 INVESTMENT PORTFOLIO
As of May 31 2007, the value of portfolio of the unemployment funds reached USD$ 2,387 million,
showing an increase of 7.5% with respect to the end of the previous month, when it was of USD$
2,221 millions.
To the closing of May 2007, the 79.5% of portfolio of the mentioned funds, that is to say, USD$
1,896 million correspond to investments of fixed income; the 16.1%, USD$ 384 million to
investments in equity, the 2.7%, USD$ 65 million to overnight deposits, the 0.9%, Deposits in
Central Bank with USD$ 21 million and 0.9%, USD$ 21 million to the net position in derivatives
(right less obligations) (Chart 3.3 and Graph31)
GRAPH 31
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MAY 31TH 2007 - THOUSANDS OF US DOLLAR 99%
FIXED
INCOME
EQUITY
73.5%
80.1%
80.9%
83.2%
79.5%
79.6%
83.5%
DERIVATIVES
-NET
POSITION-
OVERNIGHT
DEPOSITS
18.5%
Deposits in
Central Bank
12.9%
14.1%
13.7%
17.7%
16.1%
13.2%
0.6%
2.6%
0.6%
3.7%
1.3%
3.7%
0.5%
1.7%
3.7%
6.1%
1.0%
2.2%
1.5%
0.9%
2.7%
0.9%
-1%
COLFONDOS
$ 281,682
HORIZONTE
$ 459,424
PORVENIR
$ 738,132
PROTECCION
$ 571,028
SANTANDER
$ 290,212
SKANDIA
$ 46,401
SYSTEM
$ 2,386,879
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO IN FIXED INCOME, EQUITY,
OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION - MILLION OF US DOLLAR
100%
85%
70%
55%
40%
25%
DERIVATIVES NET POSITION
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
May-07 2,387 M
APR-07 2,221 M
Mar-07 2,222 M
Feb-07 2,305 M
JAN-07 1,646 M
Dic-06 1,682 M
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
May-06 1,765 M
-5%
Abr-06 1,968 M
10%
The investment in public debt is most significant in these funds. At May 31 2007, this investment
represented the 52.5% of the value of the total of portfolio (national debt commits the 45.7%, external
national debt the 1.8% and territorial organizations and his decentralized the 5.1%), followed by the titles
of institutions watched by the Financial Supervision with the 16.8%, Institutions watched by other
regulatory authority with the 15.5%, the titles emitted and investments in the outside with the 10.4%
(Graph 32)
GRAPH 32
PORTFOLIO DIVERSIFICATION BY ISSUER
MAY 31TH 2007 - THOUSANDS OF US DOLLAR -
99.0%
Internal Govermment Debt
99.0%
Institutions w atched by
other regulatory authority
23.6%
41.7%
45.8%
Institutions w atched by the
Financial Supervision
46.4%
45.7%
51.2%
48.5%
14.2%
External Public Debt
12.2%
23.1%
15.2%
16.2%
Other public debt titles
15.5%
17.6%
17.7%
20.1%
11.5%
14.9%
2.6%
6.5%
2.8%
0.2%
4.8%
5.0%
1.2%
4.2%
7.4%
13.3%
Others (1)
16.8%
20.4%
13.0%
International Investment
8.9%
1.8%
7.1%
5.3%
11.3%
10.4%
11.4%
12.7%
9.4%
COLFONDOS
$ 281,682
8.0%
5.1%
3.1%
9.9%
4.8%
3.8%
2.8%
-1.0%
-1.0%
5.1%
COLFONDOS
HORIZONTE
HORIZONTE
PORVENIR
PROTECCION PORVENIR
SANTANDER
$ 281,682 $ 738,132$ 459,424
$ $738,132
$ 459,424
$ 571,028
290,212
PROTECCION
SKANDIA
SYSTEMSANTANDER
$ 571,028$ 2,386,879$ 290,212
$ 46,401
(1) FOGAFIN , OVERNIGHT DEPOSITS, DEPOSITS IN CENTRAL BANK AND DERIVATIVES NET POSITION
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
60%
50%
40%
30%
20%
OTHERS
INTERNA TIONA L INVESTM ENT
FOGA FIN
INSTITUTIONS NONWA CHED B Y THE B A NKING SUP ERINTENDENCY
Institutio ns watched by the Financial Supervisio n
INTERNA L GOVERM M ENT DEB T
M UNICIP A L B ONDS
EXTERNA L GOVERM M ENT DEB T
May-07 2,387 M
APR-07 2,221 M
Mar-07 2,222 M
Feb-07 2,305 M
JAN-07 1,646 M
Dic-06 1,682 M
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
Abr-06 1,968 M
0%
May-06 1,765 M
10%
SKANDIA
$ 46,401
24
The 76.9% of portfolio in mention are denominated in Colombian pesos, the 13.5% in UVR, the 7.9% in
US Dollar, the 1% in euros, the 0.6% in real, and the rest 0.1% in yen (Graph 33)
GRAPH 33
PORTFOLIO DIVERSIFICATION BY CURRENCY
MAY 31TH 2007 - THOUSANDS OF US DOLLAR COL Peso
(Includes
Derivatives Net
Position)
99%
US Dollar
66.3%
72.8%
UVR
76.9%
76.0%
78.0%
84.2%
81.5%
EURO
Real
16.0%
9.3%
7.9%
7.0%
9.4%
4.8%
others(1)
5.2%
14.0%
16.3%
12.3%
17.1%
13.5%
8.7%
12.0%
2.4%
1.5%
-1%
COLFONDOS
$ 281,682
0.5%
HORIZONTE
$ 459,424
1.6%
PORVENIR
$ 738,132
0.6%
PROTECCION
$ 571,028
1.8%
SANTANDER
$ 290,212
0.6%
SKANDIA
$ 46,401
0.1%
1.0%
0.6%
SYSTEM
$ 2,386,879
(1) Yen
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
MILLION OF US DOLLAR
80%
70%
60%
50%
40%
30%
20%
10%
Abr-06
1,968
May-06
1,765
Jun-06
1,587
Jul-06
1,653
AGO/06
1,646
Sep-06
1,617
Oct-06
1,655
Nov-06
1,638
Dic-06
1,682
JAN-07
1,646
Feb-07
2,305
Mar-07
2,222
APR-07
2,221
May-07
2,387
0%
EURO
UVR
US DOLLAR
COL PESO
Concerning the foreing currency position, it is observed that the 68% of the same one are covered from
the exchange rate fluctuation risk and that the discovered part represents 3.1% of the total value of the
funds (Graph 34 and Chart 4)
25
GRAPH 34
UNENPLOYMENT FUNDS
PERCENTAGE WITHOUT COVER (MAXIMUM 20%
15.0%
12.0%
9.0%
6.0%
5.4%
3.1%
1.9%
1.8%
1.3%
0.7%
3.0%
0.0%
May-06
Jun-06
Jul-06
Ago-06
Sep-06
Oct-06
PROTECCION
SANTANDER
Nov-06
Dic-06
Ene-07
Feb-07
PORVENIR
SKANDIA
Mar-07
Abr-07
May-07
HORIZONTE
COLFONDOS
On the other hand, the 33.9% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 22.5% indexed to CPI, the 13.5% to fixed income in UVR, 9.7% in Shares
(Derived from securitization processes, Mutual Funds, unit trust funds, and Indexed Funds), 6.4% of
portfolio is invested in stocks, 6.2% to DTF, 2.2% in fixed income in US Dollar, 0.2% are fixed income
issues denominated in Euro, and the rest, 5.4% are titles in Real, Libor, overnight deposits, deposits in
Central Bank and net position in derivatives. (Graph 35 and Chart 3.4)
GRAFICO 35
PPORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES
NET POSITION
MAY 31TH 2007 - THOUSANDS OF US DOLLAR Fixed income - Col
Pesos
100.00%
CPI
20.1%
30.5%
33.1%
Fixed income - UVR
31.7%
33.9%
40.4%
44.1%
12.9%
Fixed income - US
Dollar
19.0%
23.7%
DTF
17.1%
23.5%
22.5%
3.6%
24.0%
Shares (1)
24.6%
14.0%
12.0%
10.5%
16.3%
13.5%
3.6%
Fixed income - Euro
2.5%
12.3%
0.9%
5.4%
Others (2)
5.5%
Stocks
6.9%
6.3%
3.8%
2.2%
6.2%
0.7%
4.9%
10.0%
0.2%
3.1%
0.5%
8.7%
6.2%
14.0%
7.9%
6.8%
4.2%
1.8%
9.2%
6.2%
22.4%
6.3%
9.7%
0.2%
0.9%
8.0%
5.4%
3.8%
7.6%
6.9%
6.7%
6.4%
4.5%
0.00%
COLFONDOS
$ 281,682
HORIZONTE
$ 459,424
PORVENIR
$ 738,132
PROTECCION
$ 571,028
SANTANDER
$ 290,212
´(1) Securitization, Mutual Funds, Unit Trust Funds and Indexed Funds
´(2) Libor, Real, Overnight Deposits, Deposits in Central Bank and Derivatives net position
SKANDIA
$ 46,401
SYSTEM
$ 2,386,879
26
OTHERS
FIXED INCOME COL PESO
FIXED INCOME UVR
FIXED INCOME US DOLLAR
SHARES
May-07 2,387 M
APR-07 2,221 M
Mar-07 2,222 M
Feb-07 2,305 M
Dic-06 1,682 M
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
May-06 1,765 M
Abr-06 1,968 M
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
JAN-07 1,646 M
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO OF FIXED INCOME BY INTEREST
RATE TYPE , EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MILLION OF US DOLLAR
FIXED INCOME EURO
CPI
DTF
STOCKS
As far as the classification of portfolio by credit risk, it is observed that the 47.4% are titles emitted by the
Nation, the 24.1% are investments with qualification AAA, the 8.4% AA+, the 1.2% AA, the 15.4% are
investments that do not require qualification, and rest 3.5% corresponds to titles emitted by Fogafin, titles
with qualification AA-, A+, A, 1+, 1 BBB+, BBB, BBB-, B titles with distant qualification and Titles of
emitters in Liquidation (Graph 36)
GRAPH 36
PORTFOLIO DIVERSIFICATION BY CREDIT RATING
MAY 31TH 2007
100%
Sovereign
90%
35.1%
AAA
80%
48.7%
44.3%
47.4%
47.0%
49.1%
51.2%
70%
AA+
60%
26.5%
50%
AA
25.2%
21.2%
27.4%
28.9%
Don´t require (2)
24.1%
17.9%
40%
30%
4.5%
10.4%
8.0%
1.2%
1.9%
25.5%
2.2%
20%
4.2%
1.4%
10%
15.1%
Others (1)
18.2%
15.1%
1.9%
18.5%
12.5%
5.6%
1.7%
0%
COLFONDOS
HORIZONTE
8.4%
1.2%
9.9%
15.4%
8.6%
5.1%
PORVENIR
1.1%
2.5%
PROTECCION
SANTANDER
3.5%
2.5%
SKANDIA
SYSTEM
Source: INFORMATION SUPPLIED BY AFP¨S
(1) Fogafin, AA-, A+, A, 1+, 1, B, BBB+, BBB, BBB-, titles with distant qualification and Titles of emitters in Liquidation
(2) Investments: Unit Trust Funds, Mutual Fund, Index Fund and Stocks
Note 1: For effects to establish the percentage, the total value of portafolio considers excluded the net position in derivatives
Note 2: For the titles with provision the net value of purchase was taken from amortizations of capital
27
Finally, it is important to write down that the 4.9% of portfolio of fixed income have an inferior maturity to
180 days, the 4.4% between 181 and 360 days, the 5.4% between 361 and 720 days, the 21.2%
between 721 and 1,080 days, the 14.9% between 1,081 and 1,440 days, the 11.5% between 1,441 and
1800 days, the 6.2% between 1801 and 2,160 days, the 17.2% between 2,161 and 2,880 days, the 8.8%
between 2881 and 3.600 days and the 5.5% have a maturity superior to 10 years (Graph 37 and Chart
3.5).
GRAPH 37
PORTFOILO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) MAY 31TH 2007
100.0%
> 3600
5.7%
1.1%
4.6%
4.6%
5.5%
7.2%
6.2%
2881 - 3600
11.7%
15.2%
6.8%
8.8%
12.4%
18.5%
12.0%
18.6%
2161 - 2880
18.5%
23.3%
17.2%
13.7%
4.2%
6.0%
3.4%
1801 - 2160
5.5%
4.4%
6.2%
5.4%
4.8%
9.9%
9.2%
17.2%
11.3%
6.0%
1441 - 1800
11.5%
19.6%
6.1%
14.2%
1081 - 1440
16.4%
9.2%
19.2%
14.9%
721 - 1080
24.4%
13.0%
20.5%
24.1%
361 - 720
21.3%
29.1%
181 - 360
21.2%
4.3%
17.1%
5.7%
2.9%
3.9%
10.2%
9.6%
0.4%
11.7%
0 - 180
HORIZONTE
PORVENIR
6.8%
4.9%
4.5% 3.4%
4.7%
0.0%
COLFONDOS
4.4%
6.4%
2.7%
5.2%
5.4%
11.0%
3.7%
PROTECCION
1.1%
SANTANDER
SKANDIA
SYSTEM
4. PAY AS YOU GO REGIME
4.1 PENSION RESERVE FUND´S EQUITY
Pay as you go pension reserve fund’s equity to the closing of the month of May 2007 it reported a
balance of USD 1.277,4 million dollars, superior value USD 163,8 million dollars in relation to the
registered one in April of 2007, which means a growth of the 14.71%% (graphical 38). The total of
reserves to May of 2007 is distributed thus: Retirement Age USD 1.207,6 million dollars, Invalidity USD
5,1 million dollars and Survival USD 64,7 million dollars (chart 5).
Graph 38
Reserve's Found Equited
43,90%
29,98%
12,86%
1
ISS
Apr-07
CAPRECOM
May-07
CAXDAC
P. ANTIOQUIA
Participation to May 2007
FONPRECON
CAJANAL
81,5
77,0
48,8
3,82%
43,8
39,1
34,4
3,06%
164,2
134,4
383,0
560,7
10
342,5
6,38%
100
481,6
Millions of Dollars
1.000
28
Last Year Evolution of Reserve´s Funds Equity
14,71%
1.046,1
1.060,1
Jan-07
Feb-07
1.277,4
3,67%
1.113,6
1.045,4
1.017,6
Dec-06
956,1
845,7
701,6
300,0
780,5
600,0
11,25%
-7,34%
824,5
-3,99%
757,1
Milions of Dolars
900,0
1,33%
0,07%
2,73%
6,43%
13,05%
2,58%
5,64%
1,33%
1.074,2
1.200,0
0,0
Jun-06
May-06
Sep-06
Aug-06
Jul-06
Nov-06
Oct-06
Mar-07
May-07
Apr-07
MONTHLY VARIATION
EQUITY VALUE
Source: Supervised Entities
4.2 AFFILIATES
According to the numbers sent by the administrator entities of the mentioned Regime, for March and
April of 2007, the total number of affiliates was of 6.006.601 and 6.070.854, respectively, showing a
growth of 64.253 affiliated, representing 1.07%. “CAJANAL”´s number is included taking into account
preliminary information, and “FONPRECON”´s data is in process of evaluation is composed as follows: In
March 2007, 104 correspond to Law 4th of 1992 (Members of the “Congreso de la República”) and 614 to
Law 100 of 1993 (Administrative Personal of the “Congreso de la República” and of the “Fondo de
Previsión Social”); in April 2007 the distribution was: 105 and 626, respectively (graph 39).
Graph 39
Affiliates
10.000.000
98,88%
1.000.000
0,99%
100.000
0,02%
10
718
731
0,01%
1.065
1.065
1.311
1.324
4.797
60.000
60.000
0,02%
4.844
100
0,08%
6.002.950
1.000
5.938.650
10.000
1
ISS
CAJANAL (1 )
CAPRECOM
Mar-07
P. ANTIOQUIA
Apr-07
CAXDAC
FONPRECON (2)
Participation to Apr 2007
(1) According to preliminary information
(2) In March 2007: 104 correspond to Law 4th of 1992 and 614 to Law 100 of 1993; in April 2007 the
distribution was: 105 and 626, respectively. (Figures in verification)
Affiliates Evolution's in Last Year
0,18%
0,17%
0,16%
0,11%
0,21%
0,04%
0,00%
0,08%
0,19%
0,11%
0,06%
0,01%
1,07%
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
2.000.000
6.070.854
6.006.601
Aug-06
6.006.159
Jul-06
6.002.842
Jun-06
5.996.177
5.967.080
May-06
5.984.905
5.964.481
Apr-06
5.979.853
5.957.848
3.000.000
5.947.686
4.000.000
5.938.334
5.000.000
5.979.834
6.000.000
1.000.000
0
Sep-06
AFFILIATES
Apr-07
MONTHLY VARIATION
Source: Supervised Entities
The total amounts who quote in April 2007 ascended to USD 111,754 thousands of dollars. The
variations by genus, of total affiliates, between the months of March and April of 2007, are the next. (See
in chart 6, the detail by each Administrator)
ENTITIES
Affiliated Men
Quoting
Affiliated Women
Non Quoting
Quoting
Non Quoting
TOTALES
Quoting
Non Quoting
Great Total
TOTALS MARCH 2007
TOTALS APRIL 2007
1.168.991
1.151.097
2.445.474
2.512.230
778.544
765.991
1.613.592
1.641.536
1.947.535
1.917.088
4.059.066
4.153.766
6.006.601
6.070.854
VARIATIONS:
ABSOLUTE VARIATION
PERCENTAGE VARIATION
-17.894
-1,53%
66.756
2,73%
-12.553
-1,61%
27.944
1,73%
-30.447
-1,56%
94.700
2,33%
64.253
1,07%
29
From the total of affiliates for each of the administrators of the Pay As You Go Regime in April 2007,
without including “CAJANAL” and “FONPRECON”, 31% corresponds to people which quote,
representing 1.856.357; and 69% corresponds to people which do not quote, representing 4.153.766. It
is understood like people who do not quote to those affiliated and not-pensioners yet, who for some
reason, with they did not do the mandatory payment during the month for which is reported (graph 40).
Graph 40
Affiliates clasification
1.850.388
10.000.000
4.152.562
1.000.000
100.000
4.684
10.000
1.048
1.000
263
113
828
237
100
10
1
ISS
CAPRECOM
P. ANTIOQUIA
QUOTING MEMBERS
CAXDAC
NON-QUOTING MEMBERS
Affiliates Evolution's Quoting and the non Quoting in Last Year
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
68%
32%
Apr-06
67%
68%
33%
32%
May-06
Jun-06
67%
68%
66%
66%
33%
33%
32%
34%
34%
Jul-06
Aug-06
Sep-06
Oct-06
67%
NON-QUOTING MEMBERS
Nov-06
68%
67%
32%
33%
Dec-06
Jan-07
67%
68%
69%
33%
32%
31%
Feb-07
Mar-07
Apr-07
QUOTING MEMBERS
Source: Supervised Entities
4.3 PENSIONERS
The number of pensioners that reported by each-one of the administrators to April 2007 was 952.761,
presenting a rise of 3.782 pensioners with respect to March 2007, representing 0.4% (graph 41). Of this
total, 698.441 correspond to Oldness, 38.079 to Invalidity and 216.241 to Survival (chart 7).
In “CAPRECOM”, of the 22.187 pensioners to April 2007, 13.718 are pensioners prior to the entrance in
use of Law 100/93; 8.317 are pensioners in use of Law 100/93 concurs Organization, FONCAP and
others; 152 in the Advance Plan of Pensions (PAP) to employer responsibility.
From the 2.016 pensioners reported by “FONPRECON”, 808 correspond to Law 4th of 1992 (Exmembers of the “Congreso de la República”) and 1.208 to Law 100 of 1993 (Administrative Personal of
the “Congreso de la República” and of the “Fondo de Previsión Social”). “CAJANAL”´s data is provided
by the Partnership “FOPEP”.
According to article 33 of Law 100 of 1993, modified by the article 9° of Law 797 of 2003, in the Pay As
You Go Regime, the age of the retirement for the men is 60 years and must at any time have contributed
with 1.100 weeks.
Whereas for the women the age of the retirement is 55 years, but the weeks of the contribution continue
being equal, meaning 1.1005 weeks at any time.
Graph 41
Pensioners
74,14%
23,02%
1.000.000
2,33%
691
0,07%
693
2.016
0,21%
2.015
2.162
2.173
0,23%
22.187
10
219.320
100
219.397
1.000
706.374
10.000
702.611
100.000
22.101
10.000.000
1
ISS
CAJANAL
CAPRECOM (1)
Mar-07
Apr-07
P. ANTIOQUIA
FONPRECON (2)
CAXDAC
Participation to April 2007
(1) CAPRECOM: In April 2007: 13.718 are pensioners prior to the entrance in use of Law 100/93; 8.317
are pensioners in use of Law 100/93 concurs Organization, FONCAP and others; 152 in the Advance
Plan of Pensions (PAP) to employer responsibility. (Numbers in evaluation)
30
(2) FONPRECON: In March 2007: 808 correspond to Law 4th of 1992 and 1.207 to Law 100 of 1993; in
April 2007 the distribution was: 808 and 1.208, in the same order. (Figures in verification)
Last Year Pensioners´ Evolution
938.753
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
952.761
935.055
Jul-06
0,40%
0,58%
948.979
0,50%
943.470
0,40%
928.398
0,72%
922.569
0,63%
916.367
0,68%
909.284
0,78%
903.761
400.000
0,61%
0,75%
0,48%
896.992
600.000
885.672
800.000
0,80%
892.741
1,34%
Mar-07
Apr-07
200.000
0
Apr-06
May-06
Jun-06
TOTAL PENSIONERS
Feb-07
VARIATION
Source: Supervised Entities
According to the administrator’s report, the monthly payroll value of pensioners for April 2007, ascended
to USD 436.002,1 thousand of dollars (graph 42).
In CAPRECOM, from the USD 20.592,6 thousand dollars reported in April 2007: (a) USD 11.085,7
thousand of dollars - It corresponds to the value of the quota fixed share of the organization in which was
affiliated the pensioners, the quota fixed share in charge of the sector of the communications and the
quota fixed share of outside the sector, by pensions recognized prior to the entrance in use of the Law
100 of 1993, as opposed to which contributions were not made; (b) USD 9.356,7 thousand of dollars - It
corresponds to the value of the quota fixed share of the organization in which was affiliated the
pensioners, the quota fixed share in charge of the sector of the communications, the quota fixed share in
charge of the FONCAP and the quota fixed share of outside the sector, by pensions recognized after the
entrance in use of the Law 100 of 1993, as opposed to which contributions were made; (c) USD 150,2
thousand of dollars - It corresponds to the value of the pension that by effect of the Advance Plans of
Pensions (PAP) the employer assumes the totality of the same one, until than the affiliated fulfills the
established general requirements in the effective norms and which the employer continues quoting to the
FONCAP.
From the USD 6.269,0 thousand of dollars reported by “FONPRECON”, USD 5.147,9 thousand dollars
correspond to Law 4th of 1992 pensioners (Ex-members of the “Congreso de la República”) and USD
1.121,1 thousand dollars to Law 100 of 1993 (Administrative Personal of the “Congreso de la República”
and of the “Fondo de Previsión Social”). The CAJANAL´s information is provided by the Partnership
“FOPEP”.
Graph 42
Pension Pays
65,01%
1,44%
1.168,2
0,27%
1.254,2
1.584,0
6.269,0
6.017,9
20.592,6
0,36%
1.523,5
10,0
4,72%
19.834,3
100,0
118.019,9
1.000,0
283.441,8
10.000,0
122.946,4
28,20%
100.000,0
274.603,9
Thousands of Dollar
1.000.000,0
1,0
ISS
CAJANAL (1)
CAPRECOM (2)
Mar-07
Apr-07
FONPRECON (3)
CAXDAC
P. ANTIOQUIA
Participation to April 2007
(1) Information Partnership FOPEP
(2) "CAPRECOM": (a) USD$ 11.085,7 thousand of dollars - It corresponds to the value of the quota fixed
share of the organization in which was affiliated the pensioners, the quota fixed share in charge of the
sector of the communications and the quota fixed share of outside the sector, by pensions recognized
prior to the entrance in use of the Law 100 of 1993, as opposed to which contributions were not made.
(b) USD$ 9.356,7 thousand of dollars - It corresponds to the value of the quota fixed share of the
organization in which was affiliated the pensioners, the quota fixed share in charge of the sector of the
communications, the quota fixed share in charge of the FONCAP and the quota fixed share of outside
the sector, by pensions recognized after the entrance in use of the Law 100 of 1993, as opposed to
which contributions were made.
(c) USD$ 150,2 thousand of dollars - It corresponds to the value of the pension that by effect of the
Advance Plans of Pensions (PAP) the employer assumes the totality of the same one, until than the
affiliated fulfills the established general requirements in the effective norms and which the employer
continues quoting to the FONCAP. (Numbers in evaluation)
(3) "FONPRECON": In April 2007, 5.147,9 thousand USD correspond to Law 4th/92 and 1.121,1
thousand USD to Law 100/93. (Figures in verification)
31
Last Year Pension Pays Evolution
62,2%
600.000
500.000
421.253,7
436.002,1
Oct-06
410.030,7
Sep-06
3,5%
385.801,5
Aug-06
2,7%
6,3%
-2,5%
395.759,8
600.621,1
370.385,4
May-06
353.837,2
Apr-06
-34,1%
4,7%
2,3%
0,9%
345.837,3
100.000
330.758,0
300.000
200.000
-31,9%
-2,9%
342.889,1
-0,9%
503.808,0
400.000
340.692,5
Thousand of dollars
52,3%
Jan-07
Feb-07
Mar-07
Apr-07
0
Jun-06
Jul-06
Pension Pay Value
Nov-06
Dec-06
Monthly variation
Source: Supervised Entities
The arithmetic average of the payment of the pension for this Regime in April 2007 was USD 457,6
dollars, above in 3,09% of last month’s pension pay (graph 43).
457,6
443,9
401,3
390,8
1.000,0
560,6
537,9
537,6
580,1
2.000,0
928,1
897,4
3.000,0
2.292,3
Dollars
4.000,0
2.198,5
5.000,0
3.109,6
2.986,5
Graph 43
Av e rage Pe nsion Pays
0,0
FONPRECON
CAXDAC
CAPRECOM
P. ANTIOQUIA
CAJANAL (1)
Mar-07
ISS
SYSTEM´S
AVERAGE
Apr-07
(1) Information Partnership FOPEP
Last Year Pension Pays´ Average
61,14%
51,60%
2,14%
3,09%
Nov-06
Dec-06
457,6
411,0
5,75%
443,9
Sep-06
-2,90%
434,6
Aug-06
-34,58%
3,97%
423,2
1,52%
646,9
May-06
0,25%
401,5
Apr-06
379,4
370,5
100,00
561,7
300,00
200,00
-32,45%
-3,68%
386,1
-2,21%
400,00
384,7
Dollars
500,00
380,3
600,00
Feb-07
Mar-07
Apr-07
0,00
Jun-06
Jul-06
SYSTEM´S AVERAGE
Oct-06
Jan-07
MONTHLY VARIATION
Source: Supervised Entities
4.4 INVESTMENT PORTFOLIO
The balances of the portfolios of investments of the pensionales reserve funds to May of 2007 (having in
mind that, according to what is established in Law 490 from 1998 and statutory Decree 1404 from 28 of
July of 1999, “CAJANAL” transferred its reserves to “FOPEP” and therefore does not present balance;
and in the case of the “Instituto de Seguros Sociales” – “ISS” – are included the resources corresponding
to the Subsidiary Regime) ascend to USD 1.077,3 million dollars compared to 945,5 million dollars in
April 2007, showing an increase of USD 131,8 million dollars that represent 13,95% (graph 44). The total
of the investments to May of 2007 is distributed for each pensional modality, thus: Retirement age USD
995,9 million dollars, Invalidity USD 12,1 million dollars and Survival USD 69,3 million dollars (chart 8)
Graph 44
Investment Portfolio
1.000
41,42%
35,52%
48,2
38,4
43,4
4,48%
3,56%
33,4
161,8
133,1
382,7
342,2
446,3
10
393,4
Millions of dollars
15,02%
100
1
ISS
CAPRECOM
Apr-07
CAXDAC
May-07
P.ANTIOQUIA
Participation to May 2007
FONPRECON
32
Last Years Investment Portfolio´s Evolutionnes
13,95%
300
May-06
Jun-06
200
100
4,53%
945,5
3,22%
904,5
0,18%
876,3
2,14%
874,7
778,5
5,18%
874,8
1,17%
836,3
5,55%
-0,02%
1.077,3
656,3
500
400
705,3
700
600
11,08%
-6,94%
4,60%
769,5
-5,94%
729,0
Millions of Dollars
800
818,8
1.000
900
0
Jul-06
Aug-06
Sep-06
Oct-06
PORTFOLIO VALUE
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
Apr-08
MONTHLY VARIATION
Source: Supervised Entities
In May of 2007, 89,9% of portfolios were invested in TES, the remaining 10,1% were represented in
other bonds different to Nation bonds, contained in the funds administrated by “CAXDAC”.
“CAXDAC”´s investment portfolio is substantially different to other pays as you go reserve funds, due to
the fact that this entity, in investment matters, is ruled by the norms issued by the “Superintendencia
Financiera de Colombia” for Private Pension Fund Administrators (graph 45).
Graph 45
PORTFOLIO CLASIFICATION IN: FIXED AND VARIABLE INCOME, DEPOSITS AT
SIGHT AND DERIVATIVES NET POSITION
Thousands of pesos
300.000.000
250.000.000
200.000.000
150.000.000
91,94%
100.000.000
50.000.000
5,37%
0,85%
1,84%
0
DEPOSITS AT SIGHT
Portfolio
Participation
NEGOTIABLE INV TITS
PARTICIPATIVOS
NEGOTIABLE INV IN
TITS OF DEBT
FORWARD
AGREEMENTS
VARIABLE RENT BY THE TYPE OF ISSUER
HIGH LIQUIDITY STOCKS
46,00%
PARTICIPAT IN
INTERNATIONAL MUTUAL
BOTTOMS OF INVESTM V. INCOME
31,80%
PARTICIPATION IN
FUNDS OF VALUES
20,06%
PARTICIPATION IN
SPECIAL COMMON
FUNDS
0,16%
LOW LIQUIDITY STOCKS
1,79%
PARTICIPATION IN
ORDINARY COMMON
FUNDS
0,18%
33
INT T IT OF DEBT PUBLISHES EMIT T ED OR GUARANT EED
BY T HE NAT ION
FIXED RENT BY THE TYPE OF ISSUER
EXT ERN T IT OF DEBT PUBLISHES EMIT T ED Or
GUARANT EED BY T HE NAT ION
OT HER PUBLIC DEBT T IT LES (DEC2681/93)
0,95%
6,26%
5,47%
T IT EMIT T ED, APPRAISED OR GUARANT EED BY "FOGAFIN"
24,98%
13,32%
T IT S OF CREDIT CONT ENT , DERIVAT IVES OF
T IT ULARIZACION MORT GAGE PORT FOLIO
T IT S OF CONT ENT CREDIT ICO, DERIVAT IVES OF
PROCESSES OF DIFFERENT T IT ULARIZACION PORT FOLIO
10,23%
T IT S ISSUES, ENDORSED ACCEPT ED OR GUARANT EED BY
"SFC"
T IT S ISSUES FROM ENT IT IES NOT SUPERVISED BY "SFC"
24,76%
9,26%
4,37%
0,04%
T IT S ISSUES, ENDORSED Or GUARANT EED FROM FOREIGN
BANKS
0,36%
T IT S ISSUES, ENDORSED OR GUARANT EED FROM
MULT ILAT ERAL ORGANISMS
T IT S ISSUES FROM ORGANIZAT IONS Of T HE OUT SIDE,
DIFFERENT FROM BANKS
SOURCE: Caxdac
5. ISS´s PROFFESIONAL RISKS ADMINISTRATOR
5.1 RESERVES FOR PROFESSIONAL RISKS
With occasion of the expedition of Law 776 of 2002, in the article 1°, and in concordance with the
instruction of External Circular 044 of “Superintendencia Financiera de Colombia”, the “Instituto de
Seguros Sociales” (“ISS”) adopted the technical reserves regime for the life insurance companies that
administrate the field of professional risks; in consequence, during the last semester, the “ISS” presents
in its balance statement the amount of each of the following reserves: (Graph 46).
30,5
20,7
116,4
30,5
1.334,4
1.532,5
28,2
18,5
113,3
28,2
1.198,5
1.386,6
26,8
17,6
105,1
26,8
1.140,2
1.316,5
26,1
17,1
101,6
26,1
1.108,9
1.279,7
25,6
16,8
97,2
25,6
16,7
1.099,1
1.264,4
25,4
100,0
25,4
1.130,1
1.000,0
97,4
10.000,0
1.295,1
Millions of dollars
Graph 46 - Professional Risks Reserves
10,0
1,0
Dec-06
Jan-07
TOTAL RESERVES
Feb-07
1-MATHEMATICAL RESERVE
Mar-07
2-DEVIATION OF SINISTER
Apr-07
3-WARNED SINISTER
May-07
4-NOT WARNED SINISTER
5-PROFESSIONAL ILLNESS
SOURCE: ARP-ISS/ FINANCIAL STATEMENTS IN VERIFYING PROCESS
5.2 EMPLOYERS AND AFFILIATE EMPLOYEES
Affiliated employees to the ISS´s professional risk insurance company (ARP) during last year (between
April 2006 and April 2007) they report an increase on 6,33% from 276.514 passing to 294.008,
respectively. The workers affiliated, during the same lapse, displayed an increase of 15,93%, when
happening from 1.408.712 coming, to 1.633.168. For the months of March and April of 2007 the number
of affiliated employers diminished -42, this is an -0,01%, and the affiliated workers increased in 19.440,
there are 1,20% (graph 47). The amounts who quote ARP in April of 2007 ascended to USD 9,32 million
of dollars.
Graph 47
Employees and workers affiliates
1.650.000
1.633.168
294.008
1.613.728
294.050
1.616.281
294.153
1.610.226
293.073
1.608.836
290.030
1.555.476
283.057
1.545.264
279.952
279.653
1.445.846
274.487
1.438.653
262.454
1.409.926
278.208
450.000
277.439
650.000
276.514
850.000
1.408.712
1.050.000
1.408.120
1.250.000
1.543.208
1.450.000
250.000
50.000
-150.000
Apr-06
May-06
Jun-06
Jul-06
Aug/06
Sep-06
Oct-06
EMPLOYEES
SOURCE: ARP-ISS
Nov-06
WORKERS
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
34
5.3 PENSIONERS
From the total of 22.908 pensioners who report the ISS´s ARP in April 2007, 10.845 correspond to
survival pension and 12.063 to invalidity pension. During last year, the number of pensioners of survival
pension showed a growth of 1,01%, invalidity pension a reduction of -0.58% and the total of pensioners
reported an increment of 0,17%. For the months of March and April of 2007, the number of pensioners
by survival, invalidity and the total, they displayed increases in 27, 3 and 30 respectively, representing
0,25%, 0,02% and 0,13% (graph 48). The monthly payroll value of pensioners ARP for April 2007,
ascended to USD 5,6 million dollars; of this total, USD 2,9 million dollars correspond to survival and USD
2,7 million dollars to invalidity.
Graph 48
Pensioners
10.818
12.060
22.908
10.845
12.063
22.878
22.842
10.791
12.051
22.810
10.761
12.049
22.787
12.043
10.744
10.702
12.027
22.729
22.685
10.663
12.022
22.645
10.627
12.018
10.601
11.998
10.577
11.996
22.599
22.573
22.547
10.552
11.995
10.773
12.133
10.737
10.000
12.135
22.870
22.908
20.000
0
Apr-06
May-06
Jun-06
Jul-06
Ago-06
Sep-06
Oct-06
SURVIVAL
Nov-06
INVALIDITY
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
TOTAL
SOURCE: ARP-ISS
5.4 MANDATORY QUOTATIONS AND PENSION PAYMENTS
Between the months of May 2006 and May 2007, ISS´s ARP received USD 107,3 million dollars in
quotations from affiliate employers, for a monthly average of USD 8,3 million dollars. The amount paid
during the same period on pension payments ascended to USD 73,1 million dollars, for a monthly
average of USD 4,9 million dollars, taking into account that law establishes an annual cancellation of 14
pension payments. Financial statements and statistical reports are in evaluation and depuration process
in order for them to be adjusted to the instructions of External Circular 044 of 2003 (graph 49).
13,2
Graph 49 Mandatory quotations and pension pays
9,9
5,6
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
6,3
9,3
8,0
5,4
4,0
7,6
5,3
Oct-06
5,3
Sep-06
5,0
Aug-06
3,7
4,7
Jul-06
8,8
9,2
4,6
8,1
8,1
4,6
7,8
8,0
4,5
6,0
7,0
8,0
4,6
10,0
8,0
12,0
7,8
Millions of Dollars
14,0
2,0
0,0
May-06
Jun-06
MANDATORY QUOTATIONS
SOURCE: ARP-ISS
Nov-06
MONTHLY TOTAL PENSION PAY
May-07