PRESS NOTICE
Bogotá, November 16, 2007
PERFORMANCE OF MANDATORY PENSION FUNDS, VOLUNTARY PENSION FUNDS,
UNEMPLOYMENT FUNDS, PAY AS YOU GO REGIME AND ADMINISTRATOR OF
PROFESSIONAL RISKS OF THE ISS SEPTEMBER OF 2007
1. MANDATORY PENSION FUNDS
1.1 MANDATORY PENSION FUNDS YIELD
The accumulated yield of mandatory pension funds during the last three years, period that is
considered for the calculation of the minimum yield, was in average of the 12.52% cash annual,
equivalent to a 7.30% real yield and superior to the demanded minimum yield in 3.30 percentage
points. Individually, the funds reached yields that go from 11.48% to 14.14% (graphs 1 and 2).
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
S E P .3 0 / 0 4 T O S E P .3 0 / 0 7
16.00%
14.14%
14.00%
12.30%
12.22%
12.17%
12.00%
12.52%
11.80%
11.48%
9.22%
10.00%
8.00%
NOM INA L YIELD
MINIMUN
4.15%
YIELD
7.30%
6.31%
AVERAGE
(*)
SANTANDER
HORIZONTE
6.61%
6.96%
COLFONDOS
SKANDIA
PORVENIR
0.00%
PROTECCION
2.00%
7.01%
7.09%
4.00%
8.84%
6.00%
REA L YIELD
(*) Weighed by the daily balance average of the patrimony
GRAPH 2
RETURN´S ACCUMULATED OF MANADATORY PENSIONS FUNDS
EVOLUTION
25.00%
23.00%
21.00%
19.00%
17.00%
15.00%
13.00%
11.00%
10-06
11-06
12-06
PROTECCION
01-07
02-07
PORVENIR
03-07
04-07
HORIZONTE
05-07
SANTANDER
06-07
07-07
08-07
COLFONDOS
09-07
SKANDIA
During the last five years mandatory pension funds obtained an average effective annual yield of
13.49%, the equivalent one to a real yield of the 7.54%, whereas the average yield from the
beginning of operations to 30 of September of 2007 were of the 16.16% annual cash, that
corresponds in real terms to 5.05% (graph 3).
GRAPH 3.
YIELD FROM THE BEGINNING OF OPERATIONS (1)
16.16%
5.05%
AVERAGE (*)
15.97%
4.88%
SANTANDER
15.41%
15.98%
4.89%
COLFONDOS
4.37%
15.43%
4.39%
SKANDIA
HORIZONTE
15.61%
4.55%
6.40%
4.00%
PORVENIR
17.65%
13.49%
7.54%
12.39%
6.50%
HORIZONTE
12.76%
6.85%
13.19%
13.56%
SANTANDER
6.00%
7.25%
8.00%
COLFONDOS
10.00%
7.60%
12.00%
9.44%
14.00%
SEP.30/07
SKANDIA
16.00%
12.91%
18.00%
6.99%
20.00%
15.50%
LA ST F IV E Y EA R Y IELD
SEP.3 0 / 0 2 T O SEP.3 0 / 0 7
2.00%
PROTECCION
AVERAGE (*)
PORVENIR
PROTECCION
0.00%
NOM INA L YIELD
REA L YIELD
(*) Weighed by the daily balance average of the patrimony
(1) May 1994, excepting 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 12,65% and 15,83% (annual cash), with annualized volatilenesses of 6,25% and
7,20%, 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
SEPTEMBER 30 2004 -SEPTEMBER 30 2007
16.90%
16.60%
16.30%
Protección
16.00%
15.70%
15.40%
15.10%
14.80%
Skandia
14.50%
14.20%
Porvenir
13.90%
13.60%
13.30%
Colfondos
13.00%
12.70%
Horizonte
12.40%
12.10%
11.80%
11.50%
11.20%
Santander
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 VOLATILINESS AND ACCUMULATED YIELD
The accumulated yield average of Mandatory Pension Funds during last thirty and six months, was
between the 11,48% and 14,14% (annual cash), with annualized volatilenesses of 2,29% and
2,72%, 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 30 of September of 2007 a value of USD 23.610
millions, superior in USD 1.835 millions the value registered to the 31 of August, that is to say, an
8.4% (graph 6 and 7, Chart 1.1).
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
S E P .3 0 T H 2 0 0 7 - M ILLIO N S US D O LLA R
27.0%
24.7%
FUND VA LUE
31
0.1%
SKANDIA
PLAN
ALTERNATIVO
1,005
4.3%
2,884
SANTANDER
P ERCENTA GE OF P A RTICIP A TION
SKANDIA
3,448
COLFONDOS
4,033
12.2%
HORIZONTE
5,842
14.6%
PROTECCION
6,367
17.1%
PORVENIR
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
8.4%
23,610
21,775
23,790
23,287
8.5%-
1.2%-
2.2%
5.2%
3.4%
0.9%
0.7%-
6.8%
10,000
5.9%
1.8%
15,000
5,000
23,572
11.9%
21,070
20,029
19,378
19,205
18,276
17,957
16,812
20,000
1.6%
MILLIONS OF USD
25,000
19,347
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
Sep-07
Jul-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Sep-06
Oct-06
-
MONTHLY VARIATION
1.4 AFFILIATED
The number of affiliated with the regime of individual saving with solidarity to the 30 of September of
2007 ascended to a 7.653.566, with an increase of the 0.9%, that is to say, 70.890 affiliated as
opposed to the number reported to 31 of August of 2007. (Graph 8).
GR A P H 8.
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
S E P .3 0 T H 2 0 0 7
28.7%
2,400,000
2,100,000
21.6%
354
0.0%
SKANDIA PLAN
ALTERNATIVO
66,760
0.9%
1,079,151
1,199,397
7,487,857
7,406,882
7,258,846
7,197,578
7,121,325
7,074,020
6,961,430
6,906,460
7,200,000
6,853,741
7,500,000
7,010,287
7,800,000
7,344,705
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
7,653,566
P ERCENTA GE OF P A RTICIP A TION
7,582,676
A FFILIA TED
HORIZONTE
PORVENIR
0
PROTECCION
300,000
14.1%
COLFONDOS
600,000
15.7%
1,454,178
900,000
1,653,876
1,200,000
SKANDIA
19.0%
2,199,850
1,500,000
SANTANDER
1,800,000
0.8%
1.1%
1.3%
0.9%
Jul-07
Aug-07
Sep-07
0.9%
Apr-07
Jun-07
1.1%
Mar-07
1.2%
0.7%
0.7%
Dec-06
Feb-07
0.8%
Nov-06
0.9%
0.8%
Oct-06
Jan-07
0.8%
6,600,000
Sep-06
6,900,000
AFFILIATED
MONTHLY VARIATION
May-07
6,300,000
AFFILIATED EVOLUTION IN THE LAST FIVE YEARS
11.70%
8,000,000
10.30%
7,000,000
10.80%
9.90%
10.40%
6,000,000
5,000,000
4,000,000
7,653,566
3,173,008
4,480,558
6,853,741
2,786,331
4,067,410
6,211,483
% VARATION
TOTAL
MEN
WOMEN
Sep-07
Sep-06
Sep-05
Sep-04
Sep-03
2,541,340
3,670,143
5,603,941
2,300,829
0
5,097,093
1,000,000
2,089,839
3,007,254
2,000,000
3,303,112
3,000,000
Of the total members of the mandatory pension funds, 54.2% are active, that is to say, 4.149.389
and 45.8%, that is, 3.504.177 are inactive. The inactive members are those that have not carried
out quotations in at least the 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
S E P .3 0 T H 2 0 0 7
1,400,000
1,200,000
A CTIVES
50
SKANDIA PLAN
ALTERNATIVO
304
19,220
47,540
SKANDIA
SANTANDER
566,089
513,062
603,770
724,851
729,327
595,627
COLFONDOS
PORVENIR
-
PROTECCION
200,000
HORIZONTE
400,000
1,000,829
600,000
653,047
800,000
937,150
1,262,700
1,000,000
INA CTIVES
54.2%
47.3%
Apr-07
53.9%
47.7%
Mar-07
53.6%
52.3%
47.9%
Feb-07
53.6%
52.1%
48.1%
Jan-07
53.3%
51.9%
48.1%
Dec-06
52.7%
51.9%
48.0%
Nov-06
51.7%
48.3%
Oct-06
51.5%
48.5%
52.0%
Sep-06
54.0%
52.0%
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
46.1%
45.8%
Aug-07
Sep-07
44.0%
46.4%
46.0%
46.4%
48.0%
46.7%
50.0%
ACTIVES
INACTIVES
Jul-07
Jun-07
May-07
42.0%
Of the total of members of the Individual Saving Regime, 56% corresponds to non-quoting
members, that is to say, to 4.286.870 people; 44%, that is 3.366.696 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, did not realize the mandatory payment for the reported moth.
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
S E P .3 0 T H 2 0 0 7
1,200,000
1,000,000
800,000
QUOTING
SKANDIA PLAN
ALTERNATIVO
128
226
28,902
37,858
SKANDIA
SANTANDER
COLFONDOS
695,821
383,330
693,721
505,676
920,615
533,563
HORIZONTE
849,848
804,028
-
PROTECCION
200,000
1,097,835
1,102,015
400,000
PORVENIR
600,000
NON-QUOTING
57.5%
57.7%
56.8%
56.3%
56.7%
56.5%
56.2%
56.0%
42.5%
42.3%
43.2%
43.7%
43.3%
43.5%
43.8%
44.0%
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
58.0%
42.0%
Dec-06
58.5%
58.4%
41.6%
Nov-06
41.5%
58.3%
41.7%
Oct-06
Jan-07
59.1%
40.9%
65.0%
Sep-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
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
NON-QUOTING
QUOTING
Of the total number of affiliated with the funds of mandatory pension funds, 83.2% perceive income
of less than two minimum wages, 10.7% between have an income two and four minimum wages
and 6.1% of more than four minimum wages.
55.8% of the affiliated oscillate between 15 and 34 years of age, of which, in this segment, 55.5%
are men and 44.5% women.
95.5% of the total number of affiliated with the system correspond to workers with labor bond and
4.5% to independent workers.
As far as the origin of the affiliated, it is important to note that 58.6% correspond to people who
entered to the system, 29% come from the Pay As You Go Régime, the 11.8% to transfers between
AFPs and 0.6% come from the Government social security funds (Chart 1.2).
1.5 PENSIONERS
To 30 of September of 2007 the Individual Saving with Solidarity Regime has 25.057 pensioners,
14.912 for survival, 5.556 for invalidity and 4.589 of retirement age (graph 11).
52.1% of the pensioners, that is 13.067, have chosen the modality of programmed retiree's pension;
47.9%, 11.989 pensioners, the immediate life rent and 1 pensioner elected the programmed
retirement with deferred life rent (Chart 1.3).
2,300
2,439
15
25,057
23,970
23,592
23,181
22,915
22,531
22,302
21,944
21,598
21,346
21,101
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
25,000
SKANDIA P.A
SKANDIA
SANTANDER
HORIZONTE
RETIREM ENT A GE
24,738
INVA LIDITY
24,373
SURVIVA L
PORVENIR
PROTECCION
0
COLFONDOS
500
114
42
265
191
1,000
911
443
1,500
574
544
1,322
1,640
2,500
1,067
664
3,000
2,000
3,373
3,628
2,467
3,057
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
S E P .3 0 T H 2 0 0 7
20,000
1.7%
Jul-07
1.3%
1.6%
Jun-07
1.5%
1.8%
May-07
1.2%
1.7%
1.6%
Jan-07
1.0%
1.6%
Dec-06
1.2%
10,000
1.2%
1.4%
15,000
5,000
PENSIONERS
MONTHLY VARIATION
P E N S IO N E R S E V O LUT IO N IN T H E LA S T F IV E Y E A R S
25,057
25,000
21,101
20,000
18,052
15,574
16.9%
Sep-04
Sep-05
Sep-06
18.7%
15.9%
5,000
16.4%
10,000
13,374
23.7%
15,000
Sep-03
PENSIONERS
VARIATION
Sep-07
Sep-07
Aug-07
Apr-07
Mar-07
Feb-07
Nov-06
Oct-06
Sep-06
-
1.6 INVESTMENT PORTFOLIO
As of September 30 2007, the value of portfolio of Mandatory Pension Funds reached USD$ 23,423
million, showing an increase of 7.6% with respect to the end of the previous month, when it was of
USD$ 21,768 million.
To the closing of September 2007, 73.4% of portfolio of the mentioned funds, that is to say,
USD$17,187 million correspond to investments of fixed income; the 23.6%, USD$ 5,524 million, to
investments in equity; the 2.3%, USD$ 544 million, to overnight deposits and the 0.7%, USD$ 168
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
SEP 30TH 2007 - THOUSANDS OF US DOLLAR -
97%
FIXED INCOME
60.3%
73.8%
75.6%
73.7%
73.4%
71.5%
72.6%
72.7%
EQUITY
OVERNIGHT
DEPOSITS
22.0%
21.2%
22.8%
22.3%
25.4%
28.0%
22.7%
23.6%
17.2%
DERIVATIVES NET POSITION-
1.5%
2.9%
0.2%
0.5%
1.6%
4.0%
1.2%
1.7%
0.3%
0.5%
0.1%
3.5%
0.5%
0.7%
2.3%
-3%
COLFONDOS
$
3,427,346
HORIZONTE
4,002,793
$
PORVENIR
$
6,315,374
PROTECCION
5,796,878
$
SANTANDER
$
2,860,173
SKANDIA
ALTERNATIVO
SKANDIA
$
$
989,857
SYSTEM
$ 23,423,355
30,934
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
Sep-07
23,423 M
AUG-07
21,768 M
Jul-07
23,790 M
Jun-07
23,259 M
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
0%
SEP-06
16,687 M
20%
Investment in public debt continues being the most significant in these funds. At September 30
2007, these investment represented the 46.9% of the value total of portfolio (national debt commits
the 42.8%, external national debt 1.8% and territorial organizations and decentralized entities
2.3%), followed of the titles emitted by institutions watched by other regulatory authority with 19.9%,
titles emitted by the Institutions watched by the Financial Supervision that counted on a participation
of the 16% and the outside investments with a participation a 12.6%.
(Graph 13 Chart 1.4 ).
GRAP H 13
P ORTFOLIO DIVERSIFICATION BY ISSUER
SEP 30TH 2007 - THOUSANDS OF US DOLLAR -
Internal govermment
debt
97%
22.0%
Institutions watched by
other regulatory
authority
35.0%
41.6%
43.9%
42.9%
42.8%
40.9%
45.3%
10.4%
Institutions watched by
the Financial
Supervisión
13.0%
International
Investment
18.0%
External Public Debt
15.2%
18.0%
19.9%
25.8%
20.3%
22.4%
Fogafin
34.7%
19.6%
18.5%
13.1%
17.9%
16.0%
Other public debt titles
12.3%
15.1%
Overnigth Deposits
15.4%
14.3%
2.2%
14.1%
12.3%
13.2%
12.6%
9.7%
3.3%
1.3%
DERIVATIVES -NET
POSITION-
1.6%
0.9%
3.3%
0.2%
2.9%
1.5% 1.9%
2.4% 4.0%
0.5%
1.1%
0.7% 1.6%
1.2%
1.7%
17.2%
1.1%
2.5%
1.3%
3.3%
0.3% 0.1%
4.3%
0.2%
3.7%
2.9%
0.5%
1.8%
1.5%
3.5% 0.7%
0.5%
1.5%
2.3%
2.3%
-3%
COLFONDOS
$ 3,427,346
HORIZONTE
$ 4,002,793
PORVENIR
$ 6,315,374
PROTECCION
$ 5,796,878
SANTANDER
$ 2,860,173
SKANDIA
ALTERNATIVO
$ 30,934
SKANDIA
$ 989,857
SYSTEM
$ 23,423,355
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
45%
40%
35%
30%
25%
20%
15%
10%
Sep-07 23,423 M
AUG-07 21,768 M
Jul-07 23,790 M
Jun-07 23,259 M
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
0%
SEP-06 16,687 M
5%
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 73.9% of portfolio mention before is denominated in Colombian pesos, the 14.2% in UVR, the
10.3% in US Dollar, the 1.3% in euros and rest 0.3% in British Pound, Real and Yen. (Graph 14).
GR A P H 14
P OR T F OLIO D IVER SIF IC A T ION B Y C UR R EN C Y
SEP 30T H 2007 - T H OUSA N D S OF US D OLLA R -
100%
COL Peso
(Includes
Derivatives Net
Position)
UVR
57.2%
68.0%
70.9%
72.1%
75.7%
73.9%
75.4%
80.0%
US Dollar
11.7%
Euro
17.3%
13.7%
16.6%
14.6%
14.2%
28.5%
8.5%
11.9%
2.1%
2.7%
0.5%
SKANDIA
$ 989,857
0.1%
PORVENIR
$ 6,315,374
9.4%
8.3%
1.7% 0.1%
SKANDIA
ALTERNATIVO
$ 30,934
1.4%
HORIZONTE
$ 4,002,793
(1) British Pound, Real and
Yen
COLFONDOS
$ 3,427,346
0%
12.6%
2.3% 0.8%
0.5%
SANTANDER
$ 2,860,173
7.5%
PROTECCION
$ 5,796,878
Others (1)
13.5%
10.3%
0.7% 0.3%
1.3%
SYSTEM
$ 23,423,355
13.9%
Concerning the foreing currency position, it is observed that 57.9% of this position is covered from
the exchange rate fluctuation risk. Uncovered portion represents the 5% of the total value of the
funds (Graph 15 and Chart 4).
GRAPH 15
MANDATORY PENSION FUND
PERCENTAGE WITHOUT COVER (MAXIMUM 30%)
Of
0.15
0.12
8.92%
0.09
7.55%
6.69%
0.06
3.97%
0.03
2.77%
1.80%
0
09-06
10-06
11-06
12-06
01-07
02-07
03-07
04-07
05-07
06-07
07-07
08-07
09-07
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
SKANDIA
COLFONDOS
another part, the 29.8% of portfolio is invested in fixed income issues denominated in Colombian peso,
17.2% indexed to CPI issues, the 14.2% to fixed income in UVR, the 16% of portfolio is invested in
stocks, 7.6% in Shares (Derived from securitization processes, Mutual Funds, Unit trust funds and Index
Fund), the 7.3% to the DTF, 4% to fixed income in US Dollar, the 0.3% to fixed income in euros, 2.3%
Overnight Deposits and the rest 1.2% are titles indexed to fixed income in Real from Brazil, CPI middle
income, Libor and net position in derivatives. (Graph 16 and Chart 1.5).
GR A P H 16
P OR T F OLIO D IVER SIF IC A T ION ON F IXED IN C OM E B Y IN T ER EST R A T E T YP E, EQUIT Y, OVER N IGH T D EP OSIT S A N D
D ER IVA T IVES N ET P OSIT ION
SEP 30T H 2007 - T H OUSA N D S OF US D OLLA R Fixed income - Col
Pesos
97%
16.8%
23.7%
CPI
28.2%
32.9%
27.5%
30.8%
29.8%
34.1%
14.3%
Fixed income - UVR
18.2%
17.4%
17.7%
DTF
14.6%
11.7%
17.2%
18.5%
19.5%
1.4%
6.0%
Fixed income - US
Dollar
17.3%
13.7%
16.6%
14.6%
6.5%
Stocks
5.2%
8.0%
7.2%
7.2%
7.8%
7.3%
2.8%
4.3%
5.3%
3.0%
2.8%
0.6%
4.0%
14.2%
19.4%
12.3%
15.0%
17.2%
20.2%
14.6%
Fixed income - Euro
15.5%
6.1%
4.0%
Shares (1)
16.0%
8.2%
8.9%
7.8%
8.1%
OVERNIGHT
DEPOSITS
0.4%
1.6%
0.5%
2.9%
1.3%
COLFONDOS
$ 3,427,346
HORIZONTE
$ 4,002,793
1.5%
1.0%
4.0%
1.3%
-3%
Others (2)
14.2%
8.5%
13.9%
PORVENIR
$ 6,315,374
5.2%
1.7%
8.6%
0.1%
10.0%
7.6%
8.9% 0.3%
0.8%
1.2%
2.3%
0.5%
PROTECCION
$ 5,796,878
´(1) Securitization, Mutual Funds, Index Funds, Unit Trust Funds
´(2) Real from Brazil, Libor, CPI Middle income and Derivatives net position
SANTANDER
$ 2,860,173
SKANDIA
ALTERNATIVO
$ 30,934
SKANDIA
$ 989,857
SYSTEM
$ 23,423,355
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%
As
far
as
the
30%
25%
20%
15%
10%
Sep-07 23,423
M
AUG-07
21,768 M
Jul-07 23,790
M
Jun-07 23,259
M
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
0%
SEP-06 16,687
M
5%
OTHERS
FIXED INCOME COL PESO
FIXED INCOME EURO
FIXED INCOME UVR
CPI
FIXED INCOME US DOLLAR
DTF
SHARES
STOCKS
classification of portfolio by credit risk, it is observed that the 44.6% are titles emitted by the Nation, the
23.8% are investments with qualification AAA, the 3.4%, AA+, the 0.8%, AA 0.8% AA-, 22.3% are
investments that do not require qualification and rest 4.3% corresponds to titles emitted by the Fogafin,
titles with A+, A, A-, BBB+, BBB, BBB-, B, E and Titles of emitters in Liquidation (graph17)
Source: INFORMATION SUPPL
1) Titles FOGAFIN, Securities
(2) Investments: Unit Trust Fu
Note 1: For effects to establis
Note 2: For the titles with pro
Finally, it is possible to write down that 1.9% of portfolio of fixed income have an inferior maturity to 180
days, the 1.6% between 181 and 360 days, the 6% between 361 and 720 days, the 11.9% between 721
and 1080 days, the 16% between 1081 and 1440 days, the 9.5% between 1441 and 1800 days, the
4.1% between 1801 and 2160 days, the 23.3% between 2161 and 2880 days, 10% between 2881 and
3600 days and the 15.6% have a maturity superior to 10 years (Graph 18 and Chart 1.6).
GRAPH 18
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) SEP 30TH 2007
100%
8.6%
11.6%
> 3600
10.2%
12.2%
15.6%
18.2%
22.0%
6.9%
2881 - 3600
10.9%
9.9%
12.1%
39.0%
10.0%
10.7%
2161 - 2880
14.6%
20.7%
31.7%
17.0%
1801 - 2160
26.7%
23.3%
21.3%
3.8%
1441 - 1800
2.6%
11.6%
3.3%
8.0%
4.1%
4.1%
4.5%
1081 - 1440
16.2%
8.4%
4.2%
15.2%
9.4%
21.8%
721 - 1080
19.9%
13.7%
11.2%
6.9%
4.7%
7.6%
9.5%
31.2%
6.3%
16.0%
13.3%
361 - 720
11.7%
10.9%
181 - 360
21.6%
16.2%
12.4%
12.2%
11.9%
4.4%
6.2%
9.8%
0 - 180
7.3%
0%
0.8%
4.9%
2.3%
0.9%
COLFONDOS
1.6%
2.3%
2.8%
HORIZONTE
PORVENIR
2.7%
PROTECCION
11.7%
7.1%
3.5%
1.5%
0.3%
6.0%
5.8%
2.0%
SANTANDER
3.1%
0.3%
SKANDIA
ALTERNATIVO
1.9%
SKANDIA
1.6%
1.9%
SYSTEM
2. VOLUNTARY PENSIONS FUNDS
2.1 VALUE OF THE FUNDS
The total value of the voluntary pension funds administrated by pension fund administrator societies,
fiduciary societies and insurance agencies, to 30 of September of 2007 reached the sum of USD 3.308
millions, 6.4% superior to the registered value to 31 of August of 2007. (Graph 19).
GRAPH 19
VALUE OF EACH FUND AND ITS PARTICIPATION IN THE SYSTEM
SEP.30th 2007 - MILLIONS US DOLLAR
1,100
1,046
1,000
900
794
800
700
31.6%
600
563
500
24.0%
400
300
17.0%
249
178
200
163
86
69
66
7.5%
100
5.4%
4.9%
2.6%
2.1%
2.0%
37
30
1.1%
0.9%
15
10
0.5%
0.3%
2
0.1%
2
0.1%
FUND VALUE
PERCENTAGE OF PARTICIPATION
FIDUCOR
FIDUPENSIONES
FIDUCOR
MULTIPENSIONES
FIDUPOPULAR PLAN
FUTURO MULTIOPCION
FIDUPOPULAR PLAN
FUTURO
PROTECCION SMURFIT
FIDUALIANZA ABIERTO
VISION
FIDUCOLOMBIA
RENTAPENSION
COLSEGUROS
SANTANDER
HORIZONTE
COLFONDOS CLASS
FIDUDAVIVIENDA
DAFUTURO
PORVENIR
PROTECCION
SKANDIA MULTIFUND
0
3,308
3,110
3,400
3,269
3,151
3,135
3,153
3,223
3,214
3,084
3,500
3,207
4,000
3,412
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
MILLIONS OF USD
3,000
6.4%
0.3%-
3.7%
0.5%
0.6%-
8.5%-
2.5%-
1,000
2.2%-
0.3%
0.2%
0.9%
1,500
4.0%
2,000
7.0%
2,500
500
FUNDS VALUE
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Sep-06
Oct-06
-
MONTHLY VARIATION
2.2 AFFILIATED
The number of affiliated with the voluntary pensions funds administrated by pension fund administrator
societies, fiduciary societies and insurance agencies to 30 of September of 2007 ascended to 490.050,
displaying an increase of 1.993 members, 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
SEP.30th 2007
100,000
90,000
80,000
90,696
89,027
18.5%
18.2%
75,563
70,000
15.4%
60,000
55,430
50,000
11.3%
40,000
47,076
46,284
9.6%
9.4%
45,878
9.4%
11,851
2.4%
10,000
4,717
3,121
1.0%
0.6%
1,467
1,019
0.3%
0.2%
148
0.0%
123
0.0%
FIDUCOR
MULTIPENSIONES
17,650
3.6%
20,000
FIDUCOR
FIDUPENSIONES
30,000
AFFILIATED
PERCENTAGE OF PARTICIPATION
FIDUPOPULAR PLAN
FUTURO MULTIOPCION
PROTECCION SMURFIT
FIDUALIANZA ABIERTO
VISION
FIDUPOPULAR PLAN
FUTURO
COLSEGUROS
SANTANDER
HORIZONTE
FIDUCOLOMBIA
RENTAPENSION
SKANDIA MULTIFUND
COLFONDOS CLASS
PORVENIR
FIDUDAVIVIENDA
DAFUTURO
PROTECCION
0
486,449
490,050
488,304
0.5%Apr-07
486,511
0.0%
Mar-07
485,896
489,045
0.1%Feb-07
485,434
489,219
0.1%
483,134
484,000
Jan-07
484,829
488,000
486,000
0.5%
486,926
490,000
Dec-06
489,263
492,000
489,900
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
0.4%
Sep-07
0.1%
Jul-07
0.4%
0.1%
Jun-07
Aug-07
0.2%May-07
0.4%
480,000
0.4%
0.1%-
482,000
A FFILIA TED
Nov-06
Sep-06
Oct-06
478,000
M ONTHLY VARIA TION
E A F F ILIA T E D E V O LUT IO N IN T H E LA S F IV E Y E A R S
483,134
500,000
400,000
200,000
13.9%-
150,000
1.4%
250,000
12.2%
300,000
365,289
29.6%
350,000
430,604
424,390
17.9%
450,000
490,050
100,000
50,000
0
Sep-03
AFFILIATED
Sep-04
Sep-05
Sep-06
Sep-07
VARIATION
Of the total number of affiliated, 47.8% perceive income of less than two minimum wages, 9.2% have an
income between two and four minimum wages and 43% of more than four minimum wages.
66.6% of the affiliated oscillate between 30 and 54 years of age, of which, in this segment, 51% are men
and 49% women.
70.7% of the total number of affiliated with the system correspond to workers with labor bond and 29.3%
to independent workers.
2.3 INVESTMENT PORTFOLIO
As of September 30 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$ 3,305 million, showing a increase of 5.6% with respect to the end of the previous month, when it
was of USD$ 3,130 million.
At the end of September 2007, 58.2% of portfolio of the these funds, USD$1,925 million corresponds to
fixed income investments; 17.2%, USD$ 568 million to investments in equity, 23.3%, $770 million dollars
to overnight deposits and 1.3%, $42 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
SEP 30TH 2007 - THOUSANDS OF US DOLLAR -
1.3%
23.3%
17.2%
58.2%
SYSTEM $ 3,304,977
3.8%
16.3%
11.7%
68.2%
SKANDIA M ULTIFUND $ 1,038,239
13.2%
5.5%
81.3%
SANTANDER $ 86,466
30.2%
8.0%
61.8%
PROTECC. SM URFIT $ 29,891
20.4%
0.1%
26.4%
53.1%
PROTECCION $ 795,150
49.3%
0.1%
34.2%
16.3%
PORVENIR $ 566,786
0.5%
80.7%
9.6%
9.2%
HORIZONTE $ 163,101
0.1%
48.5%
45.9%
5.5%
FIDPOPU. M ULTIOPCION $ 10,438
76.9%
23.1%
FIDPOPU. PLAN FUTURO $ 14,975
27.3%
4.6%
68.0%
FIDUDAV. DAFUTURO $ 247,321
37.9%
19.9%
42.3%
FIDUCOR M ULTIPENSIONES $ 2,024
51.9%
42.8%
5.3%
FIDUCOR FIDUPENSIONES $ 2,027
0.2% 6.3%
1.0%
92.6%
FIDCOLOM . RENTAPENSION $ 65,847
11.7%
11.4%
76.9%
FID ALIAN ABIERTO VISION $ 36,384
0.1%
2.1%
31.5%
66.3%
COLSEGUROS $ 68,072
0.2%
50.7%
15.7%
33.4%
COLFONDOS CLASS $ 178,255
-3.0%
97.0%
DERIVATIVES -NET POSITION-
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
The titles emitted by Institutions watched by the Financial Supervision are the most significant investment
portfolio of these funds. At September 30 2007 these investments represented 29.1%, followed of the
overnight deposits with the 23.3%, Debt public investment 17.5% (national debt commits 14.2%, external
national debt 0.8% and territorial organizations and decentralized entities 2.4%), the outside investments
with the 17%, and issues by of institutions watched by other regulatory authority with the 11.7% (Graph
22 and Chart 2.1.1).
0.8%
2.4% 11.7%
1.5%
23.3%
GRAPH 22
PORTFOLIO DIVERSIFICATION BY ISSUER
SEP 30TH 2007 - THOUSANDS OF US DOLLAR 17.0%
29.1%
14.2%
SYSTEM $ 3,304,977
11.7%
3.9% 1.6%2.4% 5.9%
34.1%
6.1%
34.5%
SKANDIA MULTIFUND
1.5%
13.2%
6.2%
9.7%
23.4%
18.3%
SANTANDER
10.1%
8.0%
34.1%
4.6%
18.9%
$ 86,466
24.4%
PROTECC. SMURFIT
16.8%
0.1% 2.0%
20.4%
13.8%
22.7%
12.5%
5.8%
18.2%
47.4%
6.1%
$ 795,150
13.8%
PORVENIR
9.2% 1.3% 0.7% 5.2% 6.1%
$ 29,891
24.3%
PROTECCION
0.4%
49.3%
$ 1,038,239
27.8%
$ 566,786
24.0%
HORIZONTE $ 163,101
0.1%4.6% 2.7%
48.5%
1.7% 1.6%
23.1%
27.3%
33.0%
5.1%
65.1%
5.3%
6.1%
FIDPOPU. MULTIOPCION
$ 10,438
FIDPOPU. PLAN FUTURO
$ 14,975
8.5%
21.2%
38.8%
2.1% 5.3%
FIDUDAV. DAFUTURO
8.1%
37.9%
14.4%
14.2%
9.6%
$ 247,321
15.7%
FIDUCOR MULTIPENSIONES
51.9%
23.5%
2.0% 5.3%
$ 2,024
17.3%
FIDUCOR FIDUPENSIONES
1.8%
5.2%
6.3% 1.7%
0.8% 5.4%
11.7%
0.1% 2.1% 12.3%
9.6%
49.1%
20.1%
0.8%
0.6%
59.8%
11.9%
12.0%
42.3%
FIDCOLOM. RENTAPENSION
$ 65,847
FID ALIAN ABIERTO VISION
$ 36,384
9.7%
10.3%
COLSEGUROS
0.2%2.4%
6.4%
0.7%
50.7%
15.3%
$ 2,027
26.3%
11.5%
$ 68,072
12.7%
COLFONDOS CLASS
-3%
$ 178,255
97%
Overnigth Depo sits
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 AND DERIVATIVES NET POSITION
The 83.3% of portfolio mention before is denominated in Colombian pesos, the 12.2% in US Dollars, the
2.9% in UVR, the 1.4% in Euros and the rest 0.3% in British pound, Reales Yen, and Canadian Dollar
(Graph 23).
GRAPH 23
PORTFOLIO DIVERSIFICATION BY CURRENCY
SEP 30TH 2007 - THOUSANDS OF US DOLLAR 0.3%
1.4% 2.9%
12.2%
(1) British Pound, R
83.3%
SYSTEM
1.7%
23.9%
1.3%
$ 3,304,977
73.1%
SKANDIA MULTIFUND
0.3%
5.1%
0.1% 3.3%
$ 1,038,239
91.2%
SANTANDER
4.9% 4.0%
$ 86,466
91.1%
PROTECC. SMURFIT
1.1% 5.1% 2.6%
9.4%
81.8%
0.5% 3.4% 6.0%
PROTECCION
90.0%
0.1% 1.5% 6.9%
PORVENIR
$ 29,891
$ 795,150
$ 566,786
91.6%
HORIZONTE
5.1%
$ 163,101
94.9%
FIDPOPU. MULTIOPCION
$ 10,438
FIDPOPU. PLAN FUTURO
$ 14,975
100.0%
0.1% 2.7%2.1%
95.1%
FIDUDAV. DAFUTURO
$ 247,321
90.4%
9.6%
FIDUCOR MULTIPENSIONES
$ 2,024
100.0%
FIDUCOR FIDUPENSIONES
0.4%
8.6%
91.0%
0.9%1.3%
FIDCOLOM. RENTAPENSION
$ 65,847
FID ALIAN ABIERTO VISION
$ 36,384
97.8%
8.7%
91.3%
COLSEGUROS
1.7%
4.1%
$ 2,027
6.9%
87.3%
$ 68,072
COLFONDOS CLASS
-1%
$ 178,255
99%
Others (1)
euro
UVR
US Dollar
COL Peso (Includes Derivatives Net Position)
Concerning the foreign currency position, it is observed that 28.5% of this position is covered from the
exchange rate fluctuation risk. Uncovered portion represents 9.9% of the total value of the funds (Chart
4).
On the other hand, the 25.2% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 23.3% to overnight deposits, the 12.4% indexed to CPI, the 12.1% to the DTF,
10.1% in Shares (Derived from securitization processes, Mutual Funds, unit trust funds, and Indexed
Funds), the 5.6% in fixed income denominated in US Dollar, the 7% of portfolio is invested in stocks ,
the 2.9% to fixed income in UVR, and the rest 1.5% are fixed income issues denominated in Euro,
Canadian Dollar, titles indexed to Libor, CPI middle income 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
SEP 30TH 2007 - THOUSANDS OF US DOLLAR 7.0%
1.5%
12.1%
2.9% 5.6%
10.1%
25.2%
12.4%
23.3%
SYSTEM
4.0% 3.9%1.3%
9.2%
13.4%
1.8% 3.3%2.5%
12.4%
32.6%
11.6%
$ 3,304,977
11.7%
SKANDIA M ULTIFUND
18.0%
3.7%
22.7%
34.9%
SANTANDER
4.9% 2.4%2.4% 1.7%
28.4%
28.7%
23.5%
$ 86,466
8.0%
PROTECC. SM URFIT
13.2%
0.1%
1.7%
5.1%
15.1%
13.2%
23.5%
7.6%
3.4%
2.2%
4.3%
5.9%
9.2%
1.5%
1.9%
2.7%
18.9%
18.3%
6.9%
$ 795,150
49.3%
17.9%
PORVENIR
0.5%
$ 29,891
20.4%
PROTECCION
7.1%
0.7%
$ 1,038,239
13.2%
40.1%
$ 566,786
9.2%
HORIZONTE $ 163,101
24.1%
0.1%
5.5%
5.4%
16.4%
48.5%
FIDPOPU. M ULTIOPCION
33.4%
3.5%
11.3%
$ 10,438
23.1%
28.7%
FIDPOPU. PLAN FUTURO $ 14,975
0.1%
1.6%2.7%
18.5%
3.1%
31.2%
27.3%
15.6%
FIDUDAV. DAFUTURO $ 247,321
9.4%
10.4%
13.6%
28.6%
37.9%
FIDUCOR M ULTIPENSIONES $ 2,024
23.5%
19.3%
5.3%
51.9%
FIDUCOR FIDUPENSIONES $ 2,027
0.4%
0.3%
0.2%
8.3%
39.4%
0.7%
17.7%
26.7%
6.3%
FIDCOLOM . RENTAPENSION
10.5%
42.8%
1.3%
0.9%
27.9%
FID ALIAN ABIERTO VISION
0.1%
7.8% 4.4%
18.2%
13.3%
39.8%
14.3%
$ 65,847
11.7%
4.9%
$ 36,384
2.1%
COLSEGUROS $ 68,072
1.0% 7.6%
6.7% 4.1%
0.2%
9.0%
13.8%
6.9%
50.7%
COLFONDOS CLASS $ 178,255
-3%
97%
Others (2)
Fixed income - US Dollar
CPI
Stocks
DTF
Fixed income - Col Pesos
Fixed income - UVR
Shares (1)
Overnigth Deposits
´(1) Securitization, Mutual Funds, Index Funds and Unit Trust Funds
´(2) Libor, Fixed income Euros, Canadian Dollar, CPI middle income and Derivatives Net Position
Of another part, the 29.6% of portfolio of fixed income have an inferior maturity to 180 days, 10.5%
between 181 and 360 days, 12.6% between 361 and 720 days, 12.4% between 721 and 1080 days,
12.3% between 1081 and 1440 days, 7.9% between 1441 and 1800 days, 2.5% between 1801 and 2160
days, 4.2% between 2161 and 2880 days, 5.1% between 2881 and 3600 days and the 2.8% 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) SEP 30TH 2007
29.6%
12.4%
12.6%
10.5%
7.9%
12.3%
2.5%
4.2% 5.1%
2.8%
SYSTEM
32.6%
4.6%
12.9%
16.2%
5.0%
2.7%2.2%
9.7%
8.4%
5.6%
SKANDIA MULTIFUND
12.8%
12.1%
10.5%
12.6%
16.2%
4.2% 3.8%
11.0%
7.8%
9.0%
SANTANDER
0.3%
15.7%
11.4%
23.8%
24.8%
6.3%
8.1%
7.8%
2.4% 2.7%
1.2%
8.4%
PROTECC. SMURFIT
26.7%
7.7%
21.1%
20.2%
7.0%
3.9% 0.5%
PROTECCION
6.0%
31.1%
17.9%
4.3%
12.6%
6.9%
12.8%
2.3%
3.4% 2.7%
PORVENIR
33.0%
7.4%
10.7%
23.0%
10.7%
10.2%
2.0%
0.8%2.2%
HORIZONTE
10.4%
40.7%
16.1%
16.3%
9.9%
6.5%
FIDPOPU. MULTIOPCION
41.2%
3.7% 2.8% 2.1%
37.1%
13.2%
FIDPOPU. PLAN FUTURO
34.4%
11.0%
16.1%
18.6%
8.4%
9.7%
1.0%
0.7%
FIDUDAV. DAFUTURO
11.4%
61.6%
27.1%
FIDUCOR MULTIPENSIONES
100.0%
FIDUCOR FIDUPENSIONES
16.2%
32.5%
24.9%
2.4%1.5% 1.5%0.7%
0.7%
15.4%
4.3%
FIDCOLOM. RENTAPENSION
41.1%
8.3%
14.6%
14.1%
6.1%
6.3%
8.9%
0.8%
FID ALIAN ABIERTO VISION
36.9%
5.0%
10.8%
20.5%
11.9%
11.6%
2.4% 0.9%
COLSEGUROS
11.8%
16.3%
9.4%
29.3%
15.1%
3.1% 0.9% 4.7%
6.7%
2.8%
COLFONDOS CLASS
0%
0 - 180
100%
181 - 360
361 - 720
721 - 1080
1081 - 1440
1441 - 1800
1801 - 2160
2161 - 2880
2881 - 3600
> 3600
3. UNEMPLOYMENT FUNDS
3.1 YIELD
Between 30 September of 2005 and 30 September of 2007, the funds obtained an average yield of
2.80% cash annual, equivalent to a real yield of the -1.90%. It is important to emphasize that these yields
oscillated between 1.88% and 4.82% (graph 26).
G R Á F IC O 2 6 .
F UN D S Y IE LD S E P .3 0 / 0 5 T O S E P .3 0 / 0 7
4.82%
5.00%
4.50%
3.85%
4.00%
3.67%
3.50%
1.07%-
2.54%-
2.57%-
2.78%-
PORVENIR
COLFONDOS
PROTECCION
HORIZONTE
1.50%
1.00%
2.10%
1.88%
0.18%
4.40%-
0.90%-
2.00%
2.13%
SANTANDER
0.02%
2.50%
1.90%-
2.80%
3.00%
NOM INA L YIELD
RENTABILIDAD
MINIMA
SKANDIA
0.00%
PROMEDIO (*)
0.50%
REA L YIELD
(*) Weighed by the balance daily average of the patrimony
The obligatory minimum yield certified by the Superintendencia Financiera de Colombia for the
mentioned period was 0.18% annual cash. In average, the funds surpassed this minimum yield in 2.62
percentage points.
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 4,54% and 7,45% (annual cash), with annualized volatilenesses of the 5,40% and the 4.80%
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
SEPTEMBER 30 2005 -SEPTEMBER 30 2007
9.90%
9.60%
9.30%
9.00%
8.70%
8.40%
8.10%
7.80%
7.50%
7.20%
6.90%
6.60%
6.30%
6.00%
5.70%
5.40%
5.10%
4.80%
4.50%
4.20%
3.90%
3.60%
3.30%
3.00%
4.00%
Skandia
Santander
Porvenir
Protección
Horizonte Colfondos
PORTFOLIO
OF REFERENCE
4.50%
5.00%
5.50%
VOLATILENESS
6.00%
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 1.88% and 4,82% (annual cash), with annualized volatilenesses of the 4,57% and the
3.82%, 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
SEPTEMBER 30 2005 -SEPTEMBER 30 2007
7.90%
7.60%
7.30%
7.00%
6.70%
6.40%
6.10%
5.80%
5.50%
5.20%
4.90%
4.60%
4.30%
4.00%
3.70%
3.40%
3.10%
2.80%
2.50%
2.20%
1.90%
1.60%
1.30%
1.00%
0.70%
0.40%
0.10%
Skandia
Santander
Protección Colfondos
Porvenir
Horizonte
PORTFOLIO
OF REFERENCE
2.70% 2.77% 2.84 2.91% 2.98 3.05% 3.12% 3.19% 3.26 3.33 3.40 3.47%3.54% 3.61% 3.68 3.75% 3.82 3.89 3.96 4.03 4.10% 4.17% 4.24 4.31% 4.38 4.45% 4.52%4.59% 4.66
%
%
%
%
%
%
%
%
%
%
%
%
%
VOLATILENESS
(*) It corresponds to the accumulated yield of the last 24 months
RETURN´S ACCUMULATED OF UNEMPLOYMENT FUNDS
EVOLUTION
13.50%
9.50%
7.50%
5.50%
3.50%
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
COLFONDOS
09-07
08-07
07-07
06-07
05-07
04-07
03-07
02-07
01-07
12-06
11-06
1.50%
10-06
RENTABILIDAD ACUMULADA
11.50%
SKANDIA
3.3 VALUE OF THE FUNDS
The funds reached a value of $1.964 millions to 30 of September of 2007; a 4.1% superior to the
registered value to 31 of August (graphs 29 and 30).
GR A P H 29.
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 S E P .3 0 T H 2 0 0 7 - M ILLIO N S US D O LLA R
30.4%
600
23.8%
500
19.5%
12.6%
FUND VA LUE
SKANDIA
COLFONDOS 229
SANTANDER
HORIZONTE
PORVENIR
PROTECCION
100
0
40
2.0%
11.7%
247
200
383
300
468
598
400
P ERCENTA GE OF P A RTICIP A TION
1,964
1,886
2,151
2,216
2,358
2,211
4.1%
12.3%-
2.9%-
6.7%
May-07
6.0%-
0.3%
Apr-07
3.8%-
1.5%-
1.5%-
1,000
2.3%
1,500
39.3%
1,645
1,670
1,659
2.7%
Oct-06
1,633
1,616
2.3%-
2,000
Sep-06
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
Sep-07
Aug-07
Jul-07
Jun-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
0
MONTHLY VARIATION
3.4 AFFILIATED
The number of affiliated with the funds on 30 of September of 2007 was 4.078.045, displaying a
decrease of 1.3%, that is, 51.877 affiliated as opposed to the number reported to 31 of August 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 S E P .3 0 T H 2 0 0 7
1,400,000
30.0%
1,200,000
21.9%
510,741
COLFONDOS
30,111
0.7%
565,934
200,000
12.5%
SANTANDER
853,187
400,000
13.9%
PROTECCION
600,000
894,988
800,000
20.9%
HORIZONTE
1,223,084
1,000,000
A FFILIA TED
P ERCENTA GE OF P A RTICIP A TION
SKANDIA
PORVENIR
0
4,078,045
4,129,922
4,196,664
4,264,601
4,341,806
4,427,219
4,507,429
4,578,911
3,703,398
3,710,477
3,721,053
4,100,000
3,744,028
4,900,000
3,769,872
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
1.6%Aug-07
1.3%-
1.6%Jul-07
1.9%May-07
1.8%-
1.8%Apr-07
Jun-07
1.6%-
23.6%
0.2%Jan-07
0.6%Nov-06
0.3%-
0.7%Oct-06
Dec-06
1.1%-
1,700,000
Sep-06
2,500,000
Mar-07
3,300,000
900,000
A FFILIA TED
Sep-07
Feb-07
100,000
M ONTHLY VA RIA TION
AFFILIATED EVOLUTION IN THE LAST FIVE YEARS
4,500,000
8.20%
11.20%
4,000,000
10.30%
3,500,000
8.00%
3.40%
3,000,000
2,500,000
2,000,000
Sep-03
WOMEN
Sep-04
MEN
Sep-05
TOTAL
Sep-06
4,078,045
1,426,709
2,651,336
3,769,872
1,371,772
2,398,100
3,389,994
1,242,193
2,147,801
3,072,660
1,140,320
1,932,340
0
2,972,621
500,000
1,001,335
1,000,000
1,971,286
1,500,000
Sep-07
% VARATION
Of the total members, 96% correspond to dependent workers, 2.5% to voluntary members and 1.5% to
independent workers. On another hand, 65% of the members of the funds are men and 35% women (To
see Chart 3.2).
3.5 INVESTMENT PORTFOLIO
As of September 30 2007, the value of portfolio of the unemployment funds reached USD$ 1,985 million,
showing a increase of 4.3% with respect to the end of the previous month, when it was of USD$ 1,903
million.
To the closing of September 2007, the 79.8% of portfolio of the mentioned funds, that is to say, USD$
1,583 million correspond to investments of fixed income; the 17.9%, USD$ 355 million to investments in
equity, the 1.9%, USD$ 39 million to overnight deposits and 0.4%, 9 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
SEP 30TH 2007 - THOUSANDS OF US DOLLAR 99%
FIXED
INCOME
EQUITY
77.5%
78.7%
81.4%
78.1%
79.5%
82.0%
79.8%
DERIVATIVES
-NET
POSITION-
OVERNIGHT
DEPOSITS
15.0%
17.6%
16.6%
21.2%
14.7%
0.4%
3.3%
18.6%
17.9%
4.7%
3.7%
0.8%
1.2%
-1%
COLFONDOS
$ 232,549
HORIZONTE
$ 385,777
0.9%
PORVENIR
$ 603,842
PROTECCION
$ 472,761
0.5%
1.4%
SANTANDER
$ 249,463
2.1%
1.9%
SKANDIA
$ 40,167
0.4%
SYSTEM
$ 1,984,558
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
Sep-07 1,985 M
AUG-07 1,903 M
Jul-07 2,160 M
Jun-07 2,243 M
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
-5%
Sep-06 1,617 M
10%
The investment in public debt is most significant in these funds. At September 30 2007, this investment
represented the 50.7% of the value of the total of portfolio (national debt commits the 43.9%, external
national debt the 1.4% and territorial organizations and his decentralized the 5.4%), followed by the
Institutions watched by other regulatory authority with the 18.2%, the titles of institutions watched by the
Financial Supervision with the 17.9%, the titles emitted and investments in the outside with the 10.6%
and overnight deposits with the 1.9%(Graph 32)
Internal Govermment Debt
99.0%
GRAPH 32
PORTFOLIO DIVERSIFICATION BY ISSUER
SEP 30TH 2007 - THOUSANDS OF US DOLLAR -
Institutions watched by other
regulatory authority
99.0%
Internal
Govermmentwatched
Debt
Institutions
by the
Financial Supervision
26.0%
39.4%
Institutions w atched by
other regulatory authority
43.0%
42.3%
46.1%
43.9%
49.9%
External Public Debt
11.0%
Institutions w atched by the
Financial Supervision
15.8%
Other public debt titles
21.0%
External Public Debt
17.6%
20.2%
18.2%
19.9%
19.5%
8.2%
Other public debt titles
International Investment
24.7%
15.5%
11.2%
22.0%
7.0%
17.9%
11.7%
0.9%
4.5%
International Investment
1.7%
7.0%
Overnigth Deposits
13.5%
11.1%
3.7%
0.9%
-1.0%
Others
Others
(1)
(1)
COLFONDOS
$ 232,549
2.1%
7.1%
10.7%
-1.0%
0.1% 1.2%
3.3% 1.0%
0.9%
0.6%
5.4%
6.0%
12.8%
Overnigth Deposits
1.4%
17.3%
2.6%
0.7%
4.5%
5.3%
COLFONDOS
HORIZONTE
PORVENIRHORIZONTE
PROTECCION
$ 385,777
$ 603,842 $ 421,068
$ 472,761
$ 252,113
7.3%
1.4%
10.6%
1.9%
0.7%
PORVENIRSKANDIAPROTECCION
SANTANDER
SYSTEM
$ 249,463
$ 1,984,558
$ 662,463 $ 40,167 $ 516,388
SANTANDER
$ 264,935
(1) FOGAFIN AND DERIVATIVES NET POSITION
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
60%
50%
40%
30%
20%
Sep-07 1,985 M
AUG-07 1,903 M
Jul-07 2,160 M
Jun-07 2,243 M
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
Sep-06 1,617 M
0%
Oct-06 1,655 M
10%
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
The 75.1% of portfolio in mention are denominated in Colombian pesos, the 14.4% in UVR, the 9.1% in
US Dollar, the 1.1% in euros, the 0.1% in real, and the rest 0.2% in yen (Graph 33)
SKANDIA
$ 43,288
GRAPH 33
PORTFOLIO DIVERSIFICATION BY CURRENCY
SEP 30TH 2007 - THOUSANDS OF US DOLLAR COL Peso
(Includes
Derivatives Net
Position)
99%
US Dollar
63.5%
71.3%
UVR
74.2%
75.1%
74.6%
79.7%
80.4%
EURO
Real
18.1%
11.8%
7.6%
5.7%
9.1%
7.6%
9.8%
others(1)
16.1%
16.8%
16.9%
1.4%
-1%
COLFONDOS
$ 232,549
14.4%
2.8%
0.7%
0.7%
HORIZONTE
$ 385,777
17.6%
10.5%
9.0%
PORVENIR
$ 603,842
2.2%
PROTECCION
$ 472,761
SANTANDER
$ 249,463
0.8%
SKANDIA
$ 40,167
0.2%
1.1%
0.1%
SYSTEM
$ 1,984,558
(1) Yen
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
MILLION OF US DOLLAR
80%
70%
60%
50%
40%
30%
20%
10%
EURO
UVR
US DOLLAR
Sep-07 1,985 M
AUG-07 1,903 M
Jul-07 2,160 M
Jun-07 2,243 M
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
0%
COL PESO
Concerning the foreing currency position, it is observed that the 65.2% of the same one are covered from
the exchange rate fluctuation risk and that the discovered part represents 3.7% of the total value of the
funds (Graph 34 and Chart 4)
GRAPH 34
UNENPLOYMENT FUNDS
PERCENTAGE WITHOUT COVER (MAXIMUM 30%
0.15
0.12
0.09
0.06
5.19%
5.06%
2.91%
2.78%
2.62%
0.03
1.61%
0
09-06
10-06
11-06
12-06
01-07
02-07
PROTECCION
SANTANDER
03-07
04-07
05-07
06-07
PORVENIR
SKANDIA
07-07
08-07
09-07
HORIZONTE
COLFONDOS
On the other hand, the 30.4% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 24.2% indexed to CPI, the 14.4% to fixed income in UVR, 9% in Shares (Derived
from securitization processes, Mutual Funds, unit trust funds, and Indexed Funds), 8.8% of portfolio is
invested in stocks, 8.2% to DTF, 1.9% in fixed income in US Dollar, 0.3% are fixed income issues
denominated in Euro, and the rest, 2.7% are titles in Real, Libor, overnight deposits 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
SEP 30TH 2007 - THOUSANDS OF US DOLLAR Fixed income - Col
Pesos
100.00%
CPI
19.0%
27.1%
28.3%
27.3%
Fixed income - UVR
30.4%
37.0%
35.5%
14.7%
Fixed income - US
Dollar
23.0%
25.0%
26.5%
17.6%
DTF
22.3%
Shares (1)
24.2%
25.0%
10.7%
9.0%
16.8%
16.9%
14.4%
2.3%
Fixed income - Euro
16.1%
2.0%
1.9%
1.7%
15.8%
8.5%
1.1%
6.6%
1.6%
5.3%
Others (2)
9.1%
0.2%
8.5%
11.6%
7.8%
1.3%
2.7%
3.7%
Stocks
5.3%
3.3%
0.6%
2.5%
1.1%
10.1%
7.6%
HORIZONTE
$ 385,777
PORVENIR
$ 603,842
´(1) Securitization, Mutual Funds, Unit Trust Funds and Indexed Funds
´(2) Libor, Real, Overnight Deposits and Derivatives net position
PROTECCION
$ 472,761
8.2%
8.2%
8.5%
7.1%
9.6%
8.8%
0.00%
COLFONDOS
$ 232,549
9.4%
10.5%
SANTANDER
$ 249,463
9.0%
12.9%
2.7%
6.8%
SKANDIA
$ 40,167
0.3%
8.8%
SYSTEM
$ 1,984,558
OTHERS
FIXED INCOME COL PESO
FIXED INCOME UVR
FIXED INCOME US DOLLAR
SHARES
Sep-07 1,985 M
AUG-07 1,903 M
Jul-07 2,160 M
Jun-07 2,243 M
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
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Dic-06 1,682 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 45.3% are titles emitted by the
Nation, the 26.9% investments with qualification AAA, the 7.8% AA+, the 1.1% AA, the 13.8% are
investments that do not require qualification, and rest 5% corresponds to titles emitted by Fogafin, titles
with qualification AA-, A+, A, 1+, BBB+, BBB, BBB-, B, titles with distant qualification and Titles of
emitters in Liquidation (Graph 36)
GRAPH 36
PORTFOLIO DIVERSIFICATION BY CREDIT RATING
SEP 30TH 2007
100%
Sovereign
90%
34.3%
AAA
80%
43.2%
41.1%
43.6%
45.3%
46.1%
52.4%
70%
AA+
60%
21.7%
50%
AA
17.6%
26.3%
31.6%
40%
26.9%
35.7%
23.6%
Don´t require (2)
8.5%
30%
6.5%
2.9%
1.1%
20%
7.8%
1.4%
5.4%
1.0%
Others (1)
1.1%
11.6%
10.9%
4.9%
23.6%
19.3%
10%
28.0%
2.1%
13.8%
12.8%
11.2%
1.8%
0%
COLFONDOS
4.0%
HORIZONTE
PORVENIR
11.1%
8.7%
5.0%
1.3%
2.2%
PROTECCION
SANTANDER
2.3%
SKANDIA
Source: INFORMATION SUPPLIED BY AFP¨S
(1) Fogafin, AA-, A+, A, 1+, BBB+, BBB, BBB-, B, 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
SYSTEM
Finally, it is important to write down that the 1.4% of portfolio of fixed income have an inferior maturity to
180 days, the 4% between 181 and 360 days, the 8.5% between 361 and 720 days, the 18.7% between
721 and 1,080 days, the 18.6% between 1,081 and 1,440 days, the 9.9% between 1,441 and 1800 days,
the 5% between 1801 and 2,160 days, the 17.3% between 2,161 and 2,880 days, the 11% between
2881 and 3.600 days and the 5.7% have a maturity superior to 10 years (Graph 37 and Chart 3.5).
GRAPH 37
PORTFOILO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) SEP 30TH 2007
100.0%
> 3600
4.9%
3.8%
7.1%
5.7%
4.7%
10.3%
7.6%
9.5%
12.8%
2881 - 3600
11.8%
11.0%
17.1%
12.7%
15.8%
2161 - 2880
13.2%
12.9%
1801 - 2160
19.4%
25.5%
5.8%
1.9%
3.0%
8.9%
2.9%
1.0%
17.3%
5.5%
4.7%
5.0%
8.0%
9.1%
1441 - 1800
10.4%
12.2%
9.9%
4.3%
19.2%
19.3%
1081 - 1440
13.5%
31.8%
17.2%
18.6%
28.8%
721 - 1080
13.1%
17.2%
21.2%
361 - 720
10.4%
22.6%
18.7%
5.6%
18.7%
181 - 360
15.4%
13.4%
12.9%
4.0%
0 - 180
2.8%
COLFONDOS
1.8%
3.6%
0.1%
HORIZONTE
PORVENIR
PROTECCION
8.5%
4.5%
4.3% 5.8%
2.6%
3.7%
1.1%
0.0%
7.9%
4.4%
4.0%
1.4%
5.5%
0.8%
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 September 2007 it reported a
balance of USD1.295,8 million dollars, superior value USD87,4 million dollars in relation to the registered
one at August of 2007, which means an increase of the 7,23% (graphical 38). The total of reserves to
September of 2007 is distributed thus: Retirement Age USD 1.222,4 million dollars, Invalidity USD5,5
million dollars and Survival USD 67,9 million dollars (chart 5).
GRAPH 38
RESERVE'S FOUND EQUITED
1.000
46,88%
28,33%
69,2
66,4
55,1
49,5
37,9
159,1
148,3
5,34%
4,25%
2,92%
34,7
10
367,1
342,2
607,5
567,3
Millions of Dollars
12,28%
100
1
ISS
CAPRECOM
CAXDAC
Aug-07
P. ANTIOQUIA
Sep-07
FONPRECON
CAJANAL
Participation to September 2007
LAST YEAR EVOLUTION OF RESERVE'S FUNDS EQUITY
14,71%
7,23%
-8,52%
1.321,0
1.218,5
1.113,6
1.074,2
8,41%
-4,61%
3,67%
1.295,8
Nov-06
1,33%
1.208,5
Oct-06
1,33%
Aug-07
Sep-07
1.277,4
1.017,6
1.046,1
0,07%
1.045,4
956,1
600,0
300,0
6,43%
2,58%
845,7
Milions of Dolars
13,05%
900,0
2,73%
1.060,1
1.200,0
0,0
Sep-06
Dec-06
Jan-07
Feb-07
EQUITY VALUE
Source: Supervised Entities
Mar-07
Apr-07
May-07
MONTHLY VARIATION
Jun-07
Jul-07
4.2 AFFILIATES
According to the numbers sent by the administrator entities of the mentioned Regime, for July and
August of 2007, the total number of affiliates was of 6.096.216 and 6.103.456, respectively, showing a
growth of 7.240 affiliated, representing 0,12%. “CAJANAL”´s number is included taking into account
preliminary information, and “FONPRECON”´s data is in process of evaluation is composed as follows: In
July 2007, 109 correspond to Law 4th of 1992 (Members of the “Congreso de la República”) and 619 to
Law 100 of 1993 (Administrative Personal of the “Congreso de la República” and of the “Fondo de
Previsión Social”); in August 2007 the distribution was: 108 and 598, respectively (graph 39).
GRAPH 39
AFFILIATES
98,90%
10.000.000
1.000.000
0,98%
100.000
0,07%
0,02%
10
0,01%
706
728
1.062
1.062
1.269
1.269
4.265
60.000
0,02%
4.294
100
60.000
1.000
6.036.154
6.028.863
10.000
1
ISS
CAJANAL (1 )
CAPRECOM
Jul-07
P. ANTIOQUIA
Aug-07
CAXDAC
FONPRECON (2)
Participation to August 2007
(1) According to preliminary information
(2) In July 2007: 109 correspond to Law 4th of 1992 and 619 to Law 100 of 1993; in August 2007 the
distribution was: 108 and 598, respectively. (Figures in verification)
AFFILIATES EVOLUTION'S IN LAST YEAR
0,21%
0,04%
0,00%
0,08%
0,19%
0,11%
0,01%
0,06%
1,07%
0,11%
0,24%
0,07%
0,12%
6.103.456
1.000.000
6.096.216
Mar-07
6.070.854
Feb-07
2.000.000
6.092.235
Nov-06
6.077.640
5.984.905
Oct-06
6.006.601
5.979.853
Sep-06
3.000.000
6.006.159
5.979.834
Aug-06
4.000.000
5.996.177
5.967.080
5.000.000
6.002.842
6.000.000
Jul-07
Aug-07
0
Dec-06
Jan-07
AFFILIATES
Apr-07
May-07
Jun-07
MONTHLY VARIATION
Source: Supervised Entities
AFFILIAT ES EVOLUT ION'S T O T HE "ISS", LAST FIVE YEARS,
BY T HE GENUS
7.000.000
6.036.154
2.410.308
3.625.846
5.898.586
2.386.260
3.512.326
5.603.208
2.324.889
3.278.319
5.665.807
3.309.204
2.356.603
3.000.000
5.651.802
4.000.000
2.341.317
5.000.000
3.310.485
AFFILIATES
6.000.000
2.000.000
1.000.000
0
AUG-03
AUG-04
AUG-05
MEN
AUG-06
W OMEN
AUG-07
TOTAL
Source: Supervised Entities
The total amounts who quote in August 2007 ascended to USD112,158 thousands of dollars. The
variations by genus, of total affiliates, between the months of July and August of 2007, are the next. (See
in chart 6, the detail by each Administrator)
Affiliated Men
Quoting
TOTALS JULY 2007
TOTALS AUGUST 2007
VARIATIONS:
ABSOLUTE VARIATION
PERCENTAGE VARIATION
Non Quoting
Affiliated Women
Quoting
Non Quoting
TOTALES
Quoting
Non Quoting
Great Total
1.214.241
1.226.387
2.470.057
2.463.745
722.785
722.663
1.689.133
1.690.661
1.937.026
1.949.050
4.159.190
4.154.406
6.096.216
6.103.456
12.146
1,00%
-6.312
-0,26%
-122
-0,02%
1.528
0,09%
12.024
0,62%
-4.784
-0,12%
7.240
0,12%
In August of 2007, of the total of affiliates with the “ISS”, 36,4% are active, that is to say, 2.197.520 and
63,6%, that is, 3.838.634 are inactive. Inactive affiliated are those that did not make the obligatory
payment in at least the six last months.
From the total of affiliates for each of the administrators of the Pay As You Go Regime in August 2007,
without including “CAJANAL” and “FONPRECON”, 31% corresponds to people which quote,
representing 1.888.344; and 69% corresponds to people which do not quote, representing 4.154.406. 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
1.886.247
10.000.000
4.149.907
1.000.000
100.000
3.425
10.000
1.028
840
1.000
833
241
229
100
10
1
ISS
CAPRECOM
QUOTING MEMBERS
P. ANTIOQUIA
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%
67%
33%
Aug-06
68%
66%
32%
34%
Sep-06
Oct-06
67%
68%
67%
68%
34%
33%
32%
33%
32%
Nov-06
Dec-06
Jan-07
Feb-07
66%
NON-QUOTING MEMBERS
Mar-07
69%
68%
32%
31%
Apr-07
May-07
69%
69%
69%
31%
31%
31%
Jun-07
Jul-07
Aug-07
QUOTING MEMBERS
Source: Supervised Entities
4.3 PENSIONERS
The number of pensioners that reported by each-one of the administrators to August 2007 was 974.632,
presenting a rise of 5.824 pensioners with respect to July 2007, representing 0.60% (graph 41). Of this
total, 716.460 correspond to Oldness, 38.508 to Invalidity and 219.664 to Survival (chart 7). With relation
to the number of pensioners by the genus, 573.712 are men and 400.920 are women (graph 42).
In “CAPRECOM”, of the 22.188 pensioners to August 2007, 13.624 are pensioners prior to the entrance
in use of Law 100/93; 8.414 are pensioners in use of Law 100/93 concurs Organization, FONCAP and
others; 150 in the Advance Plan of Pensions (PAP) to employer responsibility. From the 2.035
pensioners reported by “FONPRECON”, 806 correspond to Law 4th of 1992 (Ex-members of the
“Congreso de la República”) and 1.229 to Law 100 of 1993 (Administrative Personal of the “Congreso de
la República” and of the “Fondo de Previsión Social”).
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 1.100 weeks at any time.
GRAPH 41
PENSIONERS
10.000.000
1.000.000
690
691
2.032
2.031
2.200
221.382
22.268
2.195
10
220.996
100
720.356
1.000
715.181
10.000
22.148
100.000
1
ISS
CAJANAL
CAPRECOM (1)
Jun-07
P. ANTIOQUIA
Jul-07
FONPRECON (2)
CAXDAC
Aug-07
(1) CAPRECOM: In August 2007: 13.624 are pensioners prior to the entrance in use of Law 100/93;
8.414 are pensioners in use of Law 100/93 concurs Organization, FONCAP and others; 150 in the
Advance Plan of Pensions (PAP) to employer responsibility. (Numbers in evaluation)
(2) FONPRECON: In July 2007: 805 correspond to Law 4th of 1992 and 1.227 to Law 100 of 1993; in
August 2007 the distribution was: 806 and 1.229, in the same order. (Figures in verification)
GRAPH 42
THE NUMBER OF PENSIONERS BY THE GENUS
40
0.
9
14
1.
8
70%
92
10
.5
9
1.
06
8
0
86
4
80%
20
24
6.
3
79
90%
12
7
100%
60%
12
57
3.
7
80
.5
6
20%
9
1.
13
9
8
11
.5
9
30%
1.
17
1
47
8.
6
72
40%
56
3
50%
10%
0%
IS S
CAXDAC
FONPRECON
CAPRECOM
MEN
P.ANTIOQUIA
CAJANAL
TOTAL
WOMEN
PENSIONERS EVOLUTION'S IN LAST YEAR
0,63%
0,72%
0,40%
0,40%
0,56%
0,55%
0,57%
0,60%
Dec-06
974.632
Nov-06
968.808
935.055
Oct-06
200.000
963.362
928.398
400.000
0,58%
943.470
922.569
Sep -06
909.284
916.367
800.000
600.000
0,50%
958.077
0,68%
952.761
0,78%
948.979
0,61%
938.753
1.000.000
0
Au g -06
Jan -07
Feb -07
TOTAL PENSIONERS
M ar-07
Ap r-07
M ay-07
Ju n -07
Ju l-07
Au g -07
VARIATION
Source: Supervised Entities
PENSIONERS EVOLUTION'S TO THE "ISS", LAST FIVE YEARS,
BY THE GENUS
800.000
200.000
246.379
725.051
478.672
669.326
447.976
618.105
221.350
AUG-04
197.267
AUG-03
420.838
570.456
176.018
300.000
530.041
400.000
158.776
500.000
394.438
600.000
371.265
PENSIONERS
700.000
100.000
AUG-05
MEN
WOMEN
AUG-06
AUG-07
TOTAL
Source: Supervised Entities
According to the administrator’s report, the monthly payroll value of pensioners for August 2007,
ascended to USD 435.387,1 thousand of dollars (graph 43). Of this total USD$373.622,7 thousands
correspond to Oldness, USD$15.013,0 thousands to Invalidity and USD$46.751,3 to Survival (chart 7).
In CAPRECOM, from the USD 19.998,3 thousands of dollars reported in August 2007: (a) USD 10.767,3
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 9.086,1 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 144,8
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 6.051,4 thousand of dollars reported by “FONPRECON”, USD 4.945,0 thousand dollars
correspond to Law 4th of 1992 pensioners (Ex-members of the “Congreso de la República”) and USD
1.106,4 thousand dollars to Law 100 of 1993 (Administrative Personal of the “Congreso de la República”
and of the “Fondo de Previsión Social”).
GRAPH 43
PENSION PAYS
65,48%
1.000.000,0
27,85%
4,59%
0,33%
1.444,7
1.313,8
1.540,5
6.051,4
6.705,1
1.699,8
10,0
19.998,3
22.000,1
0,35%
133.191,2
100,0
285.086,0
313.613,5
10.000,0
1.000,0
1,39%
121.266,2
Thousands of Dollar
100.000,0
1,0
ISS
CAJANAL
CAPRECOM (1)
Jul-07
FONPRECON (2)
Aug-07
CAXDAC
P. ANTIOQUIA
Participation to August 2007
(1) "CAPRECOM": (a) USD$10.767,3 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$9.086,1 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$144,8 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)
(2) "FONPRECON": At August 2007, $4.945,0 thousand of dollars correspond to Law 4th/92; and
$1.106,4 thousand of dollars to Law 100/93. (Figures in verification)
EVOLUTION IN THE LAST YEAR OF THE PENSION PAYS
58,2%
62,2%
600.000
Oct-06
Nov-06
(**)
Dec-06
Pension Pay Value
Apr-07
May-07
435.387,1
Mar-07
-9,0%
478.523,5
Feb-07
-37,0%
760.065,1
Jan-07
480.476,3
0
436.002,1
Sep-06
100.000
421.253,7
Aug-06
200.000
10,2%
3,5%
2,7%
6,3%
-2,5%
395.759,8
353.837,2
370.385,4
300.000
-34,1%
410.030,7
4,7%
2,3%
600.621,1
0,9%
400.000
385.801,5
500.000
345.837,3
Thousand of dollars
700.000
Jun/07
(**)
Jul-07
Aug-07
Monthly variation
Source: Supervised Entities
** They includes the additional monthly pay
The arithmetic average of the payment of the pension for this Regime in August 2007 was USD 446,7
dollars, below in -9,56% of last month’s pension pay (graph 44).
446,7
493,9
393,2
435,4
1.000,0
545,1
601,6
654,6
597,2
993,3
2.000,0
901,3
3.000,0
2.232,6
Dollars
4.000,0
2.463,4
5.000,0
2.973,7
3.299,8
GRAPH 44
AVERAGE PENSION PAYS
0,0
P. ANTIOQUIA
CAJANAL
ISS
789,0
Mar-07
Apr-07
May-07
Jun/07
(**)
Jul-07
Aug-07
446,7
501,5
9,59%
457,6
Feb-07
3,09%
443,9
Jan-07
2,14%
434,6
5,75%
Oct-06
-2,90% 411,0
Sep-06
423,2
Aug-06
-34,58%
3,97% 401,5
200,00
1,52% 386,1
400,00
0,25% 380,3
Dollars
600,00
61,14% 646,9
LAST YEAR PENSION PAYS´ AVERAGE
800,00
SYSTEM´S
AVERAGE
Aug-07
-9,56%
Jul-07
493,9
CAPRECOM
-37,40%
CAXDAC
57,32%
FONPRECON
0,00
Nov-06
(**)
Dec-06
SYSTEM´S AVERAGE
Source: Supervised Entities
** They includes the additional monthly pay
MONTHLY VARIATION
4.4 INVESTMENT PORTFOLIO
The balances of the portfolios of investments of the pensionales reserve funds to September 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 1.069,0 million dollars compared to USD 993,0
million dollars in August 2007, showing a increase of USD 76,0 million dollars that represent 7,65%
(graph 45). The total of the investments to September of 2007 is distributed for each pensional modality,
thus: Retirement age USD 989,7 million dollars, Invalidity USD 11,8 million dollars and Survival USD
67,5 million dollars (chart 8).
GRAPH 45
INVESTMENT PORTFOLIO
42,22%
1.000
34,32%
54,9
49,2
37,7
158,2
148,5
5,13%
3,53%
32,4
10
366,9
342,0
451,3
100
420,9
Millions of dollars
14,80%
1
ISS
CAPRECOM
CAXDAC
Aug-07
Sep-07
P.ANTIOQUIA
FONPRECON
Participation to September 2007
INVESTMENT PORTFOLIOS´ EVOLUTION, LAST YEAR
14,09%
-0,02%
0,18%
3,22%
Feb-07
Mar-07
Apr-07
Jun-07
Jul-07
1.078,7
945,5
876,3
Jan-07
904,5
874,7
836,3
200
818,8
400
874,8
600
1.069,0
4,60%
993,0
2,14%
1.084,0
5,18%
7,65%
-8,39%
800
778,5
Millions of Dollars
1,17%
1,19%
1.071,2
1.000
-0,69%
4,53%
0
Sep-06
Oct-06
Nov-06
Dec-06
PORTFOLIO VALUE
May-07
Aug-07
Sep-07
MONTHLY VARIATION
Source: Supervised Entities
In September of 2007, 90,0% of portfolios were invested in TES, the remaining 10,0% 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 and its classification to September of
2007 is the following one:
The investments portfolio value of the reserves of Retirement-age, Invalidity and Survival of CAXDAC to
31 of August of 2007 ascended to USD 158,2 million dollars, increasing in 6,5% the value registered to
the closing of the previous month, date in which was of USD 148,5 million dollars.
To the closing of the month of September of 2007, the 82,24% of the mentioned reserves, that is to say,
USD 130.090 thousand of dollars, correspond to investments in fixed income; the 9,93%, USD 15.710
thousand of dollars, to investments in variable income; 7,52%, USD 11.903 thousand of dollars, to
deposits at sight, and the 0,30%, USD 481 thousand of dollars, to the net position in derivatives (right
less obligations) (graph 46).
GRAPH 46
CAXDAC - PORTFOLIO CLASIFICATION IN: FIXED AND VARIABLE INCOME, DEPOSITS AT SIGHT AND
DERIVATIVES NET POSITION
SEPTEMBER 30, 2007 - THOUSAND OF US DOLLARSS
90%
INVESTMENTS IN FIXED
INCOME
INVESTMENTS IN
VARIABLE INCOME
81,19%
99,02%
82,24%
99,34%
DEPOSITS AT SIGHT
10,54%
9,93%
NET POSITION IN
DERIVATIVES
0,88%
INVALIDITY
USD$4.643
-10%
7,95%
0,10% 0,55%
0,11%
SURVIVAL
USD$4.619
0,32%
7,52%
OLDNESS
USD$148.921
0,30%
TOTAL
USD$158.183
SOURCE: Caxdac
At September 2007, the most significant investments was represented in titles emitted by institutions
watched by other regulatory authority with 24.71%, of the total value of portfolio; they follow the titles of
internal national debt with the 21,47%; the titles of the outside organizations with 14.18%; the titles
issues from entities supervised by “Superintendencia Financiera de Colombia” with 13,43%; the titles of
public debt of outside with 10,84%; other investments with 7,83%,and the titles of territorial organizations
and decentralized entities, they counted on a participation of the 7,54% (graphical 47).
INSTITUTIONS WATCHED
BY OTHER REGULATORY
AUTHORITY
GRAPH 47
CAXDAC - PORTFOLIO CLASSIFICATION BY ISSUER TYPE
SEPTEMBER 30, 2007 - THOUSAND OF US DOLLARS
100%
NATION - INTERNAL
PUBLIC DEBT
21,13%
22,43%
24,89%
24,71%
INVESTMENTS OF
OUTSIDE
INSTITUTIONS WATCHED
BY “SUPERINTENDENCIA
FINANCIERA DE
COLOMBIA”
23,97%
26,35%
21,24%
21,47%
12,39%
10,20%
14,36%
14,18%
12,19%
13,43%
NATION -PUBLIC DEBT OF
OUTSIDE
OTHER INVESTMENTS
(1)
TERRITORIAL
ORGANIZATIONS AND
DECENTRALIZED
ENTITIES
33,44%
33,18%
0,88%
11,51%
0,00% 0,55%
0,00%
7,15%
8,34%
10,84%
8,27%
7,83%
7,52%
7,54%
0%
INVALIDITY
USD$4.643
SURVIVAL
USD$4.619
OLDNESS
USD$148.921
TOTAL
USD$158.184
SOURCE: Caxdac
(1) Deposits at sight and the net position in derivatives (right less obligations)
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 48).
29,2
20,2
94,3
28,0
1.290,1
1.461,9
27,3
18,7
90,4
26,5
1.198,8
1.361,8
29,8
20,5
100,5
29,5
1.312,1
1.492,4
29,7
20,2
107,4
29,7
1.299,7
1.486,8
30,5
20,7
116,4
30,5
1.532,5
1.334,4
18,5
28,2
100,0
28,2
1.198,5
1.000,0
113,3
10.000,0
1.386,6
Millions of dollars
GRAPH 48 - PROFESSIONAL RISKS RESERVES
10,0
1,0
Apr-07
May-07
TOTAL RESERVES
Jun-07
1-MATHEMATICAL RESERVE
Jul-07
2-DEVIATION OF SINISTER
Aug-07
3-WARNED SINISTER
Sep-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
August 2006 and August 2007) they report an increase on 8,07% from 274.487 passing to 296.626,
respectively. The workers affiliated, during the same lapse, displayed an increase of 16,07%, when
happening from 1.445.846 coming, to 1.678.129. For the months of July and August of 2007 the number
of affiliated employers it increased 118, this is an 0,04%, and the affiliated workers it increased in 858,
there are 0,05% (graph 49). The amounts who quote ARP in August of 2007 ascended to USD 9,3
million of dollars.
Graph 49
EMPLOYEES AND WORKERS AFFILIATES
1.700.000
296.626
1.678.129
1.677.271
296.508
1.667.270
295.004
1.634.008
294.025
1.633.168
294.008
1.613.728
293.073
294.050
1.616.281
Feb-07
294.153
Jan-07
1.608.836
290.030
1.555.476
1.545.264
1.610.226
300.000
283.057
500.000
279.653
700.000
274.487
900.000
1.445.846
1.100.000
279.952
1.300.000
1.543.208
1.500.000
100.000
-100.000
Aug/06
Sep-06
Oct-06
Nov-06
Dec-06
EMPLOYEES
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
WORKERS
SOURCE: ARP-ISS
5.3 PENSIONERS
From the total of 23.006 pensioners who reported the ISS´s ARP in August 2007, 10.933 correspond to
survival pension and 12.073 to invalidity pension. During the last year, the number of pensioners for
survival displayed a growth of 3.13%, for invalidity 0.63% and for total of pensioners 1,80%. For the
months of July and August of 2007 the number of pensioners by survival, invalidity and the total, they
displayed growth in 32, 0 and 32, respectively, representing of the 0,29%, 0,00% and 0,14% (graph 50).
The monthly payroll value of pensioners ARP for August 2007, ascended to USD 6,2 million dollars; of
this total, USD 3,2 million dollars correspond to survival and USD 3,0 million dollars to invalidity.
GRAPH 50
PENSIONERS
Jan-07
Jun-07
23.006
22.974
22.925
22.888
22.908
22.878
22.842
10.818
12.060
May-07
10.933
12.073
Dec-06
10.901
12.073
10.761
12.049
Nov-06
10.869
12.056
10.744
12.043
Oct-06
10.840
12.048
10.702
12.027
Sep-06
10.845
12.063
10.663
12.022
Aug-06
10.791
12.051
10.627
12.018
22.810
22.787
22.685
22.645
22.599
10.601
11.998
10.000
22.729
20.000
0
SURVIVAL
Feb-07
INVALIDITY
Mar-07
Apr-07
Jul-07
Aug-07
TOTAL
SOURCE: ARP-ISS
5.4 MANDATORY QUOTATIONS AND PENSION PAYMENTS
Between the months of September 2006 and September 2007, ISS´s ARP received USD 116,2 million
dollars in quotations from affiliate employers, for a monthly average of USD 8,9 million dollars. The
amount paid during the same period on pension payments ascended to USD 80,8 million dollars, for a
monthly average of USD 5,4 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 51).
6,3
Mar-07
Apr-07
May-07
MANDATORY QUOTATIONS
SOURCE: ARP-ISS
** They includes the additional monthly pay
MONTHLY TOTAL PENSION PAY
Jun/07
(**)
9,3
10,0
12,3
5,9
5,6
Feb-07
5,6
5,4
Jan-07
6,3
5,3
Dec-06
7,9
9,9
9,3
8,0
5,3
Nov-06
(**)
7,6
8,8
5,0
Oct-06
3,7
Sep-06
11,6
13,2
9,2
8,1
4,7
8,1
4,6
Millions of Dollars
GRAPH 51 - MANDATORY QUOTATIONS AND PENSION PAYS
14,0
12,0
10,0
8,0
6,0
4,0
2,0
0,0
Jul-07
Aug-07
Sep-07