PRESS NOTICE
Bogotá, August 21, 2007
PERFORMANCE OF MANDATORY PENSION FUNDS, VOLUNTARY PENSION FUNDS,
UNEMPLOYMENT FUNDS, PAY AS YOU GO REGIME AND ADMINISTRATOR OF
PROFESSIONAL RISKS OF THE ISS JUNE 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 13.33% cash annual,
equivalent to an 8% real yield and superior to the demanded minimum yield in 3.23 percentage
points. Individually, the funds reached yields that go from 12.31% to 15.17% (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
J UN .3 0 / 0 4 T O J UN .3 0 / 0 7
15.17%
14.00%
12.92%
12.89%
12.87%
13.33%
12.77%
12.31%
12.00%
10.10%
10.00%
NOM INA L YIELD
MINIMUN
4.93%
YIELD
8.00%
AVERAGE
(*)
7.03%
HORIZONTE
SANTANDER
COLFONDOS
7.47%
7.57%
7.59%
SKANDIA
0.00%
PROTECCION
2.00%
PORVENIR
4.00%
7.61%
6.00%
9.76%
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%
07-06
08-06
09-06
PROTECCION
10-06
11-06
PORVENIR
12-06
01-07
HORIZONTE
02-07
SANTANDER
03-07
04-07
05-07
COLFONDOS
06-07
SKANDIA
During the last five years mandatory pension funds obtained an average effective annual yield of
13.98%, the equivalent one to a real yield of the 7.93%, whereas the average yield from the
beginning of operations to 30 of June of 2007 were of the 16.55% annual cash, that corresponds in
real terms to 5.21% (graph 3).
GRAPH 3.
YIELD FROM THE BEGINNING OF OPERATIONS (1)
15.92%
15.90%
10.27%
10.25%
PORVENIR
SKANDIA
16.55%
16.34%
10.67%
COLFONDOS
15.81%
16.41%
10.73%
JUN.30/07
SANTANDER
18.14%
13.98%
13.02%
14.00%
13.09%
13.31%
16.00%
13.85%
18.00%
13.89%
20.00%
16.13%
LA ST F IV E Y EA R Y IELD
JU N .3 0 / 0 2 T O JU N .3 0 / 0 7
10.87%
7.54%
HORIZONTE
AVERAGE (*)
7.60%
PORVENIR
10.16%
7.81%
SANTANDER
8.45%
8.33%
COLFONDOS
4.00%
8.37%
6.00%
SKANDIA
8.00%
10.50%
10.00%
HORIZONTE
12.38%
12.00%
2.00%
PROTECCION
AVERAGE (*)
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 average yield of Mandatory Pension Funds during the last thirty six months, was
between 11,30% and 16,09% (annual cash), with annualized volatilenesses of 4,67% and 7,17%,
respectively. The yield and volatileness of each fund are reflected in graph 4
Monthly yield annual effective average
GRAPH 4
MANDATORY PENSION FUNDS
MONTHLY YIELD AVERAGE AND VOLATILENESS
JUN 30 2004 -JUN 30 2007
16.90%
Protección
16.60%
16.30%
16.00%
15.70%
15.40%
15.10%
Skandia
14.80%
14.50%
14.20%
13.90%
Santander
Colfondos
Porvenir
13.60%
13.30%
13.00%
Horizonte
12.70%
12.40%
12.10%
11.80%
11.50%
11.20%
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 average accumulated yield of Mandatory Pension Funds during the last thirty six months, was
between 12,31% and 15,17% (annual cash), with annualized volatilenesses of 2,06% and 2,44%,
respectively. The yield and volatileness of each fund 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 June of 2007 a value of USD 23.287
millions, inferior in USD 286 millions the value registered to the 31of May, that is to say, a 1.2%
(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
J UN .3 0 T H 2 0 0 7 - M ILLIO N S US D O LLA R
6,500
6,000
26.8%
24.8%
5,500
FUND VA LUE
29
0.1%
SKANDIA
PLAN
ALTERNATIVO
973
4.2%
2,870
SANTANDER
P ERCENTA GE OF P A RTICIP A TION
SKANDIA
3,412
COLFONDOS
3,994
5,776
12.3%
HORIZONTE
1,000
500
0
PROTECCION
2,500
2,000
1,500
14.7%
6,233
3,000
17.1%
PORVENIR
5,000
4,500
4,000
3,500
11.9%
5.2%
1.2%-
0.9%
0.7%1.8%
5,000
3.4%
5.9%
1.6%
10.9%
4.2%
6.8%
15,000
10,000
23,287
23,572
20,029
19,378
19,205
19,347
18,276
17,957
16,812
16,553
15,879
14,323
20,000
6.4%-
MILLIONS OF USD
25,000
21,070
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
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jun-06
Jul-06
-
MONTHLY VARIATION
1.4 AFFILIATED
The number of affiliated with the regime of individual saving with solidarity to the 30 of June of 2007
ascended to a 7.406.882, with an increase of the 0.8%, that is to say, 62.177 affiliated as opposed
to the number reported to 31 of May 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
JU N .3 0 T H 2 0 0 7
28.3%
2,400,000
2,100,000
21.7%
SKANDIA
337
0.0%
SKANDIA PLAN
ALTERNATIVO
64,497
0.9%
14.4%
0.9%
1.2%
0.8%
Apr-07
May-07
Jun-07
7,258,846
1.1%
Mar-07
7,197,578
0.7%
Feb-07
7,074,020
0.9%
Jan-07
7,010,287
0.7%
Dec-06
6,961,430
0.8%
Nov-06
6,906,460
0.8%
0.8%
Sep-06
Oct-06
0.6%
Aug-06
6,799,647
0.8%
Jul-06
6,757,284
0.8%
6,600,000
Jun-06
6,900,000
6,701,261
7,200,000
6,853,741
7,500,000
7,121,325
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
7,406,882
P ERCENTA GE OF P A RTICIP A TION
7,344,705
A FFILIA TED
HORIZONTE
PORVENIR
0
PROTECCION
300,000
COLFONDOS 1,161,991
600,000
15.7%
1,412,920
900,000
1,608,079
2,095,249
1,200,000
1,063,809
19.1%
1,500,000
SANTANDER
1,800,000
6,300,000
AFFILIATED
MONTHLY VARIATION
Of the total members of the mandatory pension funds, 53.6% are active, that is to say, 3.966.985
and 46.4%, that is, 3.439.897 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
J UN .3 0 T H 2 0 0 7
1,400,000
1,200,000
43
294
SKANDIA PLAN
ALTERNATIVO
52.7%
47.3%
Apr-07
19,176
SKANDIA
52.3%
47.7%
45,321
562,142
582,887
579,104
731,308
681,612
501,667
SANTANDER
Mar-07
A CTIVES
COLFONDOS
PORVENIR
-
PROTECCION
200,000
HORIZONTE
400,000
965,646
600,000
642,433
800,000
901,908
1,193,341
1,000,000
INA CTIVES
52.1%
48.1%
47.9%
Dec-06
Jan-07
Feb-07
53.6%
51.9%
48.1%
53.3%
51.9%
48.0%
Nov-06
51.7%
48.3%
Oct-06
52.0%
51.5%
48.5%
51.3%
51.1%
52.0%
51.6%
54.0%
Sep-06
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
48.7%
Aug-06
ACTIVES
May-07
44.0%
INACTIVES
Of the total of members of the Individual Saving Regime, 56.7% corresponds to
members, that is to say, to 4.197.926 people; 43.3%, that is 3.208.956 people,
members (graph 10). Meaning by non-quoting members those who are affiliated
pensioned yet and that, for some reason, did not realize the mandatory payment for
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
J UN .3 0 T H 2 0 0 7
1,200,000
QUOTING
NON-QUOTING
119
218
SKANDIA PLAN
ALTERNATIVO
SKANDIA
27,588
36,909
496,997
664,994
689,225
374,584
SANTANDER
-
COLFONDOS
PROTECCION
200,000
HORIZONTE
842,405
765,674
PORVENIR
400,000
1,061,073
1,034,176
800,000
912,522
500,398
1,000,000
600,000
Jun-07 46.4%
48.9%
Jul-06
46.0%
46.7%
48.4%
48.0%
Jun-06
50.0%
non-quoting
are quoting
but are not
the reported
56.3%
56.7%
43.7%
43.3%
May-07
Jun-07
56.8%
57.7%
57.5%
58.5%
59.1%
40.9%
Sep-06
60.0%
58.0%
59.9%
40.1%
Aug-06
58.4%
60.0%
40.0%
Jul-06
58.3%
60.0%
40.0%
65.0%
Jun-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%
43.2%
42.3%
42.5%
41.5%
42.0%
41.7%
35.0%
30.0%
41.6%
45.0%
40.0%
NON-QUOTING
Apr-07
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, 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.
96.1% of the total number of affiliated with the system correspond to workers with labor bond and
3.9% to independent workers.
As far as the origin of the affiliated, it is important to note that 57.8% correspond to people who
entered to the system, 29.5% come from the Pay As You Go Régime, the 12.1% to transfers
between AFPs and 0.6% come from the Government social security funds (Chart 1.2).
1.5 PENSIONERS
To 30 of June of 2007 the Individual Saving with Solidarity Regime has 23.970 pensioners, 14.419
for survival, 5.276 for invalidity and 4.275 of retirement age (graph 11).
51.7% of the pensioners, that is 12.397, have chosen the modality of programmed retiree's pension;
48.3%, 11.572 pensioners, the immediate life rent and 1 pensioner elected the programmed
retirement with deferred life rent (Chart 1.3).
SURVIVA L
INVA LIDITY
RETIREM ENT A GE
248
108
39
15
SKANDIA P.A
SANTANDER
COLFONDOS
HORIZONTE
PORVENIR
0
PROTECCION
500
SKANDIA
167
884
499
2,247
2,353
1,000
545
384
1,500
1,264
2,500
2,000
1,005
631
3,000
1,539
2,331
3,500
2,965
4,000
3,285
3,461
G R A P H 11
P E N S IO N E R S S B Y F UN D
J UN .3 0 T H 2 0 0 7
23,970
23,592
23,181
22,915
22,531
22,302
21,944
21,598
21,346
21,101
20,812
20,102
25,000
20,371
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%
1.6%
May-07
Jun-07
1.2%
1.7%
1.6%
Jan-07
1.0%
1.6%
1.2%
Nov-06
Dec-06
1.2%
5,000
0.8%
10,000
Oct-06
1.3%
15,000
1.4%
2.2%
20,000
PENSIONERS
Apr-07
Mar-07
Feb-07
Sep-06
Aug-06
Jul-06
Jun-06
-
MONTHLY VARIATION
1.6 INVESTMENT PORTFOLIO
As of June 30 2007, the value of the portfolio of Mandatory Pension Funds reached USD$ 23,259
million, showing a decrease of 1.2% with respect to the end of the previous month, when it was of
USD$ 23,551 million.
To the closing of June 2007, 74.2% of the portfolio of the mentioned funds, that is USD$17,254
million, correspond to investments of fixed income; 21.2%, USD$ 4,939 million, to investments in
equity; 2.7%, USD$ 622 million, to overnight deposits, 1.1%, USD$ 246 million, Deposits in Central
Bank and 0.8%, USD$ 198 million, to the net position in derivatives (right minus obligations) (Graph
12 and Chart 1.4).
GRAPH 12
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
JUN 30TH 2007 - THOUSANDS OF US DOLLAR -
99%
FIXED INCOME
EQUITY
76.2%
78.0%
68.4%
75.4%
65.8%
75.4%
74.2%
74.9%
OVERNIGHT
DEPOSITS
Deposits in
Central Bank
25.4%
24.0%
18.6%
18.2%
DERIVATIVES NET POSITION-1%
1.9%
0.6%
COLFONDOS
$ 3,408,497
HORIZONTE
$ 3,990,740
0.7%
1.9%
4.7%
3.6%
0.2%
21.2%
23.4%
19.4%
23.0%
1.3%
1.5%
PORVENIR
$ 6,230,778
0.3%
0.2%
4.6%
0.8%
PROTECCION
$ 5,765,166
2.7%
8.6%
2.8%
SANTANDER
$ 2,864,791
SKANDIA
ALTERNATIVO
$ 28,966
SKANDIA
$ 969,739
0.8%
1.1%
SYSTEM
$ 23,258,678
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
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
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
0%
JUN-06
14,240 M
20%
Investment in public debt continues being the most significant in these funds. At June 30 2007,
these investment represented 46.5% of the total value of the portfolio (national debt commits
41.8%, external national debt 2.2% and territorial organizations and decentralized entities 2.5%),
followed by the titles issued by institutions invigilated by other regulatory authorities with 19.2%,
titles issued by the Institutions invigilated by the Financial Superintendence which had a
participation of 15.4%, and the titles issued outside the country with a participation a 12.6%. (Graph
13 Chart 1.4).
GRAP H 13
P ORTFOLIO DIVERSIFICATION BY ISSUER
JUN 30TH 2007 - THOUSANDS OF US DOLLAR 100%
Internal govermment
debt
21.7%
31.1%
Institutions watched by
other regulatory
authority
41.3%
42.2%
41.8%
41.5%
42.7%
44.3%
14.5%
Institutions watched by
the Financial
Supervisión
International
Investment
19.3%
13.8%
14.1%
20.5%
17.5%
19.2%
22.0%
External Public Debt
22.9%
20.0%
18.5%
Fogafin
14.1%
16.7%
38.8%
14.3%
15.4%
11.0%
12.4%
Other public debt titles
Others (1)
0%
0.8%
8.6%
12.6%
13.8%
3.3%
1.0%
3.5% 2.6%
COLFONDOS
$ 3,408,497
12.3%
15.1%
15.6%
3.5%
2.0%
1.5%
2.5%
HORIZONTE
$ 3,990,740
(1) Ovenight deposits and Derivatives net position
1.3%
1.1%
1.8%
2.6%
1.5%
6.4% 7.6%
6.3%
2.5%
0.2%
3.6%
3.1%
8.8%
1.1%
PORVENIR
$ 6,230,778
PROTECCION
$ 5,765,166
SANTANDER
$ 2,864,791
SKANDIA
ALTERNATIVO
$ 28,966
0.5%
2.2%
1.7%
2.5%
4.0%
6.5% 4.6%
SKANDIA
$ 969,739
SYSTEM
$ 23,258,678
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
45%
40%
35%
30%
25%
20%
15%
10%
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
SEP-06 16,687 M
AUG-06 16,423 M
JUL-06 15,734 M
0%
JUN-06 14,240 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
74.2% of the portfolio mentioned above is denominated in Colombian pesos, 14.5% in UVR, 9.7%
in US Dollars, 1.4% in euros and the remaining 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
JUN 30T H 2007 - T H OUSA N D S OF US D OLLA R -
100%
COL Peso
(Includes
Derivatives Net
Position)
UVR
52.7%
65.3%
71.1%
71.2%
74.2%
76.1%
77.1%
80.9%
US Dollar
11.5%
Euro
19.8%
10.8%
15.0%
9.7%
2.8%
1.4%
SKANDIA
$ 969,739
0.5% 0.3%
SKANDIA
ALTERNATIVO
$ 28,966
2.0%
SANTANDER
$ 2,864,791
0.1%
14.4%
8.8%
7.0%
1.8% 0.1%
PROTECCION
$ 5,765,166
HORIZONTE
$ 3,990,740
(1) British Pound, Real and
Yen
COLFONDOS
$ 3,408,497
0%
12.0%
1.7%
2.4% 1.0%
0.6%
14.5%
8.2%
9.8%
9.2%
PORVENIR
$ 6,230,778
Others (1)
33.0%
16.9%
SYSTEM
$ 23,258,678
16.5%
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
MILLION OF US DOLLAR
78%
68%
58%
48%
38%
28%
18%
8%
OTHERS
EURO
UVR
US DOLLAR
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
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
-2%
COL PESO
Concerning the foreing currency position, it is observed that 51.4% of this position is covered from
the exchange rate fluctuation risk. The uncovered portion represents 5.5% of the total value of the
funds (Graph 15 and Chart 4).
GRAPH 15
MANDATORY PENSION FUND
PERCENTAGE WITHOUT COVER (MAXIMUM 30%)
0.15
0.12
0.09
7.6%
7.2%
0.06
6.5%
5.7%
0.03
3.1%
2.9%
0
06-06
07-06
08-06
09-06
10-06
11-06
12-06
01-07
02-07
03-07
04-07
05-07
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
SKANDIA
COLFONDOS
06-07
On the other hand, 29.4% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, 17.9% indexed to CPI issues, 14.5% to fixed income in UVR, 14.2% of the
portfolio is invested in stocks, 7% in Shares (Derived from securitization processes, Mutual Funds,
Unit trust funds and Index Funds), 7.3% to the DTF, 4.1% to fixed income in US Dollars, 0.4% to
fixed income in euros and the remaining 5.2% 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).
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
JUN 30T H 2007 - T H OUSA N D S OF US D OLLA R -
100%
Fixed income - Col
Pesos
20.2%
30.8%
33.8%
19.0%
29.4%
26.3%
27.4%
36.7%
CPI
15.7%
19.4%
15.3%
Fixed income - UVR
18.4%
16.5%
17.9%
11.5%
20.2%
DTF
20.8%
15.0%
16.9%
16.5%
Stocks
6.8%
7.3%
7.2%
3.7%
5.7%
8.2%
8.3%
3.9%
4.1%
4.2%
12.6%
3.0%
1.2%
Fixed income - Euro
0%
0.5%
1.1%
COLFONDOS
$ 3,408,497
Others (2)
15.4%
3.5%
HORIZONTE
$ 3,990,740
14.2%
6.1%
13.5%
8.4%
1.2%
6.0%
8.7%
7.3%
6.5%18.7%
19.2%
14.4%
5.5%
3.6%
9.8%
Shares (1)
14.5%
6.7%
10.8%
Fixed income - US
Dollar
19.8%
1.6%
3.5%
4.8%
20.9%
7.0%
13.7%
8.0%
7.7%
6.5%
PORVENIR
$ 6,230,778
0.4%
5.2%
1.4%
PROTECCION
$ 5,765,166
SANTANDER
SKANDIA
$ 2,864,791 ALTERNATIVO
$ 28,966
SKANDIA
$ 969,739
SYSTEM
$ 23,258,678
´(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
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
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
0%
As for the classification of the portfolio by credit risk, it is observed that 44% are titles issued by the
Nation, 23.5% are investments with qualification AAA, 4.6% AA+, 0.9% AA, 1.1% AA-, 21.8% are
investments that do not require qualification and the remaining 4.1% corresponds to titles issued by
the Fogafin, titles with A+, A, BBB+, BBB, BBB-, B and E (graph17)
1) Titles FOGAFIN, Securities with A+, A, 1+, BBB+, BBB, BBB-, B, and E
(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 note that 2% of the portfolio of fixed income has a maturity inferior to 180
days, another 2% between 181 and 360 days, 4.4% between 361 and 720 days, 14% between 721
and 1080 days, 14.8% between 1081 and 1440 days, 10.3% between 1441 and 1800 days, 5%
between 1801 and 2160 days, 24.3% between 2161 and 2880 days, 9.1% between 2881 and 3600
days and 14.1% has a maturity superior to 10 years (Graph 18 and Chart 1.6).
GRAPH 18
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) JUN 30TH 2007
100%
9.2%
> 3600
7.3%
12.5%
13.1%
14.0%
2881 - 3600
15.0%
14.1%
9.5%
7.4%
7.2%
8.6%
9.1%
38.2%
9.7%
15.4%
2161 - 2880
16.5%
23.5%
1801 - 2160
22.9%
28.8%
32.3%
24.3%
15.9%
6.4%
1441 - 1800
5.4%
1081 - 1440
7.9%
10.0%
5.2%
3.9%
6.8%
1.1%
8.6%
5.0%
10.7%
10.3%
14.0%
11.2%
14.8%
19.8%
721 - 1080
7.0%
4.2%
27.4%
18.6%
14.6%
6.1%
14.8%
10.4%
361 - 720
21.1%
10.7%
14.9%
181 - 360
14.4%
13.8%
15.7%
9.1%
14.0%
6.9%
11.7%
0 - 180
7.1%
4.7%
1.1%
0%
1.2%
3.0%
COLFONDOS
3.3%
10.2%
3.7%
2.6%
2.0%
HORIZONTE
PORVENIR
3.5%
2.6%
1.4%
PROTECCION
0.3%
2.9%
1.9%
SANTANDER
4.4%
5.0%
1.6%
0.9%
SKANDIA
ALTERNATIVO
1.3%
SKANDIA
2.0%
2.0%
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 June of 2007 reached the sum of USD 3.412
millions, 2.5% inferior to the registered value to 31 of May of 2007. (Graph 19).
GRAPH 19
VALUE OF EACH FUND AND ITS PARTICIPATION IN THE SYSTEM
JUN.30th 2007 - MILLIONS US DOLLAR
1,100
1,044
1,000
900
808
800
700
600
585
30.6%
500
400
23.7%
268
300
17.2%
190
186
200
93
68
7.8%
5.6%
100
5.5%
2.7%
2.0%
65
1.9%
37
32
1.1%
0.9%
16
13
0.5%
0.4%
3
1
2
0.1%
0.1%
0.0%
FUND VALUE
HELM TRUST
CREDIVALOR
FIDUCOR
MULTIPENSIONES
FIDUCOR
FIDUPENSIONES
FIDUPOPULAR PLAN
FUTURO MULTIOPCION
FIDUPOPULAR PLAN
FUTURO
PROTECCION SMURFIT
FIDUALIANZA ABIERTO
VISION
COLSEGUROS
FIDUCOLOMBIA
RENTAPENSION
SANTANDER
HORIZONTE
COLFONDOS CLASS
FIDUDAVIVIENDA
DAFUTURO
PORVENIR
PROTECCION
SKANDIA MULTIFUND
0
PERCENTAGE OF PARTICIPATION
3,412
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
3,207
3,084
3,057
3,019
3,500
2,915
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
500
2.5%-
3.7%
9.3%-
1,000
2.2%-
4.0%
0.9%
1,500
1.3%
3.6%
2,000
7.0%
2,500
FUNDS VALUE
MONTHLY VARIATION
Jun-07
May-07
Apr-07
Jan-07
Oct-06
Sep-06
Aug-06
Jul-06
-
Jun-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 30 of June of 2007 ascended to 485.896,
displaying an increase of 86 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
JUN.30th 2007
100,000
90,000
80,000
90,344
88,457
18.6%
18.2%
74,234
70,000
15.3%
60,000
54,034
50,000
11.1%
40,000
46,880
46,255
44,251
9.6%
9.5%
9.1%
10,000
4,690
3,403
1.0%
0.7%
1,466
1,139
0.3%
0.2%
194
0.0%
132
0.0%
AFFILIATED
FIDUCOR
MULTIPENSIONES
HELM TRUST
CREDIVALOR
FIDUALIANZA
ABIERTO VISION
FIDUPOPULAR PLAN
FUTURO
COLSEGUROS
PERCENTAGE OF PARTICIPATION
489,045
0.1%-
0.0%
0.5%-
0.2%-
0.1%
Feb-07
Mar-07
Apr-07
May-07
Jun-07
485,896
489,219
0.1%
Jan-07
484,829
483,134
485,434
489,900
0.5%
Dec-06
2.1%Aug-06
486,449
489,263
0.4%
Nov-06
0.8%Jul-06
0.2%-
485,000
0.1%-
483,419
490,000
486,926
0.4%
Oct-06
493,899
495,000
480,000
131
0.0%
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
498,005
500,000
SANTANDER
SKANDIA MULTIFUND
FIDUCOLOMBIA
RENTAPENSION
HORIZONTE
COLFONDOS CLASS
PORVENIR
FIDUDAVIVIENDA
DAFUTURO
PROTECCION
0
FIDUCOR
FIDUPENSIONES
12,116
2.5%
FIDUPOPULAR PLAN
FUTURO
MULTIOPCION
18,170
3.7%
20,000
PROTECCION
SMURFIT
30,000
A FFILIA TED
Sep-06
Jun-06
475,000
M ONTHLY VA RIA TION
Of the total number of affiliated, 47.6% perceive income of less than two minimum wages, 9.2% have an
income between two and four minimum wages and 43.2% of more than four minimum wages.
66.6% of the affiliated oscillate between 30 and 54 years of age, of which, in this segment, 50.9% are
men and 49.1% women.
70.5% of the total number of affiliated with the system correspond to workers with labor bond and 29.5%
to independent workers.
2.3 INVESTMENT PORTFOLIO
As of June 30 2007, the value of the portfolio of the voluntary pension funds managed by pension fund
administrator societies, fiduciary entities and insurance companies reached USD$ 3.433 million, showing
a decrease of 2.9% with respect to the end of the previous month, when it was of USD$ 3.535 million.
At the end of June 2007, 58.6% of the portfolio of the these funds, USD$2,13 million, corresponds to
14
fixed income investments; 15%, USD$ 514 million to investments in equity, 24.6%, $845 million dollars to
overnight deposits and 1.8%, $61 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
JUN 30TH 2007 - THOUSANDS OF US DOLLAR -
24.6%
1.8%
15.0%
58.6%
SYSTEM
4.9%
17.2%
14.9%
$ 3,433,292
63.0%
SKA NDIA M ULTIFUND $ 1,045,407
6.5%
11.5%
81.9%
SA NTA NDER $ 93,739
13.9%
26.6%
59.5%
P ROTECC. SM URFIT $ 31,678
24.3%
26.2%
49.5%
P ROTECCION $ 810,391
37.3%
1.6%
0.2%
12.1%
49.1%
P ORVENIR $ 603,362
4.3%
89.7%
5.8%
HORIZONTE $ 186,860
100.0%
HELM T. CREDIVA LOR $ 576
41.4%
54.1%
4.5%
FIDP OP U. M ULTIOP CION $ 12,564
68.0%
32.0%
FIDP OP U. P LA N FUTURO $ 15,912
34.5%
4.4%
61.2%
FIDUDA V. DA FUTURO $ 266,997
34.2%
14.0%
51.8%
FIDUCOR M ULTIP ENSIONES $ 2,162
3.5%
55.8%
40.7%
FIDUCOR FIDUP ENSIONES $ 3,136
4.1%
14.4%
81.5%
FIDCOLOM . RENTA P ENSION $ 68,743
2.5%
6.4%
91.1%
FID A LIA N A B IERTO VISION $ 36,556
0.9%
21.0%
78.2%
COLSEGUROS $ 64,129
0.2%
46.3%
16.4%
37.2%
COLFONDOS CLA SS $ 191,079
-1.0%
99.0%
DERIVATIVES -NET POSITION-
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
The titles issued by Institutions watched by the Financial Superintendence are the most significant
investment within the portfolio of these funds. At June 30 2007, these investments represented 26.1% of
the portfolio, followed by the overnight deposits with 24.6%, public debt investment 19.8% (national debt
commits 16.2%, external national debt 1% and territorial organizations and decentralized entities 2.6%),
followed by the titles issued outside the country with 17.2%, and the titles issued by institutions
invigilated by other regulatory authorities with 10.1% (Graph 22 and Chart 2.1.1).
1.0%
2.6%
2.1%
24.6%
GRAPH 22
PORTFOLIO DIVERSIFICATION BY ISSUER
JUN 30TH 2007 - THOUSANDS OF US DOLLAR -
10.1%
26.1%
16.2%
17.2%
SYSTEM
5.0% 2.1%2.5%
17.2%
4.1%
33.9%
25.2%
$ 3,433,292
10.0%
SKANDIA MULTIFUND
11.5%
6.0%
1.4%
18.6%
23.8%
SANTANDER
13.9%
0.4%
9.9%
4.6%
18.9%
31.0%
$ 93,739
21.2%
PROTECC. SMURFIT
0.1% 2.4%
26.2%
13.5%
14.7%
19.6%
11.3%
2.1%
37.3%
7.5%
28.9%
13.6%
35.4%
$ 31,678
23.4%
PROTECCION
0.9%
4.3%
1.2%4.8% 6.5%
$ 1,045,407
31.0%
7.6%
12.9%
PORVENIR
$ 810,391
$ 603,362
33.3%
HORIZONTE
$ 186,860
100.0%
HELM T. CREDIVALOR
41.4%
4.1% 2.3%
32.0%
41.2%
1.6%
34.5%
55.1%
5.6%
9.8%
34.2%
4.5%
FIDPOPU. MULTIOPCION
$ 12,564
FIDPOPU. PLAN FUTURO
$ 15,912
11.3%
22.6%
8.4%
$ 576
6.6%
31.0%
13.1%
2.0% 4.4%
9.8%
FIDUDAV. DAFUTURO
$ 266,997
24.7%
FIDUCOR MULTIPENSIONES
55.8%
4.8%
9.8%
8.1%
FIDUCOR FIDUPENSIONES
14.4%
2.5% 0.9%
0.9%
5.3%0.8%5.8%
13.4%
14.2%
0.9% 3.0%
6.3%
45.5%
11.7%
45.2%
FIDCOLOM. RENTAPENSION
$ 68,743
FID ALIAN ABIERTO VISION
$ 36,556
12.2%
24.2%
COLSEGUROS
46.3%
0.7%2.7%
8.2%
0.7%
14.4%
$ 3,136
21.9%
0.7%
56.1%
14.3%
$ 2,162
21.4%
9.5%
$ 64,129
17.6%
COLFONDOS CLASS
-1%
$ 191,079
99%
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, OVERNIGTH DEPOSITS AND DERIVATIVES NET POSITION
15
82.6% of the portfolio mentioned above is denominated in Colombian pesos, 11.6% in US Dollars, 3.5%
in UVR, 2% in Euros and the remaining 0.4% in British pound, Real, Yen, and Canadian Dollar (Graph
23).
GRAPH 23
PORTFOLIO DIVERSIFICATION BY CURRENCY
JUN 30TH 2007 - THOUSANDS OF US DOLLAR 2.0% 3.5% 11.6%
0.4%
82.6%
SYSTEM $ 3,433,292
23.0%
3.5% 3.2%
70.2%
SKANDIA MULTIFUND $ 1,045,407
0.2%
2.5%
3.2%
0.1%
93.9%
SANTANDER $ 93,739
4.8% 4.2%
91.0%
PROTECC. SMURFIT $ 31,678
1.3%
3.0%
80.8%
5.2% 9.6%
PROTECCION $ 810,391
3.2% 0.4%6.6%
89.8%
0.5% 1.4% 5.7%
PORVENIR $ 603,362
92.4%
HORIZONTE $ 186,860
100.0%
HELM T. CREDIVALOR $ 576
4.5%
95.5%
FIDPOPU. MULTIOPCION $ 12,564
100.0%
FIDPOPU. PLAN FUTURO $ 15,912
0.1% 3.1% 2.0%
94.9%
FIDUDAV. DAFUTURO $ 266,997
90.2%
9.8%
FIDUCOR MULTIPENSIONES $ 2,162
100.0%
FIDUCOR FIDUPENSIONES $ 3,136
1.5% 5.2%
93.3%
FIDCOLOM. RENTAPENSION $ 68,743
0.8%
7.6%
1.3%
90.3%
FID ALIAN ABIERTO VISION $ 36,556
1.4%
8.6%
90.0%
COLSEGUROS $ 64,129
1.7% 2.6% 5.6%
90.1%
COLFONDOS CLASS $ 191,079
0%
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 34.5% of this position is covered from the
exchange rate fluctuation risk. The uncovered portion represents 9.1% of the total value of the funds
(Chart 4).
On the other hand, 24.1% of the portfolio is invested in fixed income issues denominated in Colombian
pesos, the 13.9% indexed to CPI, the 11.4% to the DTF, 10.5% in Shares (Derived from securitization
processes, Mutual Funds, unit trust funds, and Indexed Funds), 5.1% in fixed income denominated in
US Dollars, 4.4% of the portfolio is invested in stocks , 3.5% to fixed income in UVR, and the remaining
27.1% are fixed income issues denominated in Euros, British pounds, Canadian Dollars, titles indexed to
Libor, CPI middle income, overnight deposits and net position in derivatives.(Graph 24 and Chart 2.1.2).
16
GRAPH 24
PORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND
DERIVATIVES NET POSITION
JUN 30TH 2007 - THOUSANDS OF US DOLLAR 4.4%
27.1%
11.4%
3.5% 5.1%
10.5%
24.1%
13.9%
SYSTEM
0.9%
24.1%
3.2%
11.3%
11.8%
14.1%
$ 3,433,292
22.2%
12.4%
SKANDIA M ULTIFUND
11.5%
16.9%
2.7% 3.2%
3.8%
24.9%
13.9%
SANTANDER
3.5% 1.7%
4.8% 2.3%
$ 93,739
20.4%
28.5%
PROTECC. SM URFIT
26.2%
5.2% 1.6% 8.1%
10.2%
14.1%
9.5%
4.6%
39.3%
3.2%
4.0%
6.2%
7.4%
12.2%
19.5%
3.9%
$ 810,391
27.8%
7.5%
PORVENIR
5.1% 1.9% 1.4%
$ 31,678
25.1%
PROTECCION
2.3%
$ 1,045,407
26.0%
35.9%
53.7%
$ 603,362
HORIZONTE $ 186,860
100.0%
HELM T. CREDIVALOR
30.9%
41.4%
4.5%
$ 576
8.0%
15.2%
FIDPOPU. M ULTIOPCION
22.7%
35.4%
34.5%
1.4%3.1%
11.1%
22.8%
30.9%
2.9%
$ 12,564
FIDPOPU. PLAN FUTURO $ 15,912
32.5%
2.7%
FIDUDAV. DAFUTURO $ 266,997
34.2%
3.5%
10.5%
23.8%
27.9%
FIDUCOR M ULTIPENSIONES $ 2,162
21.3%
55.8%
19.5%
3.5%
FIDUCOR FIDUPENSIONES $ 3,136
1.4%
1.5%
14.3%
40.4%
4.1%
17.7%
20.6%
FIDCOLOM . RENTAPENSION
2.5% 5.5%
7.6%
43.8%
1.2%
0.8%
29.4%
FID ALIAN ABIERTO VISION
0.8%0.1%1.4% 6.5%
7.3%
20.9%
$ 68,743
9.1%
$ 36,556
41.6%
21.5%
COLSEGUROS $ 64,129
46.4%
6.7%
2.6%
1.5%
6.1%
9.7%
18.7%
8.3%
COLFONDOS CLASS $ 191,079
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 and Derivatives Net Position
28.1% of the portfolio of fixed income has a maturity inferior to 180 days, 5.8% between 181 and 360
days, 11.4% between 361 and 720 days, 17% between 721 and 1080 days, 13.1% between 1081 and
1440 days, 9% between 1441 and 1800 days, 3.1% between 1801 and 2160 days, 4.5% between 2161
and 2880 days, 4.5% between 2881 and 3600 days and 3.4% has a maturity superior to 10 years (Graph
25 and Chart 2.1.3).
GRAPH 25
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) JUN 30TH 2007
5.8%
28.1%
11.4%
13.1%
17.0%
3.1%
9.0%
4.5%
4.5%
3.4%
SYSTEM
16.6%
15.3%
13.5%
2.1%
3.0%
12.6%
19.5%
2.2% 6.9%
8.3%
SKANDIA MULTIFUND
12.7%
13.1%
10.3%
13.6%
15.0%
9.7%
1.8% 6.0%
8.6%
9.4%
SANTANDER
21.3%
1.4% 6.1%
13.8%
28.1%
13.8%
5.7%
1.4%
8.3%
PROTECC. SMURFIT
4.6%
31.6%
9.6%
26.2%
8.2%
2.9%3.3%
4.5% 0.5%
8.5%
PROTECCION
51.2%
5.6%
4.3%
9.2%
1.6%
8.4%
7.9%
7.6%
4.3%
PORVENIR
5.0%
34.4%
13.5%
18.0%
1.5%
3.7% 0.7%
8.7%
14.5%
HORIZONTE
HELM T. CREDIVALOR
11.3%
29.6%
34.5%
11.8%
7.5%
5.2%
FIDPOPU. MULTIOPCION
52.2%
1.7% 3.3% 2.4%
28.3%
12.1%
FIDPOPU. PLAN FUTURO
27.6%
12.9%
21.0%
14.4%
3.0%
4.7% 2.5%
14.0%
FIDUDAV. DAFUTURO
59.8%
9.2%
9.3%
21.7%
FIDUCOR MULTIPENSIONES
2.0%
98.0%
FIDUCOR FIDUPENSIONES
30.4%
26.9%
15.8%
8.8%
8.4%
4.8% 1.2%1.2%1.3%
1.3%
FIDCOLOM. RENTAPENSION
38.1%
10.3%
6.2%
11.8%
15.3%
6.1%
10.6% 0.7% 0.9%
FID ALIAN ABIERTO VISION
30.2%
2.6%
14.1%
28.1%
5.2%
25.0%
4.4% 2.4%
15.0%
3.9%
0.9%
COLSEGUROS
15.8%
4.0%
11.8%
16.9%
10.1%
4.4%
5.0%
COLFONDOS CLASS
0%
0 - 180
100%
181 - 360
361 - 720
721 - 1080
1081 - 1440
1441 - 1800
1801 - 2160
2161 - 2880
2881 - 3600
> 3600
17
3. UNEMPLOYMENT FUNDS
3.1 YIELD
Between 30 June of 2005 and 30 June of 2007, the funds obtained an average yield of 5.74% cash
annual, equivalent to a real yield of the 0.72%. It is important to emphasize that these yields oscillated
between 4.23% and 7.46% (graph 26).
G R Á F IC O 2 6 .
F UN D S Y IE LD
J UN .3 0 / 0 5 T O J UN .3 0 / 0 7
7.46%
7.21%
6.46%
NOM INA L YIELD
COLFONDOS
SANTANDER
0.00%
HORIZONTE
0.72%-
1.00%
4.23%
4.23%
RENTABILIDAD
MINIMA
2.00%
0.72%-
0.62%
2.12%
PORVENIR
1.41%
2.36%
SKANDIA
3.00%
4.23%
0.72%
5.00%
4.00%
5.74%
5.63%
6.00%
PROMEDIO (*)
7.00%
PROTECCION 0.72%-
8.00%
REA L YIELD
(*) Weighed by the balance daily average of the patrimony
RETURN´S ACCUMULATED OF UNEMPLOYMENT FUNDS
EVOLUTION
14.00%
13.00%
12.00%
RENTABILIDAD ACUMULADA
11.00%
10.00%
9.00%
8.00%
7.00%
6.00%
5.00%
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
COLFONDOS
06-07
05-07
04-07
03-07
02-07
01-07
12-06
11-06
10-06
09-06
08-06
07-06
4.00%
SKANDIA
The obligatory minimum yield certified by the Financial Superintendence of Colombia for the mentioned
period was 4.23% annual cash. In average, the funds surpassed this minimum yield in 1.55 percentage
points.
18
3.2. YIELD AND VOLATILENESS
3.2.1 MONTHLY YIELD AND VOLATILENESS
The average monthly yield of the unemployment funds during the last twenty-four months, was between
5,61% and 9,52% (annual cash), with annualized volatilenesses of 5,09% and 6,26%, respectively. The
yield and volatileness of each of the funds are reflected in graph 27
Monthly yield annual effective average
GRAPH 27
UNEMPLOYMENT FUNDS
MONTHLY YIELD AVERAGE AND VOLATILENESS
JUNE 30 2005 -JUNE 30 2007
11.00%
10.70%
10.40%
10.10%
9.80%
Skandia
Porvenir
9.50%
9.20%
8.90%
Santander
8.60%
8.30%
8.00%
Horizonte
7.70%
7.40%
7.10%
6.80%
6.50%
6.20%
5.90%
Colfondos
PORTFOLIO
OF REFERENCE
Protección
5.60%
5.30%
5.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
VOLATILENESS
3.2.2 ACCUMULATED YIELD AND VOLATILENESS
The average accumulated yield of the unemployment funds during the last twenty-four months, was
between 4.23% and 7,46% (annual cash), with annualized volatilenesses of 3,21% and 3,30%,
respectively. The average yield and volatileness of each of the funds is reflected in graphs 28.
(*)
ACCUMULATED YIELD AVERAGE
GRAPH 28
UNEMPLOYMENT FUNDS
ACCUMULATED YIELD AVERAGE AND VOLATILENESS
JUN 30 2005 -JUN 30 2007
9.90%
9.60%
9.30%
9.00%
8.70%
8.40%
8.10%
7.80%
Porvenir Skandia
7.50%
7.20%
6.90%
Santander
6.60%
6.30%
Horizonte
6.00%
5.70%
5.40%
5.10%
Colfondos
4.80%
Protección
4.50%
PORTFOLIO
4.20%
3.90%
OF REFERENCE
3.60%
3.30%
3.00%
2.20 2.27 2.34 2.41 2.48 2.55 2.62 2.69 2.76 2.83 2.90 2.97 3.04 3.11 3.18 3.25 3.32 3.39 3.46 3.53 3.60
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
VOLATILENESS
(*) It corresponds to the accumulated yield of the last 24 months
19
3.3 VALUE OF THE FUNDS
The funds reached a value of $2.216 millions to 30 of June of 2007; a 6% inferior to the registered value
to 31 of May (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 J UN .3 0 T H 2 0 0 7 - M ILLIO N S US D O LLA R
30.6%
24.0%
19.4%
FUND VA LUE
SKANDIA
COLFONDOS 263
44
2.0%
11.8%
SANTANDER 271
HORIZONTE
PROTECCION
430
531
677
12.2%
PORVENIR
800
700
600
500
400
300
200
100
0
P ERCENTA GE OF P A RTICIP A TION
2,216
2,358
2,211
6.7%
May-07
6.0%-
0.3%
Apr-07
3.8%-
2.3%
Dec-06
1.5%-
1.5%Nov-06
2.7%
1,000
9.7%-
1,500
39.3%
1,645
1,670
1,616
2.3%Sep-06
1,633
1,653
0.3%Aug-06
1,659
1,657
5.4%
Jul-06
2,000
1,572
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
Jun-07
Mar-07
Feb-07
Jan-07
Oct-06
Jun-06
0
MONTHLY VARIATION
3.4 AFFILIATED
The number of affiliated with the funds on 30 of June of 2007 was 4.264.601, displaying a decrease of
1.8%, that is, 77.205 affiliated as opposed to the number reported to 31 of May 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 J UN .3 0 T H 2 0 0 7
1,400,000
30.4%
1,200,000
21.8%
587,004
526,769
30,118
0.7%
COLFONDOS
SKANDIA
200,000
12.4%
SANTANDER
894,523
400,000
13.8%
PROTECCION
600,000
929,255
800,000
21.0%
HORIZONTE
1,296,932
1,000,000
PORVENIR
0
A FFILIA TED
P ERCENTA GE OF P A RTICIP A TION
20
4,264,601
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
4,100,000
3,866,581
4,900,000
3,924,267
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%May-07
0.2%Jan-07
1.8%-
0.3%Dec-06
Apr-07
0.6%Nov-06
1.6%-
0.7%Oct-06
23.6%
1.1%-
1.4%Aug-06
Sep-06
1.5%Jul-06
1,700,000
1.8%-
2,500,000
Jun-06
3,300,000
900,000
A FFILIA TED
Jun-07
Feb-07
Mar-07
100,000
M ONTHLY VA RIA TION
Of the total members, 96.2% correspond to dependent workers, 2.3% to voluntary members and 1.5% to
independent workers. On another hand, 65.2% of the members of the funds are men and 34.8% women
(To see Chart 3.2).
3.5 INVESTMENT PORTFOLIO
As of June 30 2007, the value of portfolio of the unemployment funds reached USD$ 2,243 million,
showing a decrease of 6% with respect to the end of the previous month, when it was of USD$ 2,387
million.
At the closing of June 2007, 80.3% of the portfolio of the mentioned funds, that is to say USD$ 1,802
million, correspond to investments of fixed income; 14.9%, USD$ 334 million, to investments in equity,
2.6%, USD$ 59 million, to overnight deposits, 1.7%, Deposits in Central Bank with USD$ 38 million and
0.5%, USD$ 10 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
JUN 30TH 2007 - THOUSANDS OF US DOLLAR -
FIXED
INCOME
99%
EQUITY
77.6%
80.3%
80.8%
81.5%
77.8%
80.3%
84.3%
DERIVATIVES
-NET
POSITION-
OVERNIGHT
DEPOSITS
10.7%
Deposits in
Central Bank
14.2%
14.9%
15.2%
15.2%
18.1%
4.6%
14.4%
4.6%
3.0%
0.3%
3.0%
1.1%
-1%
COLFONDOS
$ 264,534
HORIZONTE
$ 434,379
1.4%
0.2%
PORVENIR
$ 685,752
7.1%
0.5%
PROTECCION
$ 539,804
0.7%
SANTANDER
$ 274,340
3.5%
SKANDIA
$ 44,206
2.6%
0.5%
1.7%
SYSTEM
$ 2,243,014
21
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
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
AGO/06 1,646 M
Jul-06 1,653 M
-5%
Jun-06 1,587 M
10%
Investment in public debt is most significant in these funds. At June 30 2007, this investment
represented 52.9% of the value of the total portfolio (national debt commits 46.3%, external national debt
1.4% and territorial organizations and his decentralized 5.2%), followed by the titles of institutions
invigilated by the Financial Superintendence with the 16%, Institutions invigilated by other regulatory
authorities with 16%, the titles issued and investments in the outside with 10% (Graph 32)
GRAPH 32
PORTFOLIO DIVERSIFICATION BY ISSUER
JUN 30TH 2007 - THOUSANDS OF US DOLLAR -
99.0%
99.0%
Internal Govermment Debt
22.4%
42.8%
46.6%
46.4%
Institutions w atched by
other regulatory authority
48.0%
46.3%
51.7%
15.2%
Institutions w atched by the
Financial Supervision
12.1%
23.5%
16.4%
19.4%
16.0%
16.3%
External Public Debt
17.9%
10.0%
19.6%
10.7%
14.7%
0.8%
16.0%
9.4%
20.6%
2.0%
Other public debt titles
6.7%
2.0%
1.4%
5.4%
5.1%
7.0%
4.8%
0.8%6.1%
4.3%
11.8%
14.1%
10.0%
10.6%
International Investment
12.3%
11.7%
3.4%
5.2%
10.4%
9.1%
4.2%
5.1%
1.8%
2.3%
-1.0%
-1.0%
Others (1)
COLFONDOS
$ 264,534
HORIZONTE
PORVENIR
PROTECCION
SANTANDER
COLFONDOS
HORIZONTE
PORVENIR
$ 434,379
$ 685,752
$ 539,804
$ 274,340
$ 264,534
$ 434,379
$ 685,752
SKANDIA
SYSTEM
PROTECCION
SANTANDER
$ 44,206
$ 2,243,014
$ 539,804
$ 274,340
(1) FOGAFIN , OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
22
SKANDIA
$ 44,206
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
60%
50%
40%
30%
20%
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
AGO/06 1,646 M
Jul-06 1,653 M
0%
Jun-06 1,587 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
76.9% of the portfolio in mention are denominated in Colombian pesos, 13.2% in UVR, 8.7% in US
Dollars, 1% in euros, 0.1% in real, and the remaining 0.2% in yen (Graph 33)
GRAPH 33
PORTFOLIO DIVERSIFICATION BY CURRENCY
JUN 30TH 2007 - THOUSANDS OF US DOLLAR COL Peso
(Includes
Derivatives Net
Position)
99%
US Dollar
65.3%
UVR
73.3%
76.9%
75.1%
77.1%
83.4%
84.7%
EURO
Real
16.9%
10.0%
7.2%
8.7%
11.0%
5.9%
others(1)
5.9%
14.7%
17.1%
16.6%
8.1%
13.2%
8.8%
11.4%
2.4%
1.2%
-1%
COLFONDOS
$ 264,534
0.6%
0.6%
HORIZONTE
$ 434,379
PORVENIR
$ 685,752
PROTECCION
$ 539,804
1.9%
SANTANDER
$ 274,340
0.7%
SKANDIA
$ 44,206
0.2%
1.0%
0.1%
SYSTEM
$ 2,243,014
(1) Yen
23
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
MILLION OF US DOLLAR
80%
70%
60%
50%
40%
30%
20%
10%
EURO
UVR
US DOLLAR
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
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
0%
COL PESO
Concerning the foreing currency position, it is observed that 65.8% of the same one are covered from the
exchange rate fluctuation risk and that the discovered part represents 3.4% 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
5.0%
4.1%
0.03
3.0%
2.2%
1.3%
0.8%
0
06-06
07-06
08-06
09-06
PROTECCION
SANTANDER
10-06
11-06
12-06
01-07
PORVENIR
SKANDIA
02-07
03-07
04-07
05-07
06-07
HORIZONTE
COLFONDOS
On the other hand, 35.2% of the portfolio is invested in fixed income issues denominated in Colombian
pesos, 22.8% indexed to CPI, 13.2% to fixed income in UVR, 8.1% in Shares (Derived from
securitization processes, Mutual Funds, unit trust funds, and Indexed Funds), 6.8% of portfolio is
invested in stocks, 6.8% to DTF, 1.7% in fixed income in US Dollars, 0.3% are fixed income issues
denominated in Euros, and the remaining 5.1% are titles in Real, Libor, overnight deposits, deposits in
Central Bank and net position in derivatives. (Graph 35 and Chart 3.4)
24
GRAFICO 35
PPORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES
NET POSITION
JUN 30TH 2007 - THOUSANDS OF US DOLLAR Fixed income - Col
Pesos
100.00%
CPI
19.2%
32.7%
Fixed income - UVR
31.7%
34.4%
35.2%
42.6%
44.8%
13.7%
Fixed income - US
Dollar
DTF
17.1%
24.1%
23.4%
20.6%
22.8%
23.3%
Shares (1)
10.0%
24.2%
11.4%
14.7%
16.6%
Fixed income - Euro
8.1%
2.8%
1.6%
5.8%
9.9%
13.2%
9.4%
1.2%
1.3%
8.8%
5.8%
6.5%
1.1%
5.9%
Others (2)
1.7%
6.9%
0.5%
6.8%
5.0%
8.9%
7.9%
0.2%
Stocks
7.3%
1.6%
4.6%
3.3%
0.9%
10.0%
8.1%
0.3%
5.1%
1.8%
8.0%
6.3%
15.9%
6.7%
11.7%
7.7%
7.2%
6.8%
4.8%
0.00%
COLFONDOS
$ 264,534
HORIZONTE
$ 434,379
PORVENIR
$ 685,752
PROTECCION
$ 539,804
SANTANDER
$ 274,340
SKANDIA
$ 44,206
SYSTEM
$ 2,243,014
´(1) Securitization, Mutual Funds, Unit Trust Funds and Indexed Funds
´(2) Libor, Real, Overnight Deposits, Deposits in Central Bank and Derivatives net position
OTHERS
FIXED INCOME COL PESO
FIXED INCOME UVR
FIXED INCOME US DOLLAR
SHARES
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
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
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Nov-06 1,638 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
25
As for the classification of the portfolio by credit risk, it is observed that 47.8% are titles issued by the
Nation, 23% are investments with qualification AAA, 8.7% AA+, 1.3% AA, 15.9% are investments that do
GRAPH 36
PORTFOLIO DIVERSIFICATION BY CREDIT RATING
JUN 30TH 2007
100%
Sovereign
90%
32.4%
80%
AAA
44.9%
47.2%
47.8%
47.6%
49.8%
51.7%
70%
AA+
60%
28.9%
50%
AA
Don´t require (2)
21.3%
26.7%
40%
23.0%
17.7%
21.5%
29.1%
30%
20%
4.3%
1.4%
10%
16.1%
23.3%
8.0%
9.9%
6.4%
8.7%
10.5%
1.9%
1.2%
2.2%
1.3%
Others (1)
3.1%
15.6%
14.4%
18.2%
16.6%
15.9%
9.1%
5.4%
1.9%
0%
COLFONDOS
4.4%
PORVENIR
HORIZONTE
1.6%
2.6%
PROTECCION
SANTANDER
3.4%
3.1%
SYSTEM
SKANDIA
not require qualification, and the remaining 3.4% corresponds to titles issued by Fogafin, titles with
qualification AA-, A+, A, 1+, 1 BBB+, BBB, BBB- and B (Graph 36)
Source: INFORMATION SUPPLIED BY AFP¨S
(1) Fogafin, AA-, A+, A, 1+, 1, BBB+, BBB, BBB- and B
(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 important to write down that 3.5% of the portfolio of fixed income has a maturity inferior to
180 days, 5% between 181 and 360 days, 5.1% between 361 and 720 days, 21.8% between 721 and
1,080 days, 18.3% between 1,081 and 1,440 days, 9.9% between 1,441 and 1800 days, 4.8% between
1801 and 2,160 days, 17.1% between 2,161 and 2,880 days, 9.5% between 2881 and 3.600 days and
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) JUN 30TH 2007
> 3600
100.0%
2.8%
6.0%
4.1%
7.0%
2881 - 3600
2.4%
5.0%
7.6%
12.4%
10.1%
9.5%
17.9%
2161 - 2880
14.0%
15.9%
1801 - 2160
11.0%
13.5%
19.4%
17.1%
6.6%
4.7%
2.9%
3.0%
12.6%
24.2%
5.7%
4.3%
7.6%
3.1%
6.7%
6.8%
9.5%
1441 - 1800
20.5%
15.5%
22.9%
1081 - 1440
4.8%
10.3%
9.9%
6.4%
16.3%
16.9%
18.3%
721 - 1080
25.4%
16.2%
22.1%
23.9%
361 - 720
22.5%
28.8%
21.8%
5.3%
17.7%
4.9%
181 - 360
5.1%
11.2%
2.7%
9.3%
0 - 180
0.7%
11.6%
5.6%
HORIZONTE
3.5%
PORVENIR
2.8%
PROTECCION
4.8%
2.7%
0.1%
SANTANDER
5.0%
5.8%
2.6%
2.8%
0.0%
COLFONDOS
2.6%
8.8%
5.1%
SKANDIA
3.5%
SYSTEM
26
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 June 2007 reported a balance
of USD 1.218,5 million dollars, a value inferior in USD -58,9 million dollars to the registered one in May of
2007, which means a reduction of the -4.61%% (graphical 38). The total reserves to June of 2007 is
distributed as follows: Retirement Age USD 1.142,0 million dollars, Invalidity USD 6,0 million dollars and
Survival USD 70,5 million dollars (chart 5).
Graph 38
Reserve's Found Equited
43,00%
30,52%
12,98%
78,0
48,9
48,8
37,5
158,2
164,2
81,5
4,01%
3,08%
39,1
10
371,9
383,0
524,0
6,40%
100
560,7
Millions of Dollars
1.000
1
ISS
CAPRECOM
CAXDAC
P. ANTIOQUIA
May-07
Jun-07
FONPRECON
CAJANAL
Participation to June 2007
Last Year Evolution of Reserve´s Funds Equity
14,71%
Feb-07
Mar-07
1.218,5
Jan-07
-4,61%
1.277,4
Dec-06
1.113,6
Nov-06
1.074,2
Aug-06
1.060,1
1.045,4
824,5
Jul-06
1,33%
3,67%
956,1
780,5
600,0
300,0
6,43%
2,58%
845,7
-7,34%
5,64%
1,33%
0,07%
1.017,6
11,25%
701,6
Milions of Dolars
13,05%
900,0
2,73%
1.046,1
1.200,0
0,0
Jun-06
Sep-06
Oct-06
EQUITY VALUE
Apr-07
May-07
Jun-07
MONTHLY VARIATION
Source: Supervised Entities
4.2 AFFILIATES
According to the numbers sent by the administrator entities of the mentioned Regime, for April and May
of 2007, the total number of affiliates was of 6.070.854 and 6.077.640, respectively, showing a growth of
6.786 affiliates, representing 0.11%. “CAJANAL”´s number is included taking into account preliminary
information, and “FONPRECON”´s data is in process of evaluation is composed as follows: In April 2007,
105 correspond to Law 4th of 1992 (Members of the “ Congreso de la República”) and 626 to Law 100 of
1993 (Administrative Personal of the “Congreso de la República” and of the “Fondo de Previsión Social”);
in May 2007 the distribution was: 110 and 631, respectively (graph 39).
Graph 39
Affiliates
10.000.000
98,88%
1.000.000
0,99%
100.000
741
731
0,01%
1.065
10
0,02%
1.065
1.290
1.311
4.806
60.000
60.000
0,02%
4.797
100
0,08%
6.009.738
1.000
6.002.950
10.000
1
ISS
CAJANAL (1 )
Apr-07
CAPRECOM
May-07
P. ANTIOQUIA
CAXDAC
FONPRECON (2)
Participation to May 2007
(1) According to preliminary information
(2) In April 2007: 105 correspond to Law 4th of 1992 and 626 to Law 100 of 1993; in May 2007 the
distribution was: 110 and 631, respectively. (Figures in verification)
27
Affiliates Evolution's in Last Year
0,16%
0,17%
0,11%
0,04%
0,00%
0,21%
0,11%
0,19%
0,08%
0,11%
1,07%
0,01%
0,06%
Feb-07
Mar-07
6.077.640
Jan-07
6.070.854
Sep-06
6.006.601
5.979.834
Aug-06
6.006.159
5.967.080
Jul-06
6.002.842
5.964.481
Jun-06
3.000.000
5.996.177
5.957.848
May-06
4.000.000
5.984.905
5.947.686
5.000.000
5.979.853
6.000.000
2.000.000
1.000.000
0
Oct-06
Nov-06
AFFILIATES
Dec-06
Apr-07
May-07
MONTHLY VARIATION
Source: Supervised Entities
The total amounts that quote in May 2007 ascended to USD 127,056 thousands of dollars. The
variations by gender, of total affiliates, between the months of April and May of 2007, are the next. (See
in chart 6, the detail by each Administrator)
Affiliated Men
Quoting
TOTALS APRIL 2007
TOTALS MAY 2007
Affiliated Women
Non Quoting
Quoting
TOTALES
Non Quoting
Quoting
Non Quoting
Great Total
1.151.097
1.183.964
2.512.230
2.484.715
765.991
789.186
1.641.536
1.619.775
1.917.088
1.973.150
4.153.766
4.104.490
6.070.854
6.077.640
32.867
2,86%
-27.515
-1,10%
23.195
3,03%
-21.761
-1,33%
56.062
2,92%
-49.276
-1,19%
6.786
0,11%
VARIATIONS:
ABSOLUTE VARIATION
PERCENTAGE VARIATION
From the total of affiliates for each of the administrators of the Pay As You Go Regime in May 2007,
without including “CAJANAL” and “FONPRECON”, 32% corresponds to people who quote, representing
1.912.409; and 68% corresponds to people that do not quote, representing 4.104.490. It is understood
by people who do not quote, those affiliated and not yet pensioners, who for some reason, did not
comply with the mandatory payment during the month for which is reported (graph 40).
GRAPH 40
AFFILIATES CLASIFICATION
1.910.243
10.000.000
4.099.495
1.000.000
100.000
3.937
10.000
1.000
869
1.047
CAPRECOM
P. ANTIOQUIA
243
250
815
100
10
1
ISS
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%
67%
33%
May-06
68%
67%
32%
33%
Jun-06
Jul-06
68%
66%
66%
67%
33%
32%
34%
34%
33%
Aug-06
Sep-06
Oct-06
Nov-06
67%
NON-QUOTING MEMBERS
Dec-06
68%
32%
Jan-07
67%
33%
Feb-07
68%
69%
68%
32%
31%
32%
Mar-07
Apr-07
May-07
QUOTING MEMBERS
Source: Supervised Entities
4.3 PENSIONERS
The number of pensioners reported by each of the administrators to May 2007 was 958.077, presenting
a rise of 5.316 pensioners with respect to April 2007, representing 0.6% (graph 41). Of this total, 702.564
correspond to Oldness, 38.144 to Invalidity and 217.369 to Survival (chart 7). With relation to the number
of pensioners by gender, 565,193 are men and 392,884 are women (graph 42).
28
In “CAPRECOM”, of the 22.239 pensioners to May 2007, 13.726 are pensioners prior to the entrance in
use of Law 100/93; 8.362 are pensioners in use of Law 100/93 concurs Organization, FONCAP and
others; 151 in the Advance Plan of Pensions (PAP) to employer responsibility.
From the 2.022 pensioners reported by “FONPRECON”, 808 correspond to Law 4th of 1992 (Exmembers of the “Congreso de la República”) and 1.214 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 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
74,15%
23,02%
1.000.000
2,32%
0,21%
691
691
0,07%
2.022
2.016
2.187
2.173
22.239
10
22.187
100
0,23%
220.559
1.000
219.320
706.374
10.000
710.379
100.000
1
ISS
CAJANAL
CAPRECOM (1)
Apr-07
P. ANTIOQUIA
May-07
FONPRECON (2)
CAXDAC
Participation to May 2007
(1) CAPRECOM: In May 2007: 13.726 are pensioners prior to the entrance in use of Law 100/93; 8.362
are pensioners in use of Law 100/93 concurs Organization, FONCAP and others; 151 in the Advance
Plan of Pensions (PAP) to employer responsibility. (Numbers in evaluation)
(2) FONPRECON: In April 2007: 808 correspond to Law 4th of 1992 and 1.208 to Law 100 of 1993; in
May 2007 the distribution was: 808 and 1.214, in the same order. (Figures in verification)
LAST YEAR PENSIONER'S EVOLUTION
0,80%
0,48%
0,75%
0,61%
0,78%
0,40%
0,72%
0,63%
0,68%
0,50%
0,58%
0,40%
0,56%
Mar-07
958.077
948.979
Feb-07
952.761
943.470
935.055
928.398
922.569
916.367
909.284
938.753
200.000
903.761
400.000
896.992
600.000
892.741
800.000
0
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
TOTAL PENSIONERS
Dec-06
Jan-07
Apr-07
May-07
VARIATION
Source: Supervised Entities
GRAPH 42
THE NUMBER OF PENSIONERS BY THE GENUS
90
84
39
2.
8
14
0.
4
52
8
1.
05
9
70%
10
.5
9
85
8
80%
23
9.
7
90%
12
7
100%
60%
93
56
5.
1
80
.1
0
7
1
1.
12
8
20%
11
.6
4
89
1.
16
4
30%
47
0.
5
40%
56
4
50%
10%
0%
IS S
CAXDAC
FONPRECON
CAPRECOM
MEN
P.ANTIOQUIA
CAJANAL
TOTAL
WOMEN
Source: Supervised Entities
29
According to the administrator’s report, the monthly payroll value of pensioners for May 2007, ascended
to USD 480.476,3 thousand of dollars (graph 43).
In CAPRECOM, from the USD 23.155,8 thousand dollars reported in May 2007: (a) USD 12.496,3
thousand of dollars - It corresponds to the value of the quota fixed share of the organization in which the
pensioners were affiliated, 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 10.494,2 thousand of dollars - It
corresponds to the value of the quota fixed share of the organization in which the pensioners were
affiliated, 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 165,3
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 6.957,6 thousand of dollars reported by “FONPRECON”, USD 5.709,7 thousand dollars
correspond to Law 4th of 1992 pensioners (Ex-members of the “Congreso de la República”) and USD
1.247,8 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
64,68%
28,41%
1,45%
1.168,2
1.357,3
0,28%
1.754,1
6.957,6
6.269,0
23.155,8
0,37%
1.584,0
10,0
20.592,6
100,0
4,82%
136.484,1
1.000,0
122.946,4
10.000,0
310.767,4
100.000,0
283.441,8
Thousands of Dollar
1.000.000,0
1,0
ISS
CAJANAL
CAPRECOM (1)
Apr-07
May-07
FONPRECON (2)
CAXDAC
P. ANTIOQUIA
Participation to May 2007
(1) "CAPRECOM": (a) USD$12.496,3 thousand of dollars - It corresponds to the value of the quota fixed
share of the organization in which the pensioners were affiliated, 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$10.494,2 thousand of dollars - It corresponds to the value of the quota fixed share of the
organization in which the pensioners were affiliated, the quota fixed share in charge of the sector of the
communications, the quota fixed share in charge of the FONCAP and the quota fixed share of outside
the sector, by pensions recognized after the entrance in use of the Law 100 of 1993, as opposed to
which contributions were made.
(c) USD$ 165,3 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": In May 2007, 5.709,7 thousand USD correspond to Law 4th/92 and 1.247,8
thousand USD to Law 100/93. (Figures in verification)
LAST YEAR PENSION PAYS EVOLUTION
62,2%
600.000
10,2%
480.476,3
Oct-06
436.002,1
370.385,4
Sep-06
-2,5%
3,5%
421.253,7
353.837,2
345.837,3
342.889,1
100.000
503.808,0
300.000
200.000
-34,1%
4,7%
2,7%
410.030,7
2,3%
6,3%
385.801,5
0,9%
395.759,8
-31,9%
-2,9%
600.621,1
400.000
330.758,0
Thousand of dollars
52,3%
500.000
Jan-07
Feb-07
Mar-07
Apr-07
May-07
0
May-06
Jun-06
Jul-06
Aug-06
Pension Pay Value
Nov-06
Dec-06
Monthly variation
Source: Supervised Entities
30
The arithmetic average of the payment of the pension for this Regime in May 2007 was USD 501,5
dollars, above in 9,59% of last month’s pension pay (graph 44).
501,5
457,6
437,5
401,3
618,8
1.000,0
560,6
620,6
2.000,0
537,6
928,1
3.000,0
1.041,2
2.538,5
4.000,0
2.292,3
3.109,6
5.000,0
Dollars
3.440,9
GRAPH 44
AVERAGE PENSION PAYS
0,0
FONPRECON
CAXDAC
CAPRECOM
P. ANTIOQUIA
CAJANAL
Apr-07
ISS
SYSTEM´S
AVERAGE
May-07
LAST YEAR PENSION PAYS´ AVERAGE
61,14%
51,60%
9,59%
Feb-07
Mar-07
Apr-07
501,5
457,6
Oct-06
443,9
Sep-06
3,09%
434,6
401,5
100,00
2,14%
411,0
646,9
386,1
Aug-06
370,5
200,00
5,75%
-34,58% -2,90%
3,97%
1,52%
380,3
300,00
0,25%
379,4
400,00
-32,45%
-3,68%
561,7
Dollars
500,00
423,2
600,00
0,00
May-06
Jun-06
Jul-06
Nov-06
SYSTEM´S AVERAGE
Dec-06
Jan-07
May-07
MONTHLY VARIATION
Source: Supervised Entities
4.4 INVESTMENT PORTFOLIO
The balances of the portfolios of investments of the pensioners reserve funds to June 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 1.071,2 million dollars compared to 1.078,7 million dollars in
May 2007, showing a decrease of USD -7,5 million dollars that represent -0,69% (graph 45). The total of
the investments to June of 2007 is distributed for each pensional modality, thus: Retirement age USD
991,6 million dollars, Invalidity USD 11,9 million dollars and Survival USD 67,7 million dollars (chart 8).
GRAPH 45
INVESTMENT PORTFOLIO
42,58%
34,75%
14,69%
48,2
37,4
38,4
48,1
4,49%
3,49%
157,4
372,2
382,7
456,2
10
163,2
100
446,3
Millions of dollars
1.000
1
ISS
CAPRECOM
CAXDAC
May-07
Jun-07
P.ANTIOQUIA
FONPRECON
Participation to June 2007
INVESTMENT PORTFOLIOS´ EVOLUTION, LAST YEAR
Feb-07
Mar-07
4,53%
-0,69%
1.071,2
3,22%
945,5
Dec-06
0,18%
904,5
Nov-06
874,7
Oct-06
-0,02%
876,3
Aug-06
2,14%
874,8
Jul-06
5,18%
836,3
300
200
769,5
400
729,0
600
500
1,17%
818,8
5,55%
778,5
700
11,08%
-6,94%
656,3
Millions of Dollars
900
800
4,60%
1.078,7
14,09%
1.000
100
0
Jun-06
Sep-06
PORTFOLIO VALUE
Jan-07
Apr-07
May-07
Jun-07
MONTHLY VARIATION
Source: Supervised Entities
31
In June of 2007, 90,6% of portfolios were invested in TES, the remaining 9,4% 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 Financial
Superintendence of Colombia for Private Pension Fund Administrators and its classification to June of
2007 is the following one:
The investments portfolio value of the reserves of Retirement-age, Invalidity and Survival of CAXDAC to
30 of June of 2007 ascended to USD 157,4 million dollars, diminishing in -3,5% the value registered to
the closing of the previous month, date in which was of USD 163,2 million dollars.
To the closing of the month of June of 2007, 92,9% of the mentioned reserves, that is to say, USD
146,199 thousand of dollars, correspond to investments in fixed income; 4,6%, USD 7.276 thousand of
dollars, to investments in variable income; 2,2%, USD 3.445 thousand of dollars, to deposits at sight, and
the 0,3%, USD 466 thousand of dollars, to the net position in derivatives (right less obligations)
(graphical 46).
GRÁFICO 46
CAXDAC - PORTFOLIO CLASIFICATION IN: FIXED AND VARIABLE INCOME, DEPOSITS AT SIGHT AND
DERIVATIVES NET POSITION
JUNE 30, 2007 - THOUSAND OF US DOLLARS
INVESTMENTS IN FIXED
INCOME
100%
INVESTMENTS IN
VARIABLE INCOME
DEPOSITS AT SIGHT
99,4%
92,5%
99,2%
92,9%
NET POSITION IN
DERIVATIVES
0%
0,5%
0,1%
INVALIDITY
USD$4.754
0,7%
0,1% 2,3%
SURVIVAL
USD$4.708
4,9%
0,3%
OLDNESS
USD$147.924
4,6%
2,2%
0,3%
TOTAL
USD$157.386
SOURCE: Caxdac
At June 2007 the most significant investments was represented in titles issues from entities supervised
by Financial Superintendence of Colombia and the titles of internal public debt, each one with the 23,7%,
that is to say, 47,4% of the total value of portfolio; the titles of institutions watched by other regulatory
authority with 19,7%; the titles of public debt of outside with 12,5%; the titles of the outside organizations
with 9,1%; the titles of territorial organizations and decentralized entities, they counted on a participation
of 8,8%, and other investments with 2,5% (graph 47).
32
GRÁFICO 47
CAXDAC - PORTFOLIO CLASSIFICATION BY ISSUER TYPE
JUNE 30, 2007 - THOUSAND OF US DOLLARS.
100%
INSTITUTIONS WATCHED BY
“SUPERINTENDENCIA
FINANCIERA DE COLOMBIA”
32,5%
23,2%
23,7%
24,0%
23,7%
32,8%
NATION - INTERNAL PUBLIC
DEBT
INSTITUTIONS WATCHED BY
OTHER REGULATORY
AUTHORITY
19,3%
20,0%
NATION -PUBLIC DEBT OF
OUTSIDE
INVESTMENTS OF OUTSIDE
23,2%
TERRITORIAL ORGANIZATIONS
AND DECENTRALIZED ENTITIES
19,7%
13,3%
12,5%
9,0%
9,1%
8,5%
8,8%
21,9%
0,0%
0,0%
10,5%
12,8%
OTHER INVESTMENTS (1)
14,0%
11,8%
0,7%
0,5%
0%
19,6%
INVALIDITY
USD$4.754
2,5%
2,6%
SURVIVAL
USD$4.708
OLDNESS
USD$147.924
TOTAL
USD$157.386
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).
TOTAL RESERVES
Feb-07
1-MATHEMATICAL RESERVE
2-DEVIATION OF SINISTER
Mar-07
3-WARNED SINISTER
Apr-07
4-NOT WARNED SINISTER
May-07
29,7
20,2
107,4
29,7
1.299,7
1.486,8
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
16,8
25,6
Jan-07
25,6
1.099,1
97,2
10.000,0
1.000,0
100,0
10,0
1,0
1.264,4
Millions of dollars
GRAPH 48 - PROFESSIONAL RISKS RESERVES
Jun-07
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
May 2006 and May 2007) they report an increase on 5,98% from 277.439 passing to 294.025,
respectively. The workers affiliated, during the same lapse, displayed an increase of 16,04%, when
happening from 1.408.120 coming, to 1.634.008. For the months of April and May of 2007 the number of
affiliated employers it increased 17, this is a 0,01%, and the affiliated workers it increased in 840, there
are 0,05% (graph 49). The amounts who quote ARP in May of 2007 ascended to USD 9,86 million of
dollars.
33
Aug/06
Sep-06
Oct-06
Nov-06
EMPLOYEES
Feb-07
Mar-07
Apr-07
294.025
1.634.008
Jan-07
1.633.168
Dec-06
294.008
1.555.476
283.057
1.545.264
279.952
279.653
1.543.208
1.445.846
274.487
Jul-06
294.050
1.613.728
Jun-06
294.153
1.616.281
May-06
293.073
1.610.226
50.000
-150.000
262.454
1.438.653
450.000
250.000
1.409.926
277.439
850.000
650.000
278.208
1.250.000
1.050.000
1.408.120
1.650.000
1.450.000
290.030
1.608.836
Graph 49
EMPLOYEES AND WORKERS AFFILIATES
May-07
WORKERS
SOURCE: ARP-ISS
5.3 PENSIONERS
From the total of 22.888 pensioners who report the ISS´s ARP in May 2007, 10.840 correspond to
survival pension and 12.048 to invalidity pension. During the last year, the number of pensioners of
survival pension showed a growth of 0,62%, invalidity pension a reduction of -0.72% and the total of
pensioners disclosed a diminution of -0.09%. For the months of April and May of 2007 the number of
pensioners by survival, invalidity and the total, they displayed diminutions in -5, -15 and -20, respectively,
representing of the -0,05%, -0,12% and -0,09% (graphical 50). The monthly payroll value of pensioners
ARP for May 2007, ascended to USD 6,3 million dollars; of this total, USD 3,2 million dollars correspond
to survival and USD 3,0 million dollars to invalidity.
GRAPH 50
PENSIONERS
10.845
12.063
22.888
10.840
12.048
22.908
22.878
10.818
12.060
22.842
10.791
12.051
Dec-06
22.810
22.787
22.729
22.685
Nov-06
10.761
12.049
Sep-06
10.744
12.043
Ago-06
10.702
12.027
10.627
12.018
Jul-06
10.663
12.022
10.601
11.998
22.645
22.599
22.573
10.577
11.996
22.547
10.552
10.773
12.135
10.000
11.995
22.908
20.000
Feb-07
Mar-07
Apr-07
0
May-06
Jun-06
Oct-06
SURVIVAL
INVALIDITY
Jan-07
May-07
TOTAL
SOURCE: ARP-ISS
5.4 MANDATORY QUOTATIONS AND PENSION PAYMENTS
Between the months of June 2006 and June 2007, ISS´s ARP received USD 107,4 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 80,1 million dollars, for a monthly
average of USD 5,3 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).
7,9
9,3
9,9
6,3
5,3
Feb-07
5,6
5,3
Jan-07
5,4
8,0
5,0
Dec-06
3,7
4,0
7,6
8,8
9,2
4,7
8,1
8,1
4,6
6,0
4,6
7,8
4,5
8,0
8,0
10,0
8,0
12,0
7,0
Millions of Dollars
14,0
11,6
13,2
GRAPH 51 - MANDATORY QUOTATIONS AND PENSION PAYS
2,0
0,0
Jun/07
(*)
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
(**)
MANDATORY QUOTATIONS
Mar-07
Apr-07
May-07
Jun/07
(***)
MONTHLY TOTAL PENSION PAY
SOURCE: ARP-ISS
(*) It includes the additional monthly pay of June/06
(**) It includes the additional monthly pay of December/06
(***) It includes the additional monthly pay of June/07
34