engleski

A Proposal of Specialised Portfolio Allocation Models at the Voluntary Pension Funds in Croatia

Many of today’s non-financial professionals search for liquidity, security and growth in personal wealth and investments. More than ever, it is important to divide competition and security when promoting optimal long-run net returns at an acceptable level of risk. The voluntary open-end pension funds in the Republic of Croatia, as one of the most suitable options, are necessary for a sustainable and balanced fiscal and monetary system that help individuals choose the frequency and the amount of payments for the personal account in funds to overcome the cost of inflation. From the authors’ point of view, high capitalisation of personal accounts at the age of fifty-five plus should not be just a flexible upgrade towards the non-consumed retirement benefits. It should be respected and treated as a long-term investment with the annualised risk related to historical returns from the issued securities and assets on domestic and international markets. The securities and debentures’ major distribution issue under the asset classes with a net worth of almost five billion HRK yield beneficiary effects primarily for Croatian government bondholders. While considering perception from the acts on voluntary pension funds data of the Croatian Financial Services Supervisory Agency, the authors propose alternative ratio analysis as scenario analysis for a different type of domestic and foreign managed assets. They point out the importance of proper interpretation of the Croatian government bonds relative to other asset classes. In the discussion part, the authors provide insight into the scenario model for separate capital gain tax as an option for capital market developments with beneficiary effects on blue chips in the funds’ portfolio. In the final part of the paper, the authors will highlight the relevant quantitative and qualitative impact of data for voluntary pension funds in the Republic of Croatia.

voluntary pension funds, ratio analysis, capital gain tax, securities.

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