The 49th Annual General Assembly of the Provident Fund of Hotel Industry Employees was held on 8 June 2017 at the Nissi Beach Hotel in Ayia Napa.
The return on the Fund's portfolio for 2016 was at + 2.71%, due to the fact that global market investment recorded a return of 3.37% and the local market of 2.02%.
On global markets, our net equity was + 7.80%, Infrastructure Projects + 8.50%, Absolute + 1.20%, Alternative Investments -0.3%, Global Macros +0,60% and DGF at -1.60%.
It is important to emphasize that the average return on the global market for the last six years with full investment strategy is at + 7.1% each year, while for the same time the average return on our portfolio is at +0, 1%.
In the domestic market for 2016, deposits were + 1.6%, securities + 34%, loans to Members + 2.27%, real estate + 0.1%.
At 31 December, the Fund's portfolio on the world market accounted for 52% and 48% for the local market.
The implementation of the investment strategy continued in 2016, when the dispersion of the portfolio increased, which contributed to the reduction of investment risks and led to better results for the Members. The Management Committee's commitment to the prudence and rational investment strategy allowed the Fund to have significant levels of liquidity, never to face any sustainability problem, either to grant loans to Members or to pay benefits to outgoing members.