Estamos viviendo una crisis sanitaria no conocida por nuestras generaciones que ha devenido también en una importante crisis económica. Ésta es diferente a las últimas que hemos vivido en su origen, pero muy probablemente no sea distinta en sus consecuencias. Ahora bien, una pregunta bastante actual es a qué tipo de “nueva normalidad” queremos volver cuando la actividad económica se recupere. Además, cabe cuestionarnos qué lecciones hemos aprendido como sociedad ante otros retos que son inminentes, como el del cambio climático. Analizar cómo se estructuran los fondos de pensiones se hace imperioso en este contexto.
Acciones para una recuperación sostenible
La crisis del COVID-19 trae una oportunidad para reforzar el enfoque de largo plazo de los sistemas de ahorro para el retiro y poner en valor su rol social. Los portafolios de los fondos de pensiones se enfocan en el largo plazo con asignaciones de activos diversificadas, predominantemente renta fija y renta variable, aunque algunos grandes fondos de inversión tienen importantes participaciones en activos alternativos también. Este enfoque natural en el largo plazo pone a los fondos de pensiones en una posición privilegiada para construir una mejor “nueva normalidad”.
En una entrada anterior hablamos de la importancia de transitar hacia sistemas de pensiones con objetivos de pensión explícitos y transparentes, y las ventajas que esto tendría en materia de comunicación con los afiliados y de la construcción de un régimen de inversiones con propiedades más afines a sus preferencias de largo plazo. Aquí enfatizamos que un componente vital de esas preferencias de largo plazo es que el mundo en el que gocemos de nuestro retiro sea un mundo habitable. Los fondos de pensiones, como uno de los principales inversionistas institucionales, deberán liderar otra forma de invertir, donde primará la preocupación por el entorno, la comunidad y el buen gobierno. Igualmente importante será la preocupación por otros aspectos de elevado interés para los dueños de los ahorros, como la inclusión, la igualdad de género, y otros criterios ambientales, sociales y de buen gobierno (lo que se conoce como criterios ASG). Estos criterios ASG son imprescindibles para apoyar el financiamiento de la transición a una economía verde y garantizar la sostenibilidad de las inversiones en el largo plazo.
Los fondos de pensiones, como uno de los principales inversionistas institucionales, deberán liderar otra forma de invertir.
Gestión de riesgos y criterios extrafinancieros
No hablamos de altruismo, sino de gestión de riesgos. Es decir, no se trata de sacrificar rentabilidad por realizar determinadas inversiones, sino de obtener rentabilidades sostenibles más elevadas por incorporar a la gestión de riesgos los criterios ASG, que son extrafinancieros. Hay diferentes estrategias para incorporar el análisis ASG a la inversión. Una inicial es la exclusión de activos que no concuerden con el ideario del fondo y de la sociedad; otra más avanzada, es la integración del análisis extrafinanciero junto al financiero; y una tercera es la implicación o trabajo conjunto con los emisores de activos (en inglés, engagement) para cambiar conductas no deseadas. Todo esto se puede realizar de forma gradual, de manera que se vayan acompasando los medios disponibles a los resultados que se van obteniendo y a la experiencia que se genera.
No se trata de sacrificar rentabilidad por realizar determinadas inversiones, sino de obtener rentabilidades sostenibles más elevadas por incorporar a la gestión de riesgos los criterios ASG.
Buena parte de los activos vinculados a las inversiones de largo plazo son activos ilíquidos, y en general, alternativos. Esto, que es un obstáculo para otro tipo de inversores, no lo es para los fondos de pensiones, que tienen el foco en el largo plazo. Esto es lo que permite también a los fondos de pensiones invertir en activos que no son populares, es decir, que tienen una serie de características que les confieren una mayor rentabilidad sostenida en el tiempo. Los famosos endowments de las grandes universidades estadounidenses, así como los fondos de pensiones canadienses y australianos, muestran la potencia de la inversión alternativa en el largo plazo.
Pues bien, lo que se trata es de conjugar esta inversión alternativa con inversión sostenible, de forma que los fondos de pensiones puedan invertir a largo plazo en activos sostenibles sin necesidad de estar sometidos a los rigores de mercado de corto plazo. Con una adecuada política de inversiones, que se depura en el tiempo, y siguiendo metodologías ya contrastadas (entre las que se encuentran las derivadas del seguimiento de los Principios de Inversión Responsable de Naciones Unidas), podremos conseguir que los fondos de pensiones sean auténticos agentes del cambio hacia una economía sostenible en el largo plazo.
Fondos de pensiones para construir un mejor futuro
Llegó el tiempo en que debemos diseñar un presente más vinculado con el futuro. Parte de ese futuro es una etapa de jubilación que cada vez va a durar más gracias a los avances científicos que han incrementado la expectativa de vida. Los fondos de pensiones tienen un rol crucial en la construcción de ese futuro.
Para saber más sobre este tema, te invitamos a revisitar la charla sobre Cambio Climático y Pensiones de Eric Parrado, economista jefe del BID, en el Global Pensions Programme 2020, así como los recursos disponibles en la Red de Pensiones en América Latina y el Caribe y la Red de Cambio Climático, ambas iniciativas del BID.
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