The funds are invested according to different guidelines compatible with each fund specific objectives.

The ESSF investment policy considers a strategic asset composition of 81% in sovereign bills and bonds, 4% in inflation-linked sovereign bonds and 15% in U.S. Agency MBS. The portfolio has a currency composition of 69% in USD, 19% in EUR, 9% in JPY and 3% in CNY, expressed as a percentage of the total portfolio.

The composition of the PRF corresponds to 31% in equities, 34% in sovereign bonds and other related assets, 13% in corporate bonds, 8% in high yield bonds, 6% in U.S. Agency MBS, and 8% in inflation-linked sovereign bonds. It should be noted that unlike the ESSF, in which there is a fixed allocation to the currencies invested in, in the case of the PRF the currency composition is the result of the participation of each currency in the benchmark comparators.