The first part is fixed-income investments (60%). This defensive portfolio is designed to reduce risks and protect pensions against interest rate fluctuations. This portfolio recorded a negative return of -10.0%, mainly due to rising interest rates.

The second part consists of so-called return-seeking assets (RSA) (40%), investments aimed at generating additional returns. It includes equities, high-yield bonds, emerging market debt, private equity, hedge funds and real estate.

At the start of 2025, equities experienced a significant decline (-16%). The markets recovered later in the year; uncertainty remained, but the economy proved resilient. The return-seeking assets achieved a positive return of 5.8%. Nearly all return-seeking asset classes contributed positively, mainly driven by strong equity performance, particularly in technology companies.