{"id":176861,"date":"2019-10-28T11:00:00","date_gmt":"2019-10-28T11:00:00","guid":{"rendered":"https:\/\/bm.dev.synology.me\/?p=176861"},"modified":"2019-10-28T11:00:00","modified_gmt":"2019-10-28T11:00:00","slug":"unde-se-investesc-banii-de-pensie-a-7-milioane-de-romani-fondurile-de-pensii-pilon-ii-si-au-dublat-expunerea-pe-bursa-in-ultimii-ani-ajungand-la-10-mld-lei-problema-este-ca-administratorii-cumpara","status":"publish","type":"post","link":"https:\/\/bm.dev.synology.me\/?p=176861","title":{"rendered":"Unde se investesc banii de pensie a 7 milioane de rom\u00e2ni: Fondurile de pensii Pilon II \u015fi-au dublat expunerea pe Burs\u0103 \u00een ultimii ani, ajung\u00e2nd la 10 mld. lei. Problema este c\u0103 administratorii cump\u0103r\u0103 ac\u0163iuni \u015fi le \u0163in acolo, nu le tranzac\u0163ioneaz\u0103, reduc\u00e2nd free-floatul companiei \u015fi lichiditatea Bursei"},"content":{"rendered":"
\nViitorii pensionari ai Rom\u00e2niei au \u00een prezent 10% din companiile rom\u00e2ne\u015fti listate la Bucure\u015fti, de la 4,6% \u00een 2014, astfel c\u0103 prin intermediul fondurilor de pensii private Pilon II ace\u015ftia aproape \u015fi-au dublat indirect participa\u0163ia pe pia\u0163a de capital din Rom\u00e2nia, potrivit calculelor realizate de ZF.<\/div>\n
\n
\n
\n
\n
\n

\n\u201eEste clar c\u0103 fondurile de pensii rom\u00e2ne\u015fti au devenit unul dintre pilonii principali ai Bursei de Valori Bucure\u015fti. Acest lucru aduce avantaje pentru noi to\u0163i \u00een sensul \u00een care prin fondurile de pensii oamenii de r\u00e2nd beneficiaz\u0103 de cre\u015fterea pe termen lung a bursei\u201c, spune Adrian Cojocar, directorul general adjunct al Patria Asset Management.<\/p>\n

\n\u00cens\u0103 strategia administratorilor acestor fonduri este de acumulare de ac\u0163iuni \u015fi \u00een general nu vizeaz\u0103 tranzac\u0163ionarea activ\u0103 la burs\u0103, ceea ce se traduce \u00eentr-o sc\u0103dere a ac\u0163iu\u00adnilor disponibile la liber la tranzac\u0163io\u00adnare \u015fi ar putea conduce la o diminuare a lichidit\u0103\u0163ii.<\/p>\n

\nAstfel de fonduri sunt alimentate periodic cu bani, de exemplu doar \u00een S1\/2019 au intrat 4,14 mld. lei din contribu\u0163iilor celor 7,4 mi\u00adlioa\u00adne de rom\u00e2ni, arat\u0103 datele ASF.<\/p>\n

\nPrin urmare, cum marfa de la burs\u0103 este limitat\u0103, iar fondurile de pensii sunt alimentate cu fluxuri de bani, cui \u00eei folose\u015fte faptul c\u0103 ace\u015fti investitori devin mai mari pe zi ce trece \u015fi pe cine \u00eencurc\u0103 acumularea de ac\u0163iuni?<\/p>\n

\n\u201eSingurul dezavantaj pe care \u00eel v\u0103d este faptul c\u0103 acumul\u0103rile realizate de fondurile de pensii reduc free-floatul companiilor \u015fi implicit lichiditatea pie\u0163ei poate s\u0103 scad\u0103. Totu\u015fi un procent de 10-20% din capitalizare este rezonabil\u201c, spune Adrian Cojocar.<\/p>\n

\nMarcel Murgoci, director de tranzac\u00ad\u0163io\u00adna\u00adre al Estinvest, consider\u0103 c\u0103 odat\u0103 cu m\u0103rirea par\u00adticipa\u0163iilor, administra\u00adtorii de fonduri ar putea s\u0103 se implice mai mult \u00een activitatea emiten\u0163ilor, merg\u00e2nd p\u00e2n\u0103 la ob\u0163inerea unui loc sau mai multe \u00een consiliile de administra\u0163ie ale respectivelor societ\u0103\u0163i.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Viitorii pensionari ai Rom\u00e2niei au \u00een prezent 10% din companiile rom\u00e2ne\u015fti listate la Bucure\u015fti, de la 4,6% \u00een 2014, astfel c\u0103 prin intermediul fondurilor de pensii private Pilon II ace\u015ftia aproape \u015fi-au dublat indirect participa\u0163ia pe pia\u0163a de capital din Rom\u00e2nia, potrivit calculelor realizate de ZF.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7216,21062,7148,333],"class_list":["post-176861","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-bursa","tag-dublare","tag-fonduri","tag-pensii"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/176861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=176861"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/176861\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=176861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=176861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=176861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}