Potencijal ulaganja obveznih mirovinskih fondova u Republici Hrvatskoj u tržište nekretnina

master's thesis

• Title (english): Investment potential of mandatory pension funds in the Republic of Croatia in the real estate market
• Author: Martina Kaurinović
• Mentor: Jakša Krišto (mentor)
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Branka Tuškan Sjauš (član povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-07-05, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Mirovinski fondovi kao konzervativni ulagači s većinom ulaganja u niskorizične obveznice upravljaju imovinom u korist svojih članova kako bi osigurali dugoročan rast imovine i očuvali vrijednost ulaganja. Pod pritiskom dugogodišnjih niskih prinosa na obveznice i drugih izazova iz okruženja s kojima se susreću (starenje stanovništva i nepovoljna demografska struktura, produljenje vijeka života, nepovoljan omjer osiguranika i umirovljenika te dr.), mirovinski fondovi u potrazi su za alternativnim oblicima ulaganja koji će im donijeti veće i dugoročno stabilne prinose. U postojećim uvjetima mirovinski fondovi počinju se izlagati tržištu nekretnina čija kretanja nisu u korelaciji s drugim klasama imovine, a na kojem mogu postići relativno stabilne prinose. U portfeljima mirovinskih fondova nekih zemalja članica OECD-a nekretnine već predstavljaju značajnu komponentu ulaganja, a i mirovinski fondovi u Republici Hrvatskoj također su u novije vrijeme započeli s ulaganjima u tržište nekretnina unutar postojećih zakonskih okvira. Struktura ulaganja obveznih mirovinskih fondova u Republici Hrvatskoj unaprijed je određena važećim regulatornim okvirom koji propisuje ograničenja i dozvoljene oblike ulaganja mirovinskih fondova. Cilj ovog rada je istražiti postoji li i analizirati potencijal ulaganja (izravnog ili neizravnog) obveznih mirovinskih fondova u Republici Hrvatskoj u alternativne oblike imovine, odnosno u tržište nekretnina, pri čemu je ključno prepoznati izazove koji pritišću mirovinske fondove na promjenu strategije ulaganja. Kroz prikaz strukture portfelja obveznih mirovinskih fondova i regulatornog okvira koji postavlja ograničenja i ciljeve ulaganja, problematizira se alokacija imovine u dvije najzastupljenije vrste – obveznice i dionice, a prikazom nekretnina kao alternativne klase imovine, opisuju se drugačije karakteristike u usporedbi s dionicama i obveznicama koje doprinose diverzifikaciji portfelja.

Abstract (english)

As conservative long-term investors with majority of investments in low-risk bonds, pension funds manage assets for the benefit of their members to ensure long-term asset growth and preserve the value of their investments. Under the pressure of long-term low bond yields and other challenges from the environment (aging population, negative demographic trends, longer life expectancy), pension funds are looking for alternative investments that will bring higher and long-term stable yields. Under the existing conditions, pension funds are exposing their portfolios to the real estate market where they can achieve stable returns, which are low correlated with bond and equity markets. In the pension funds' portfolios of some OECD member countries, real estate already represents a significant component of investment, and compulsory pension funds in Croatia have also recently started investing in the real estate market within the existing legal framework. The investment structure of mandatory pension funds in Croatia is determined by the current regulatory framework which lays down accepted forms of investment of pension funds and imposes certain restrictions on such investments. The aim of this paper is to analyze the investment potential (direct or indirect) of mandatory pension funds in Croatia into alternative forms of assets, namely the real estate market. In doing so, it is crucial to identify the challenges that are pressuring pension funds to change their investment strategy. By showing the investment structure of mandatory pension funds and the regulatory framework that sets restrictions and investment objectives, the allocation of assets in the two most representative types - bonds and shares – is being questioned. An overview of real estate as an alternative asset class reveals different characteristics compared to shares and bonds that contribute to diversification of their portfolios.

• Keywords: alternativni oblici ulaganja; obvezni mirovinski fondovi; tržište nekretnina; regulacija; zakonski okvir
• Keywords (english): alternative investments; pension funds; real estate market; regulation; legal framework
• Language: croatian
• URN:NBN: urn:nbn:hr:148:892088
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2022-07-06 16:31:31