Non-core investments

Over the years, we have invested in sectors outside of our two core areas of activity with the aim of diversifying the allocation of the holding’s liquidity, in the medium term.

The group manages a diversified portfolio of financial investments amounting to € 411.6 million at 31 December 2021. These comprise traditional financial assets that are highly liquid, private equity funds and non-strategic equity investments.  The investment strategy seeks to manage the risk-yield trade-off in a prudent manner. At 31 December 2021, the highly liquid assets – bonds, equities, bank deposits and hedge funds – amount to € 332.2 million (€ 391.1 million at 31 December 2020), with a 3.3% return over the year totalling € 12.4 million (5.3% in 2020, corresponding to € 19.1 million).

The other assets, comprising private equity funds, non-strategic equity investments and non-performing loans, total € 79.4 million at 31 December 2021 and generated a positive return of € 10.7 million; this profit derives mainly from the positive fair value adjustments of the funds, which offset reductions in value in the residual NPL portfolio and in some minority shareholdings.