{"id":48477,"date":"2026-09-16T11:14:01","date_gmt":"2026-09-16T15:14:01","guid":{"rendered":"https:\/\/amchamchile.cl\/?post_type=news&#038;p=48477"},"modified":"2026-09-16T11:29:02","modified_gmt":"2026-09-16T15:29:02","slug":"regimen-de-inversion-para-fondos-generacionales-avances-relevantes-desafios-pendientes","status":"publish","type":"news","link":"https:\/\/amchamchile.cl\/en\/noticia\/regimen-de-inversion-para-fondos-generacionales-avances-relevantes-desafios-pendientes\/","title":{"rendered":"R\u00e9gimen de Inversi\u00f3n para Fondos Generacionales: Avances relevantes, desaf\u00edos pendientes"},"content":{"rendered":"<h5><strong>Columna de opini\u00f3n de Felipe Lira<\/strong>, Gerente de Inversiones de <strong>Principal AGF.<\/strong><\/h5>\n<p>La reciente publicaci\u00f3n del r\u00e9gimen de inversi\u00f3n definitivo para los fondos generacionales marca un hito relevante para el futuro del sistema previsional chileno. El resultado incorpora mejoras importantes respecto de la propuesta sometida a consulta p\u00fablica, aunque todav\u00eda deja abiertas algunas interrogantes sobre la capacidad de estos fondos para capturar plenamente los beneficios observados en otras experiencias internacionales.<\/p>\n<p>Chile est\u00e1 avanzando desde un esquema de multifondos hacia uno de fondos generacionales, donde la estrategia de inversi\u00f3n evoluciona de acuerdo con la etapa de vida de los afiliados. La evidencia internacional y nuestra experiencia con los fondos LifeTime muestran que este modelo puede contribuir significativamente a mejorar el ahorro previsional de largo plazo.<\/p>\n<p>A diferencia de lo que ocurre en varios sistemas internacionales, el r\u00e9gimen de inversi\u00f3n final contin\u00faa definiendo en forma bastante detallada la composici\u00f3n de esa trayectoria mediante l\u00edmites y rangos espec\u00edficos por subclase de activo. Si bien las AFP tendr\u00e1n la responsabilidad de dise\u00f1ar e implementar sus estrategias, la combinaci\u00f3n de m\u00ednimos, m\u00e1ximos, restricciones por categor\u00edas de inversi\u00f3n y objetivos de duraci\u00f3n limita el espacio disponible para desarrollar glidepaths verdaderamente diferenciados.<\/p>\n<p>Sin embargo, el texto definitivo incorpora un cambio relevante. La ampliaci\u00f3n de las bandas de desempe\u00f1o y del tracking error permitido entrega mucho m\u00e1s espacio para que los equipos de inversi\u00f3n generen valor alrededor del glidepath definido. Mientras la propuesta original incentivaba una gesti\u00f3n muy cercana a los \u00edndices de referencia, la versi\u00f3n final permite una administraci\u00f3n m\u00e1s activa y una mayor capacidad para expresar visiones de inversi\u00f3n diferenciadas. Este avance debiera favorecer la competencia entre administradoras y abrir espacio para una gesti\u00f3n m\u00e1s eficiente en beneficio de los afiliados.<\/p>\n<p>No obstante, persisten desaf\u00edos importantes. Uno de ellos es la definici\u00f3n de los \u00edndices de referencia que utilizar\u00e1n las carteras para evaluar desempe\u00f1o y activar los mecanismos de premios y castigos. Que esta definici\u00f3n haya quedado para una resoluci\u00f3n posterior puede ser positivo, ya que permitir\u00e1 una mayor capacidad de adaptaci\u00f3n futura, pero tambi\u00e9n hace especialmente relevante seleccionar referencias que sean replicables, representativas y consistentes con la realidad del mercado chileno.<\/p>\n<p>En s\u00edntesis, el r\u00e9gimen definitivo constituye una mejora respecto de la propuesta original. Reduce riesgos de implementaci\u00f3n, entrega mayor libertad para la gesti\u00f3n activa y corrige varios elementos que pod\u00edan generar efectos indeseados sobre el mercado de capitales. Sin embargo, contin\u00faa descansando en un glidepath definido en gran medida por regulaci\u00f3n y que, a nuestro juicio, mantiene una exposici\u00f3n a activos de crecimiento m\u00e1s limitada de lo que sugieren los desaf\u00edos de longevidad que enfrenta Chile.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Por Felipe Lira, Gerente de Inversiones Principal AGF<\/p>\n","protected":false},"author":9,"featured_media":48475,"parent":0,"template":"","news_tax":[54,4,50],"user_type":[42,6,7,8],"class_list":["post-48477","news","type-news","status-publish","has-post-thumbnail","hentry","news_tax-auspiciadores-globales","news_tax-entrevistas-opinion","news_tax-noticias-socios","user_type-entrevistas-opinion","user_type-general","user_type-socios","user_type-auspiciadores-globales"],"acf":{"layout_modules":[{"acf_fc_layout":"section-hero-news-single","url":48475},{"acf_fc_layout":"section-news-single","author":"AmCham Chile","rrss_bool":true,"brand":{"title":"C\u00e1mara Chilena Norteamericana de Comercio","logo":26783,"tags":""},"content":""},{"acf_fc_layout":"section-card-article-list","category_title":"AmCham Chile","title":"Noticias destacadas","see_all":{"title":"AmCham al D\u00eda","url":"https:\/\/amchamchile.cl\/noticias\/amcham-al-dia\/","target":""},"publication_type":"news","selection_bool":"automatic","user_type":"todos","items_events":null,"items_opinions":null,"items_news":null}]},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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