This research-based session will outline how geopolitical risks have elevated the role of dynamic asset allocation and  the experience of pension investors so far. 

En el panel se discutirá una de las tendencias más relevantes en la actualidad y que más está cambiando el panorama de la industria de fondos de empleo en España: el ciclo de vida. Miembros de Comisiones de Control, Consultores y Gestoras explicarán los desarrollos más recientes y discutirán sus implicaciones a medio plazo, así como comentarán sobre otras tendencias relevantes. 

Esta sesión se celebrará en español. 

Xavier Bellavista Badia – Principal, Mercer 
Carolina Gómez - Labour Relations Adviser, Repsol II Pension Fund
Francisco Sainz – Chief Investment Officer, Fonditel

The list of investment challenges for pension funds has lengthened due to the Trump administration’s micromanagement of the US economy. Besides structural challenges, increased macroeconomic uncertainty brings into question the investment thesis for pension fund.  There is a new, emerging paradigm under which the traditional investment thesis centred on asset classes beating benchmarks is increasingly replaced by a risk factor-focused approach . We will discuss how best to approach this new paradigm.

As we look ahead to 2026, the fixed income environment is defined by shifting rate dynamics, macroeconomic uncertainty, and growing demand for outcome-oriented strategies. In this fireside chat, we will explore how a reimagined approach to interest rates can unlock meaningful value for institutional clients. They will share unique insights into rate expectations and highlight how active fixed income can deliver enhanced returns, improved risk control, and better alignment with long-term goals. This session is designed to spark strategic dialogue and offer practical perspectives on navigating the evolving fixed income landscape.

Join us for a session that aims to de-mystify the total portfolio approach by discussing what it is and how different investors utilise it, illustrated through client case studies. Our expert panellists will share their views on what the total portfolio approach truly entails.  They will provide insights into how large investors are employing this approach, highlighting the clear benefits of being able to view and analyse the entire portfolio — for example, to understand risk exposure across both public and private markets and how this information can influence decision-making. 

We are in uncharted waters. For three years, our Deep-Water Waves series has tracked the seismic shifts reshaping the global landscape, looking at geopolitics, technology, demographics, climate change and debt. Today, economic logic is shifting into geoeconomic logic, where minerals, energy, supply chains, security relationships, trade, and even access to financial systems are becoming powerful new levers of power. Join us as we explore the far-reaching implications of this tectonic shift on country risk, strategic decision-making, and long-term investing. 

In today’s fixed income landscape, engagement isn’t just about stewardship – it’s a lever for alpha. We’ll explore why proactive engagement with issuers is critical to driving sustainable outcomes and how it can uncover mispriced risks, influence capital allocation decisions, and ultimately enhance return potential. Discover how effective engagement strategies can enhance ESG integration, improve credit outcomes, and ultimately support stronger, more resilient returns for clients. 

As we mark four decades of quantitative innovation within our strategies, this session delves into how cutting-edge machine learning and large language models are transforming investment research and portfolio construction. While technology evolves rapidly, one challenge remains: how do we extract actionable insights to drive better investor outcomes? Join Jonathan White, Head of Quant Solutions at AXA Investment Managers, as he showcases how AI enhances our understanding of company fundamentals and supports strategy development – from analysing patent filings to identifying trends across global and emerging markets. Through intuitive visual tools and real-world examples, discover how AI is not just a buzzword, but a practical driver of performance and resilience across our investment strategies. 

This session explores why inexpensive valuations in emerging markets coupled with global capital beginning to transition outside of the US could provide a true pivotal point for allocations. Alongside this we examine current economic trends such as interest rates, a weakening dollar, China and the investment opportunities and key risks shaping these dynamic economies. Could we be looking into a decade of emerging markets with probably the most interesting returns in the last 15 years? 

European reform proposals have the potential to fundamentally change the investment landscape across the Continent. While the Draghi Report provides a roadmap for European reforms, the path to implementation remains unclear. Join us as we discuss the implications of European reforms – both general and pension-specific – on the investment landscape. With retirement increasingly at the forefront of European reforms, as well as fiscal policy, it is important for investors to understand the market implications of these shifts in the retirement landscape. 

Geopolitics is increasingly influencing portfolio decisions. To avoid the risks associated with international conflicts, investors are shifting capital to friendlier jurisdictions, adjusting their allocations and relying on dynamic hedges. Underscoring the importance of recognizing growing geopolitical risks to rethink strategies in a rapidly changing world, with a particular focus on the potential impacts on passive portfolios, an insightful new report sheds light on how investors can embrace this new environment.

With investor interest in emerging market equities on the rise, the question is how best to capture the opportunity. These markets are inefficient, characterised by low analyst coverage, fragmented governance and liquidity gaps - all of which create opportunities for skilled stock-pickers.  

We will discuss the type of investment expertise and style required to navigate the complicated emerging market landscape, uncover opportunities and deliver long-term returns beyond what broad market exposure alone can offer. 

Several megatrends are driving insurers and pension funds to de-risk. Legislative changes, the convergence of insurance and asset management, an increasing focus on risk management, and the need for lifetime income solutions are leading to growing activity in risk transfer and longevity reinsurance. We’ll discuss these trends and some key factors driving market growth. 

Examine the investment case for European building decarbonisation, driven by the EU's Energy Performance of Buildings Directive requiring 60% emission reductions by 2030. With buildings consuming 40% of EU energy and 75% of building stock requiring efficiency upgrades, institutional investors face a rare convergence of regulatory certainty and attractive risk-adjusted returns through energy efficiency project debt. Can reaching Europe’s climate and energy security goals also strengthen competitiveness? 

In addition to the developments of AI, robotics, genomics and quantum computing that have already changed the way we live and work, blockchain technology is revolutionising the transfer and storage of value as we currently know it, with the potential to affect a third of the world's economy. We address the traction of blockchain technology and the significance of its role in the largest technological transformation in history.  

‘Buy or build?’ – a staple question for pension funds but a particularly relevant one as they wrestle with the investment dynamics in a world of cheap beta but one in which access to the best talent in areas like private markets could be a crucial differentiator of success 

Harold Clijsen – Chief Executive Officer, PGB 

Hear from insightful and sophisticated private market investors as they take you through their portfolios in an interactive session moderated by IPE’s private markets specialist editor