The following table presents the asset allocation as of 16.09.2025 vs the strategic allocation in force on this date. The targets and the ranges of the strategic allocation presented here, were approved by the Governing Board on 05.09.2025.
| ASSET CLASS / STRATEGY | VALUE | % | TARGET | MIN | MAX |
| Cash/Liquidity | €76,411,169 | 2.6% | - | - | 1.0% |
| Cash at banks | €76,411,169 | 2.6% | |||
| Money markets/Liquidity | €256,656,838 | 8.6% | 8.0% | - | 10.0% |
| Amundi 3M-I | €256,656,838 | 8.6% | |||
| Bonds - Kosovo Treasuries/Stability | €125,055,858 | 4.2% | 8.0% | - | 25.0% |
| Kosovo Treasuries | €125,055,858 | 4.2% | |||
| Bonds - Investment Grade/Stability | €119,373,994 | 4.0% | 3.0% | - | 25.0% |
| Austrian Treasuries | €31,439,874 | 1.1% | |||
| French Treasuries | €30,456,167 | 1.0% | |||
| Italian Treasuries | €30,088,404 | 1.0% | |||
| Vanguard Eurozone Gov Bond ETF | €27,389,549 | 0.9% | |||
| Term deposits/Stability | €149,066,666 | 5.0% | 4.0% | - | 10.0% |
| Term Deposits | €149,066,666 | 5.0% | |||
| Multi-assets/Stability | €257,327,866 | 8.6% | 9.0% | - | 15.0% |
| Nordea SRF | €79,625,724 | 2.7% | |||
| Schroder ISF Global MA Bal | €66,160,230 | 2.2% | |||
| Blackrock Global Allocation | €64,832,176 | 2.2% | |||
| Allianz Dynamic Multi Asset | €46,709,737 | 1.6% | |||
| Real assets/Stability | €224,673,168 | 7.6% | 8.0% | - | 15.0% |
| GlobalX US Infr ETF | €80,171,469 | 2.7% | |||
| iShare US Infr ETF | €76,710,435 | 2.6% | |||
| iShare Resid. M-Factor Real Estate ETF | €27,219,482 | 0.9% | |||
| Global X Data Center & Digital Infrastructure ETF | €18,601,707 | 0.6% | |||
| Data & Infra. Real Estate ETF | €14,748,538 | 0.5% | |||
| iShares U.S. Digital Infrastructure and Real Estat | €7,221,538 | 0.2% | |||
| Real assets/Tactical | €63,791,676 | 2.1% | 1.0% | - | 20.0% |
| W.Tree Physical Gold ETF | €40,388,445 | 1.4% | |||
| W.Tree Crude Oil ETF | €23,403,231 | 0.8% | |||
| Equities - Passive/Growth | €1,209,498,952 | 40.7% | 45.0% | 40.0% | 60.0% |
| Vanguard GSIF | €642,350,784 | 21.6% | |||
| Invesco S&P500 Eur Hedg ETF | €250,440,296 | 8.4% | |||
| iShare MSCI Eur Value ETF | €105,537,900 | 3.5% | |||
| Vanguard Value ETF | €70,778,692 | 2.4% | |||
| Amundi MSCI Eu QualFact | €43,562,288 | 1.5% | |||
| Amundi MSCI Japan ETF | €37,609,116 | 1.3% | |||
| SPDR SP Eur Div Aristocrats ETF | €30,031,300 | 1.0% | |||
| SPDR Russell 2000 US SmlCp ETF | €29,188,575 | 1.0% | |||
| Equities - Active/Growth | €335,266,730 | 11.3% | 12.0% | 10.0% | 40.0% |
| Nordea GSE | €101,440,076 | 3.4% | |||
| Schroder Global Equity Alpha | €89,435,454 | 3.0% | |||
| JPM Global Select Equity €H | €87,778,365 | 3.0% | |||
| Schroders Sustainable Growth | €56,612,834 | 1.9% | |||
| Equities - Thematic/Growth | €158,029,261 | 5.3% | 2.0% | - | 15.0% |
| SPDR S&P Oil & Gas ETF | €50,436,791 | 1.7% | |||
| iShares Listed Private Equity | €30,934,537 | 1.0% | |||
| BNP Healthcare Innovators | €26,401,808 | 0.9% | |||
| VanEck Defense ETF | €17,183,305 | 0.6% | |||
| SPDR EU Energy ETF | €16,735,384 | 0.6% | |||
| Future of Defence ETF | €16,337,437 | 0.5% | |||
| ASSET CLASS ALLOCATION | €2,975,152,179 | €100% | |||
| Cash and money markets | €333,068,008 | 11.2% | 8.0% | - | 20.0% |
| Fixed income | €393,496,518 | 13.2% | 15.0% | - | 50.0% |
| Multi-assets | €257,327,866 | 8.6% | 9.0% | - | 35.0% |
| Real assets | €288,464,844 | 9.7% | 9.0% | - | 45.0% |
| Equities | €1,702,794,943 | 57.2% | 59.0% | 50.0% | 100.0% |
| STRATEGY ALLOCATION | €2,975,152,179 | 100% | |||
| Growth | €1,702,794,943 | 57.2% | 59.0% | 50.0% | 80.0% |
| Stability | €875,497,552 | 29.4% | 32.0% | - | 50.0% |
| Tactical | €63,791,676 | 2.1% | 1.0% | - | 20.0% |
| Liquidity | €333,068,008 | 11.2% | 8.0% | - | 10.0% |