The following table presents the asset allocation as of 25.06.2025 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 07.03.2025.
| ASSET CLASS / STRATEGY | VALUE | % | TARGET | MIN | MAX |
| Cash/Liquidity | €4,650,771 | 0.2% | - | - | 1.0% |
| Cash at banks | €4,650,771 | 0.2% | |||
| Money markets/Liquidity | €235,503,824 | 8.5% | 8.0% | - | 10.0% |
| Amundi 3M-I | €235,503,824 | 8.5% | |||
| Bonds - Kosovo Treasuries/Stability | €153,288,722 | 5.5% | 8.0% | - | 25.0% |
| Kosovo Treasuries | €153,288,722 | 5.5% | |||
| Bonds - Investment Grade/Stability | €119,267,756 | 4.3% | 3.0% | - | 25.0% |
| Austrian Treasuries | €31,240,534 | 1.1% | |||
| Italian Treasuries | €30,373,977 | 1.1% | |||
| French Treasuries | €30,223,556 | 1.1% | |||
| Vanguard Eurozone Gov Bond ETF | €27,429,690 | 1.0% | |||
| Term deposits/Stability | €99,381,190 | 3.6% | 4.0% | - | 10.0% |
| Term Deposits | €99,381,190 | 3.6% | |||
| Multi-assets/Stability | €248,085,174 | 8.9% | 9.0% | - | 15.0% |
| Nordea SRF | €78,458,985 | 2.8% | |||
| Schroder ISF Global MA Bal | €63,638,707 | 2.3% | |||
| Blackrock Global Allocation | €62,558,757 | 2.2% | |||
| Allianz Dynamic Multi Asset | €43,428,725 | 1.6% | |||
| Real assets/Stability | €215,958,690 | 7.8% | 8.0% | - | 15.0% |
| GlobalX US Infr ETF | €75,222,862 | 2.7% | |||
| iShare US Infr ETF | €73,277,895 | 2.6% | |||
| iShare Resid. M-Factor Real Estate ETF | €27,260,167 | 1.0% | |||
| Data & Infra. Real Estate ETF | €25,559,639 | 0.9% | |||
| Global X Data Center & Digital Infrastructure ETF | €7,687,613 | 0.3% | |||
| iShares U.S. Digital Infrastructure and Real Estat | €6,950,513 | 0.2% | |||
| Real assets/Tactical | €23,021,393 | 0.8% | 1.0% | - | 20.0% |
| W.Tree Crude Oil ETF | €23,021,393 | 0.8% | |||
| Equities - Others/Tactical | €78,412,666 | 2.8% | - | - | 20.0% |
| Invesco QQQ ETF | €78,412,666 | 2.8% | |||
| Equities - Passive/Growth | €1,195,557,294 | 43.0% | 45.0% | 40.0% | 60.0% |
| Vanguard GSIF | €597,667,369 | 21.5% | |||
| Invesco S&P500 Eur Hedg ETF | €232,321,070 | 8.4% | |||
| iShare MSCI Eur Value ETF | €99,716,626 | 3.6% | |||
| Vanguard Value ETF | €68,490,881 | 2.5% | |||
| SPDR S&P Oil & Gas ETF | €48,622,381 | 1.7% | |||
| Amundi MSCI Eu QualFact | €43,330,191 | 1.6% | |||
| Amundi MSCI Japan ETF | €33,191,003 | 1.2% | |||
| SPDR SP Eur Div Aristocrats ETF | €29,875,813 | 1.1% | |||
| SPDR Russell 2000 US SmlCp ETF | €26,594,035 | 1.0% | |||
| SPDR EU Energy ETF | €15,747,925 | 0.6% | |||
| Equities - Active/Growth | €321,913,557 | 11.6% | 12.0% | 10.0% | 40.0% |
| Nordea GSE | €100,575,949 | 3.6% | |||
| Schroder Global Equity Alpha | €84,561,644 | 3.0% | |||
| JPM Global Select Equity I2 (acc) - EUR | €83,498,229 | 3.0% | |||
| Schroders Sustainable Growth | €53,277,735 | 1.9% | |||
| Equities - Thematic/Growth | €86,358,129 | 3.1% | 2.0% | - | 15.0% |
| iShares Listed Private Equity | €29,332,063 | 1.1% | |||
| BNP Paribas Funds Health Care Innovators | €25,729,359 | 0.9% | |||
| Future of Defence ETF | €15,652,007 | 0.6% | |||
| VanEck Defense ETF | €15,644,699 | 0.6% | |||
| ASSET CLASS ALLOCATION | €2,781,399,168 | €100% | |||
| Cash and money markets | €240,154,596 | 8.6% | 8.0% | - | 20.0% |
| Fixed income | €371,937,669 | 13.4% | 15.0% | - | 50.0% |
| Multi-assets | €248,085,174 | 8.9% | 9.0% | - | 35.0% |
| Real assets | €238,980,083 | 8.6% | 9.0% | - | 45.0% |
| Equities | €1,682,241,646 | 60.5% | 59.0% | 50.0% | 100.0% |
| STRATEGY ALLOCATION | €2,781,399,168 | 100% | |||
| Growth | €1,603,828,980 | 57.7% | 59.0% | 50.0% | 80.0% |
| Stability | €835,981,532 | 30.1% | 32.0% | - | 50.0% |
| Tactical | €101,434,059 | 3.6% | 1.0% | - | 20.0% |
| Liquidity | €240,154,596 | 8.6% | 8.0% | - | 10.0% |