During statements delivered today at the premises of the Kosovo Pension Savings Trust, Managing Director Adrian Zalli and Chairman of the Board Emanuel Bajra addressed the decline in global financial markets following tariffs imposed by U.S. President Donald Trump, the Trust’s long-term investment strategy, age-based risk allocation, and institutional efforts to preserve performance, reduce fees, and sustainably manage contributors’ assets.
The Managing Director of the Kosovo Pension Savings Trust, Adrian Zalli, spoke about the market downturn during April, when the tariffs were implemented, emphasizing that while global markets recorded declines of up to 20 percent, the Trust experienced a decrease of only around 7 percent.
“This reflects the distribution of risk according to age groups. Younger contributors can take on higher risk because they remain in the system longer, whereas for those nearing retirement, risk exposure is effectively zero. Financial markets are historically unpredictable by nature. An unexpected tariff emerges, and markets naturally react, as they did in March and April. However, when viewed in the long term, this has always been our investment strategy. We do not invest for the following year; our strategy is five-year-based. As outlined in the strategy published on our website, this is a structured and systematic approach,” Zalli emphasized.
Emanuel Bajra, Chairman of the Board of the Kosovo Pension Savings Trust, shared further details regarding the challenges and work of the institution, highlighting the difficulties of operating within an ecosystem characterized by extremely passive mandates, as well as the efforts undertaken to maintain performance and sustainable management.
“If you have noticed the fees, we have achieved fee reductions, asset growth, and solid performance. This combination required significant effort—fighting inflation, uncertainty, and the belief that Kosovo’s contributors deserve better. Currently, our investment management fees stand at 0.30 percent, while operational fees are 0.47 percent, the lowest levels ever recorded historically. This has been achieved through highly focused budget management, not only by the Board but also by the management team, with a strong emphasis on performance. As an institution, we carry these mandates historically and are obliged to do so, but sometimes we must go beyond our comfort zone. Operating in an ecosystem with extremely passive mandates is very challenging, yet through targeted tactics we have managed to introduce dynamism—and this is the result,” Bajra stated.
Representatives of the Kosovo Pension Savings Trust stressed that financial market volatility, driven by unpredictable global factors, has also affected the Trust’s investments, but with a significantly smaller decline compared to international markets.
They underlined that the Trust’s investment strategy remains long-term oriented, with careful age-based risk management, historically low fees, and a continuous focus on protecting and growing contributors’ savings, despite economic challenges and global uncertainties.
