FRANCE - The Fonds de Réserve pour les Retraites (FRR) posted a decline of its cumulative performance of 6.5% for the first quarter of 2009.
It added the weight of equities in its portfolio has gone from 49% to 47.7% since the end of 2008, while bonds have gone from 36% to 36.5%. It also said investment in other assets, commodities in particular, has gone from 1 to 3.5%. The percentage invested in monetary assets has gone from 14% to 12.3%.
The pension manager moved to a more conservative investment strategy in 2008 as it tried to reduce risk during volatile markets. FRR's equity allocation, for example, was 64.5% at year end 2007, but has since been cut back.
Data showed the fund lost 1.2% since its inception in June 2004.
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