FRANCE - The FRR (Fonds de Réserve pour les Retraites, French Pensions Reserve Fund) posted a 4.3% return for the first quarter of 2006 with assets rising to e28.1bn.
This up from e26.6bn at the close of 2005 with good performance in the first quarter attributed to “continued benefit from excellent stock market conditions, particularly in Europe.”
At 31 March, the FRR was invested 23.8% (e6.7bn) in the cash and money market. The remaining 76.2% (e21.4bn) was invested in marketable securities. Of these, 2.9% was in non-euro bonds, 15.7% in euro bonds, 16.7% in non-euro equities and 40.9% in euro equities.
Performance of total assets since inception in 2004 was 20.6%.
By Lisa Haines
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