BELGIUM - The e950m Amonis pension fund for medical professionals in Belgium has reported an 18.74% net investment return for 2005.
According to the pension fund, the return was mainly due to its positions in large caps, emerging markets and real estate.
However, it added that the allocation to Japanese equity, with a return of 54%, and the exposure to small cap equity, also made substantial contributions to the return.
The second biggest pension fund in Belgium, Amonis’ investment portfolio consists of diversified positions in 10 different asset classes, including Europe small cap equity (4%), Japan mid cap growth equity (3.5%), global large cap value equity (10%), emerging markets equity (10%), corporate bonds (15%), mid cap Europe growth equity (4%), government bonds euro (27.5%), global large cap growth equity (10%), real estate (9%), US - Canada mid cap equity (3.5%), and cash (3.5%).
Gross return was 20.1%, and the active currency overlay programme decreased return by 136 basis points.Since inception, from 31 December 1994 to 31 December 2005, the fund has reached a net-annualised return including currency overlay of 11.11%, compared to the gross policy benchmark return of 10.18%.
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