NETHERLANDS - PME generated a return of 19% year to end December 2005, beating returns at ABP and PGGM by a significant margin.
ABP and PGGM have reported year to date returns of 12.8% and 16.3% respectively.
PME earned a Q4 investment return of 2.6%, ABP returned 1.8% in Q4, and PGGM returned 2.5% in Q4 against 6.2% in Q3.
Invested capital at PME increased by e3bn to e19.2bn over 2005, which the pension fund said covered its pension obligations.
At ABP total assets increased by e22.6bn from e168.1bn at end 2004 to e190.7bn by end Dec 05.
PGGM said its invested capital had increased from e69.3bn to e71.5bn at end December 2005.
Private equity was PGGM’s best performing asset class in Q4, with an 8% return. It was also the fund’s best-performing asset class of 2005 with a 33.5% return.
Commodities at PGGM did not perform as well as in previous quarters, returning -13.8% in Q4, which PGGM said reflected falling oil prices. However to year end 2005 the asset class returned 26.9%
Else Bos (pictured), PGGM’s managing director of investments, said: “The non-traditional asset classes, especially commodities and private equity, which have a relatively important weighting in the PGGM portfolio, did particularly well.”
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