PORTUGAL - Portuguese pension funds returned negative 0.1% for February on the back of poor results in fixed rate securities and Portuguese equities, according to Watson Wyatt.
The result was the first monthly fall since July 2004 and followed a return of 1.7% in January.
“Main positive contributions came from other Euro and international equities (circa 13% of total portfolio), while the negative results were influenced by fixed rate securities and Portuguese equities (circa 52% of total portfolio),” Watson Wyatt said.
The firm said during February most equity markets, excluding Portugal, showed positive results, stimulated mainly by “macro and micro economic favourable news”.
“The domestic market, going against the trend, lost 1.5%,” Watson Wyatt noted. “The oil price increased again (some 13% in the month), as a consequence of the fall in US reserves and bad weather conditions (24% of accumulated gains since the beginning of 2005).
“On the economic front, the new requests for unemployment subsidies in the US decreased to a record low over the past 4 years, while the Euro zone showed a historically high unemployment level (8.9% in December).
The return for Portuguese pension funds in the first two months of 2005 stands at 1.6%.
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