PORTUGAL - Portuguese pension funds reported a 0.3% return in June, with main positive contributions from domestic equities, 36% of the total portfolio.
Consulting firm Watson Wyatt said the compounding of SEMP's average asset allocation as at the end of March 2006 with the corresponding indices' monthly returns produced an expected average return of 0.3% (month on month).
Expected returns, non-annualised, were -0.3% in April 2006, -1.7% in May 2006, 0.3% in June 2006, -1.7% in the second quarter of 2006 and 1.9% in the six months to 30 June 2006.
Actual returns were 9.2% in 2005 and 3.7% in the first quarter of 2006.
By Lisa Haines
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