FRANCE - The French reserve fund FRR (Fonds de Réserve pour les Retraites) has revealed a performance of 12.5% net of fees from its total asset allocation during 2005, and 15.7% since the fund was established in April 2003.
In a statement the FRR said it had been able to take advantage of the “excellent conditions that prevailed in the European equity markets.”
Results for 2005 also show the fund remains heavily invested in money market funds as it waits for an appropriate time to become fully invested in bonds. It currently has only 16.5% of its assets in bonds against a stated target of 45%.
The fund’s total assets under management grew from e23.4bn in the first half of 2005 to e26.6bn by the end of the year.
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