NETHERLANDS - The €246m (US$355.6m) Dutch oil company pension fund Stichting Total Pensioenfonds sold its entire commodities portfolio earlier this year to capitalise on the profits it generated, chief investment officer Antoine Dellaert has revealed to MandateWire.
"We made so much profit that we were happy with it," Antoine Dellaert explained. "In hindsight it was just in time, about a week [before the value dropped]."
The fund has now also finalised its reallocations to alternatives.
In February this year, the pension fund told MandateWire it would further diversify into emerging markets and alternatives because of the good performance of these asset classes, but it is now doubtful it will be able to reproduce last year's good results, partly because of a high exposure to the Chinese market.
"We expected the Olympic games to give an upward jump, but that didn't happen. And we sold some property at the beginning of this year but the returns were pretty bad," Dellaert said.
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