UK - The £2bn J. Sainsbury Pension Scheme has revealed sharp falls in the value of its individual manager portfolios to the end of June.
The Sainsbury’s scheme – the first UK fund to provide regular investment updates via its website – has suffered negative performance from nearly all its 13 managers this year.
The worst performances came from its £146m State Street Global Advisors US Equity tracking mandate that fell by 18.8% in the six months to June 30, 2002.
Sainsbury’s actively managed funds suffered most with its £100m Black Rock European ex-UK mandate falling by 5.6% and its £33.5m Goldman Sachs European specialist mandate falling by 6.96%.
Fixed income mandates are currently the success story of the year with Sainsbury’s £320m allocation to global fixed income – invested with Deutsche Asset Management and Fischer Trees + Watts – all returning positive returns.
In total the scheme saw a fall in asset values of over 2% to the end of May 2002.
Adding further stock market falls to the end of July, the drop is likely to be far greater – the FTSE100 alone fell by about 20% over this time.
The 85,000 member Sainsbury’s scheme is advised by Watson Wyatt.
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