IRELAND - The National Pensions Reserve Fund (NPRF) has reported a 14.9% return for the nine months to 30 September 2005, and a return of 6.5% for the quarter on the back of rallying equity markets.
This brings the total value of the fund, created to provide partial funding of Ireland’s pension costs from 2025, to e14.5m, an investment return of e1.8m for the year so far.
Michael Somers (pictured), chief executive of the National Treasury Management Agency, which manages the fund as agent of the NPRF commission, said Q3 returns had been driven by the continuation of the summer equity market rally into the autumn.
“A combination of strong corporate earnings and a low inflation and interest rate environment provided a favourable context in which markets responded,” he said.
The NPRF added that markets had now entered a volatile phase in the face of continuing high energy prices and tightening Federal Reserve policy.
Progress has also continued on the diversification of the fund’s investment base, which was announced in February 2005, said Somers.
The emerging markets equities programme began in September with an investment of e142m, or 1% of the fund’s value.The fund has a target allocation of 2% to emerging markets equities.
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On balance the asset class is well-positioned for 2019, according to Eaton Vance