FRANCE - The total assets of the French Pensions Reserve Fund, Fonds De Reserve Pour Les Retraites (FRR) registered a return of -2.3% in the second quarter of 2006.
In spite of the “strong and sudden” downward correction in the equity markets from May, the FRR said its equity mandates progressed overall.
They outperformed their FTSE GEIS benchmark and, over the first six months of 2006, registered a return of 2.8%.
The FRR’s bond investments on the other hand generated a return of -4.4% within this same period.
By activating its bond mandates gradually, in view of the unacceptably low yields, to date, the fund said it had succeeded in limiting the impact of the deteriorating global bond market climate which saw rising long term interest rates over the last six months.
By Angele Spiteri Paris
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