SWITZERLAND - Swiss institutional funds had a poor first half of the year, with an average unweighted return of -5.46%, according to the Lusenti Partners annual Swiss Institutional survey.
Only real estate - both direct and indirect - and commodities delivered positive results.
Hedge funds and private equity both delivered negative average results of -4.6% and -2.7% respectively, while Swiss Franc denominated bonds acted as a 'refuge' for wary investors.
The survey said preliminary results taking into account movements through the third quarter showed a deterioration in returns, with an unweighted return in the region of -6%.
The survey added a 'typical' asset allocation lost about 3% in September alone, although over the third quarter this would have been reduced to -0.6%.
Coverage ratios also fell, from an average of 113.6% at the end of the first half of 2007 to an average of 105%
However, despite the level of volatility on the markets, investors said this "had not called into doubt" their investment to equities.
Newspaper reports indicate Canadian funds have also fared poorly over the year.
According to various news outlets, Mercer has indicated Canadian funds lost an average of 7.9% during Q3, the worst quarter's performance since Q3 in 1998 when the average fund lost 9.1%.
The average Canadian plan, Mercer said, had a funding ratio of 72% at the end of Q3, although this recently dropped to 70%.
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