PORTUGAL- Pension funds posted a median return of 0.8% during the third quarter, or a weighted average return of 1.2%, according to Watson Wyatt. Year to date returns for pension funds has been 3.2% median and 4.9% weighted.
Higher oil prices and their impact on global inflation, interest rates and the pace of economic growth and concens over terrorism combined to depress equity returns in Portuguese pension fund portfolios, Watson Wyatt reported in its quarterly study.
Directly held property provided the best return - 2.5% - during the third quarter, with Euro public debt returning 1.9%, “other” euro bonds returning 1.5% and Portuguese equities at 1.7%. Non-Portuguese European equities and international equities had the poorest return, with -1.9% each. Portuguese pension funds held 25.9% in Euro public debt, 7.6% in “other” Euro debt and 15.9% in Portuguese equities.
The market value of funds to the end of the third quarter was e14.5m, representing about 87% of total market value of pension funds.
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