NETHERLANDS - PGGM and PME have achieved good returns on commodities despite turbulence on financial markets.
PME now has a funding ratio of 136% and its returns for the third quarter were 3.2%. Commodities performed best at 15.6% for the quarter and equities and fixed income performed worst at 0.7%.
PGGM achieved an investment return of 2.6% in the third quarter of 2007, again commodities performed well at 10.8%, benefiting from high oil prices. Equities (0.4%) did not perform as well during the quarter.
Else Bos, CEO investments at PGGM said: “In turbulent times like these, a strongly diversified portfolio has once again proven its worth in a volatile market."
Bos continued: "Because substantial price falls in parts of our portfolio were offset by gains on other investments, the sub prime crisis has had little net effect on our cover ratio.”
PGGM’s invested capital increased by €2.6bn on the second quarter of 2007, to over €88bn.
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