NETHERLANDS - Dutch pension fund PNO Media awarded a US$146m global emerging markets equity mandate to Principal Global Investors.
The portfolio will be benchmarked against the Morgan Stanley Capital International (MSCI) emerging markets index, Principal head of institutional sales for Benelux & Scandinavia Ulrika Bergman confirmed.
According to data by eVestment Alliance, Principal's emerging markets portfolio returned 2.04% in the three years ended June 30, underperforming the benchmark by 92 basis points.
However, five-year returns were stronger. The strategy was up 16.29% in the five-year period, beating the benchmark by 158 basis points.
Officials at PNO could not be reached for comment.
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