FRANCE - The Fonds de Réserve pour les Retraites (FRR) gained 2.6% during the first quarter, according to estimated and unaudited data supplied by the fund.
Its net annualised performance since its inception in June 2004 was 3.1%. FRR's assets under management grew to €34.5bn (US$44.8bn) from €26bn a year earlier.
In a statement, FRR said: "The first quarter was marked both by the confirmation that the global economy was undergoing a modest recovery, which supported the equity markets, and by volatility due in particular to concerns related to strategies for consolidating public finances, particularly within the Eurozone."
The fund has 46.8% of its portfolio invested in equities, 45% in fixed income and money market investments, 5% commodities and 3.2% real estate.
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