The Pension Fund realised a return on equities of 56.7% negative in 2008. On fixed-income investments the return was 9.1% negative. Overall returns for 2008 amounted to 43.3% negative. The Pension Fund benchmark was 26.8% negative. The funding ratio (on the basis of the market rate of interest) dencreased to 80% as of end 2008 (July 2009). Elsewhere you can find the most recent information about the funding ratio. |
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The Pension Fund is susceptible to exchange rate risks because it invests in different areas of the world: these risks are fluctuations in the value of foreign currency against the Euro that influence the value in Euros of investments made in those foreign currencies. The Pension Fund hedges in full against exchange rate risks for the principal non-euro currencies. Consequently, fluctuations in the values of these currencies relative to the euro will not affect the value of Pension Fund investments. |
