BELGIUM - Amonis, the €990m pension fund for Belgian medical professionals, appreciated by more than 9.6% net of fees last year.

Stellar performance from a real estate equities portfolio managed by Brussels-based Houlihan Rovers delivered more than 50%.

Mid-cap European equities and small cap European equities returned 29% and 25% respectively.

Large cap value added 16% while emerging markets appreciated 12%. Disappointment came from Japanese equities (-12%) and US small and mid-caps (-4.8%).

The fund's fixed income portfolio, which accounts for 42% of assets, ended the year flat, with no rise or fall in its value.

Amonis ventured into commodities and hedge funds in 2006, the latter via a managed account run by Key Asset Management.

Amonis chief financial officer and actuary, Tom Mergaerts told IPE that the robustness of the account had really come into its own in 2007. "There was not much volatility in the second half of last year but this year we have seen how well-diversified the underlying strategies and managers are," he said.

Since 1995, Amonis has delivered 11% annualised return net of fees.