BLPK returns -14.78%
SWITZERLAND - The Basellandschaftliche Pensionskasse (BLPK) saw its assets plunge to CHF4.3bn (€2.9bn) from CHF5.2bn the year before following a return of -14.78%.
The funding level of the public Pensionskasse for the Swiss canton of Basel-Land dropped from 93.4% to 75.5%. (See earlier IPE story: BLPK at top end of Swiss performers)
However, the fund noted its cashflow has remained positive which allowed it to pay out the pensions without having to sell off assets.
The BLPK is currently working on a strategy overhaul, which had been started before the crisis began last year and in the course of which a report is to be presented to the regional government of the canton this summer.
Furthermore, the pensionskasse has commissioned an ALM study.
Hans Peter Simeon, chairman of the BLPK management, argued the fund’s regular review of its investments was an advantage as it “gives the BLPK a headstart in the current financial situation and prevented a flight into taking measures too hastily”.
In January the BLPK’s portfolio returned -1.28% and the pensionskasse expects the markets to stay volatile for a while longer.
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