NETHERLANDS – SPW, the industry-wide pension fund for housing corporations in the Netherlands, returned 3.6% during the third quarter, outperforming its benchmark by 0.3 percentage points.

However, the result included a loss of 0.4 percentage points, due primarily to a negative performance on its equity options.

Commodities, SPW’s best performing asset class, returned 11.2%.

Equity, fixed income and alternative inflation holdings generated 5.9%, 3% and 5.1%, respectively.

The pension fund also reported returns of 1%, 1.3% and 0.5% on property, private equity and hedge funds.

With a loss of 3%, infrastructure was SPW’s worst performing holding over the period.

SPW’s coverage ratio was 104% at the end of October, down by 0.2 percentage points since the end of the third quarter.