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Austrian pensionskassen return 3.28% - OeKB

AUSTRIA - Austrian pensionskassen returned an average of 3.28% in the first half of 2004, according to the Austrian Control Bank (OeKB).

Corporate pension funds, betriebliche pensionskassen, have reported a 3.56% performance compared with the 3.21% of industry-wide pension funds, Ueberbetribliche Pensionskassen.

On average pension funds have invested about 14% in European equities and about 20% in non-European equities. Bonds, cash, the credit market make up for 64.4% of a typical portfolio, while real estate investments amount to 1.18% says the OekB, which acts as the country’s export credit agency.

The OeKB has analysed pension funds’ performance splitting them in five categories according to the funds’ attitude to risk: defensive, with an allocation to equities up to 16%, conservative, allocating between 16 and 24%, balanced, 24% to 32%, active, 32% to 40% and dynamic with 40% and more.

A ‘defensive’ pension fund has had an average return of 1.68% and has invested about 80% of its assets in bonds, cash and the credit market in Europe, about six per cent in real estate and abut 15% in European and non European equities.

In a ‘conservative’ pension fund the allocation has amounted to about 23% in equities, 70% in bonds, cash and credits in Europe and about three per cent in non-European markets. Real estate allocation amounts to 2.66%. Returns have averaged three per cent.

Balanced portfolios have yielded 2.99% since the beginning of the year. The allocation has consisted of equities: 13.2% in European markets, 18.1% in non-European markets. Bonds, cash and credit markets investments make up about 68% in European and non-European markets and real estate 1.14%.

‘Active’ portfolios have has a 3.36% performance with an allocation to equities, about 36%, bonds and cash, about 62% and real estate 1.17%.

The ‘dynamic’ group has returned 3.14% with an allocation to real estate amounting to 1.19%, bond and cash, about 56% and equities, about 43%.

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