PORTUGAL – Watson Wyatt estimates Portuguese pension returns at +6.9% for the first 11 months of the year.

The firm says it expects non-annualised returns for October at +0.8%, November at +0.7% - with the year-to-date figure at +6.9%

“The compounding of SEMP's closing average asset allocation as at the end of September with the corresponding indices' monthly returns produced an expected average return of +0,7% (month-on-month) for Portuguese pension funds,” Watson said in a release.

“Main positive contributions came from European equities' exposure (including Portugal, close to 21% of the total portfolio).”

Actual returns for the first quarter, second and third quarters were –0.9%, +4.8% and +1.4% respectively. For the nine months to the end of September they were +5.4%.