PGGM pension plan, Zeist, Netherlands, reported an investment return of -6% for 2001, said Roderick Munsters, head of investments. The 52 billion euro (US$45.8 billion) plans return over five years was 10.9%. The worst-performing asset class last year was commodities, which returned -32.8%.
Mr. Munsters said the plan is not adjusting its asset allocation as a result of last years poor performance, though contributions will be increased this year. "Last year was bound to happen, it was in our investment models. We are also happy to enjoy the fat years, he said at the National Association of Pension Funds annual investment conference.