Stichting Pensioenfonds PGGM, Zeist, Netherlands, today reported an investment return of 10.9% for 2004, raising total assets for the year to 59.9 billion euros ($77.2 billion). The plan is now funded 111% of liabilities, up from 105% in 2003, plan officials said in a statement. Its commodity portfolio was its best performing asset class, posting a 20.9% return, followed by private equity with a 16.7% return. A currency hedging program returned 1.5 billion euros, or 3%.
Separately, the scheme on Thursday will release the results of a recent asset-liability study, said Ellen Habermehl, spokeswoman.