Stichting Pensioenfonds Shell, The Hague, Netherlands, returned 14.8% on investments in 2010, topping its custom benchmark by 1.4 percentage points for the calendar year, according to the fund's annual report.
Equities were the €17.4 billion ($24.7 billion) fund's top-performing asset class at 18.6% for the year. That was also 1.4 percentage points better than its custom equity benchmark.
“Active management of equity portfolios with the emphasis on small-cap equities … contributed to these good returns,” the report said.
Alternatives, which include private equity, returned 15% but trailed their benchmark by 2.3 percentage points. Bonds earned 11.7%, 2.7 percentage points ahead of its benchmark, while hedge funds returned 7.5%, 0.6 percentage points better than its benchmark.