Church Commissioners for England, London, recorded a 10.4% investment return in 2020 driven by equities and some alternative assets, as its portfolio proved resilient to the coronavirus pandemic.
The pension fund said in a financial report published Tuesday that its investment return in 2019 was 10%. The fund's annual return over 10 years was 9.7%, above its target return of 9.5%.
Assets grew by 4.6% to £9.1 billion ($12.4 billion) at the end of 2020 from £8.7 billion at the end of 2019.
The fund's public equity portfolio, which constitutes 35.6% of assets, returned 18.3% as global equities benefited from the policy response to COVID-19, the report said.
The private equity and venture capital portfolio achieved a total return of 33.6% in the 12 months to Dec. 31. The private equity portfolio constituted 9.5% of all assets. The size of the venture capital portfolio was not provided.