Varma Mutual Pension Insurance Co., Helsinki, posted a 6.9% return on its investments for the first half of 2019, ended June 30.
An update Friday said the Finnish pension company's gain equaled €3 billion ($3.3 billion) in six months. Assets increased 5.7% to €46.5 billion from Dec. 31.
"Returns were good in the first half of the year, despite the clear increase in uncertainty in the real economy," CEO Risto Murto said in a news release.
For the six months ended June 30, the largest return by asset class was in listed equity, which gained 12.5% for the two quarters vs. 3.3% for the first half of 2018. The equity allocation stood at €20.2 billion.
The €13.3 billion bond allocation returned 3.5% for the six months ended June 30, compared with a loss of 1.5% in the first half of 2018.
Private equity added 4.5% in the first six months of the year and stood at €4.5 billion, compared with a 7.8% return in the same period a year earlier.
Real estate, at €4 billion, gained 1.9% in six months compared with 2.7% in the first quarter of 2018. The hedge fund allocation added 3.1% in the period with assets of €8.9 billion, down slightly from 3.4% a year earlier.
The ongoing U.S.-China trade poses threats that could have long-lasting affects on the Finnish economy, Mr. Murto said in the release. "An escalating trade war and decelerating global industrial production will inevitably come down on Finland's economic growth," he said. "At the same time, the revitalizing power of a low-interest economy will weaken."