NETHERLANDS – Stichting Pensioenfonds ABP, Europe’s largest pension fund, got even bigger in the third quarter – growing by €8.6bn to €186.9bn with a 4.6% investment return.

The result took the civil service scheme’s return to +10.8% in the first nine months. It has grown by €18.8bn in that period.

Investment chief Roderick Munsters said the scheme has returned 39.8% in the past two and a half years – although this would be difficult to maintain.

Heerlen-based ABP added that its coverage ratio has improved to 120% at nominal interest rates.

Other large Dutch schemes reporting their third-quarter returns today included PGGM, PME and PMT.

Health care fund PGGM retuned 6% in the quarter – with commodities earning 23.3%. Equities and real estate returned 8.5% and 5.5% respectively. The year-to-date return is 13.3% and the coverage ratio 117%.

“I consider the past quarter as exceptionally good, since all major asset classes contributed positive and impressive returns in almost all the markets the fund invests in,” said director of investments Else Bos. PGGM has grown to €69.3bn, a rise of €4.6bn over the second quarter.

PME, Bedrijfstakpensioenfonds voor de Metalektro, also returned 6% in the quarter – taking its nine-month return to 16% so far. The coverage ratio is now 127%.

PMT, Pensioenfonds Metaal en Techniek, earned 6.4% on its investments in the third quarter. This took its cumulative return to 15.1% for the nine-month period. The coverage ratio is 120%.

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