PORTUGAL – Portuguese pension funds narrowly remained in positive territory for the second quarter of 2001 with the median return coming out at 0.3%, according to figures produced by consultant Watson Wyatt.

The range of performance ran from –0.1% to 1%, the survey notes.

The Watson Wyatt SEMP survey covers 178 pension funds – including segregated funds, pooled funds and third pillar savings plans, and managed by 13 pension fund managers.

It represents some 92% of the total market value of all pension funds in Portugal.

Last year’s pension fund returns also just scraped into the black - recording an average of 1.1% for the year.