NETHERLANDS - The pension fund of Dutch financial services group Rabobank made a return of 9.3% in 2004 – the same as 2003.

The overall coverage ratio at the end of 2004 rose to 133.4% - from 128.8% a year earlier.

The year saw its bond portfolio – 50% of total investments, or €3.3bn - return 7.3%, compared to 5% in 2003.

The €2.7bn equities portfolio returned 12.5%, compared to a benchmark return of 12.2% and a prior year figure of 17%. European equities returned 13% while international investments were up 6%.

Real estate yielded 11.6%, from 100% 12 months before. The scheme has 81,505 subscribers.

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