NETHERLANDS - The €1.9bn pension fund of TNO, the institute for applied technical research, saw its investments return 7.5% during the third quarter, taking its total return to 9% this year.
Equity was the pension fund's best performing asset class so far this year, with a return of 22.8%, followed by fixed income investments which delivered 13% in the first nine months of 2009.
The scheme's hedge fund investments returned 6.1% but property and private equity, in contrast, produced negative results of -7.4% and -2.7% respectively.
The TNO pension fund returned -2.8% and 4.3% on investments during the first and second quarters of this year.
Since the end of 2008, the cover ratio of the Rijswijk-based scheme has risen from 101% to 111.4%, which is almost 5 percentage points ahead of the target of its recovery plan, according to officials.
Elsewhere, the €4.1bn pension fund PDN of chemicals giant DSM has reported its cover ratio rose from 105% to 112% in the third quarter.
And the €6.9bn scheme for the retail sector (BD) said its funding ratio rose from 103% to 107%.
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