ABP, CalPERS post strong 2009 returns

The €208bn (US$293.1bn) ABP said the return for the second half of 2009 was 15.1%.

The scheme's coverage ratio was 104% at the end of 2009. The ratio had reached 109%, but had to be revised downward due to an increase in life expectancy, ABP said in a release.

The $207bn CalPERS' full-year results were weaker with returns of 11.8% in 2009. Returns were driven up by international equities, which gained 43% and global equities, 35%.

But real estate dragged on returns. The asset class lost 47% in the first nine months of 2009, the most recent data available for those investments.

Chief investment officer Joe Dear said: "We took some very tough medicine in real estate last year. But our team is making sure we apply the lessons we learned. We're aggressively examining our portfolio and getting rid of the investments that don't meet our expectations."

Dear said staff are looking for opportunities in income-generating properties that they believe can be found at a discount.

Separately, the New Zealand Superannuation Fund reported its returns for the month of December. The NZ$15.96bn (US$11.5bn) scheme returned 2.4% for the month.