Dutch pension funds invested more in Europe and less in the United States last year, according to De Nederlandsche Bank (DNB).
Pension funds sold a net total of 30 billion euros in US bonds and shares. This included 18 billion euros in government and corporate bonds and 12 billion euros in shares. At the same time, funds bought 27 billion euros’ worth of European debt securities. European government bonds were particularly popular, accounting for 20 billion euros. Demand was strongest for German and Spanish government bonds, while French government bonds were sold.
European shares were also sold in large volumes over the year. DNB said this move fits a broader trend. Pension funds aim to keep a balance between shares and bonds in their portfolios. That balance had shifted in recent years due to rising share prices.
In total, pension funds sold 36 billion euros in shares last year. Of this amount, 5 billion euros are related to European shares.
@anp | NEWS BRAINPORT
