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National Pensions Reserve Fund
Quarterly Performance Statement
31 March 2012


1. Fund Asset Allocation at 31 March 2012


  €m % of
Discretionary
Portfolio
% of
Total Fund
Large Cap Equity
1,627
28.3%
 
Small Cap Equity
190
3.3%
 
Emerging Markets Equity
472
8.2%
 
Quoted Equity
2,288
39.8%
 
 
 
 
 
Value of Equity Put Options
189
3.3%
 
Eurozone inflation linked bonds
98
1.7%
 
Eurozone corporate bonds
321
5.6%
 
Cash
918
16.0%
 
Financial Assets
1,337
23.3%
 
Private Equity
723
12.6%
 
Property
485
8.4%
 
Commodities
284
4.9%
 
Infrastructure
272
4.7%
 
Absolute Return Funds
174
3.0%
 
Alternative Assets
1,938
33.7%
 
 
 
 
 
Total Discretionary Portfolio *
5,752
100%
38.1%
 
 
 
 
Directed Investments **
9,360
 
61.9%
 
 
 
 
Total Portfolio
15,112
 
100.0%

Notes:


*The Discretionary Portfolio comprises investments made by the Commission under the Fundís investment policy as set out in the National Pensions Reserve Fund Act 2000.

The NPRFís Discretionary Portfolio earned a preliminary return of +3.0 per cent in the first quarter of 2012.

Since the Fundís inception in April 2001, the Discretionary Portfolio has delivered an annualised return of +3.5 per cent per annum compared with +1.7 per cent per annum for the average Irish managed pension fund.

Information in respect of the NPRF is, in the case of direct quoted investments, based on valuation as of close of business on 30 March 2012 and, in the case of indirect investment vehicles, based on the most recently available valuations.

** The Directed Portfolio consists of public policy investments in Allied Irish Banks and Bank of Ireland that were undertaken on foot of directions from the Minister for Finance. Since 2009 the Fund has invested €20.7 billion in preference shares and ordinary shares in the two banks, comprising Bank of Ireland €4.7 billion (where the Fundís shareholding is 15.1 per cent) and Allied Irish Banks €16.0 billion (where the Fundís shareholding is 99.8 per cent).

At 30 March 2012 the Directed Portfolio was held at €9.4 billion pending completion of an independent valuation review of the Fundís investments in Allied Irish Banks and Bank of Ireland. The Fund has received a total of €2.0 billion in cash from Bank of Ireland preference share dividends, the repurchase of warrants by the Bank and the sale of ordinary shares to a consortium of private investors.

Information in respect of the NPRF is, in the case of direct quoted investments, based on valuation as of close of business on 30 March 2012 and, in the case of indirect investment vehicles, based on the most recently available valuations.

Figures are unaudited.

Returns are measured on a time-weighted basis. This eliminates the impact of external cash flows on performance.