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National Pensions Reserve Fund
Quarterly Performance Statement
30 September 2010


1. Fund Performance


 
3 Months 1 July to 30 September 2010
Year To Date 1 January to 30 September 2010
 
%
%
Discretionary Portfolio
3.6
6.0
Directed Investments
-2.5
1.9
Total Fund
1.9
4.9

2. Fund Asset Allocation at 30 September 2010


  €m % of
Discretionary
Portfolio
% of
Total Fund
Large Cap Equity
7,104
39.7%
 
Small Cap Equity
863
4.8%
 
Emerging Markets Equity
1,796
10.0%
 
Quoted Equity
9,764
54.6%
 
Eurozone government bonds
150
0.8%
 
Eurozone inflation linked bonds
99
0.6%
 
Eurozone corporate bonds
1,164
6.5%
 
Cash
4,140
23.1%
 
Financial Assets
5,553
31.0%
 
Private Equity
805
4.5%
 
Property
828
4.6%
 
Commodities
453
2.5%
 
Infrastructure
292
1.6%
 
Absolute Return Funds
201
1.1%
 
Alternative Assets
2,581
14.4%
 
 
 
 
 
Total Discretionary Portfolio
17,897
100%
73.0%
 
 
 
 
Directed Investments
6,615
 
27.0%
 
 
 
 
Total Portfolio
24,512
 
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 Directed Investments comprise preference shares and ordinary shares in Bank of Ireland and Allied Irish Banks plc (including dividends on preference shares received in the form of ordinary shares). They also comprise warrants which give an option to purchase up to 21.4% of the enlarged ordinary share capital of Allied Irish Banks plc following exercise of the warrants. The investments were made by the Commission for the purposes of bank recapitalisation at the direction of the Minister for Finance under the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009. Preference shares are valued at par, warrants are valued at zero and ordinary shares are marked to market.

Figures are unaudited.

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

Asset allocation is based on amounts allocated to each investment manager and includes cash and other net assets held.