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Irish pension funds make gains in July

Friday, August 01 14:49:37

The Aon Hewitt Managed Fund Index, an index of traditional Irish pension managed funds, increased by 0.4pc in July.

This has contributed to the index delivering a positive return of 7.4pc since the beginning of the year, it said.

Global equity markets rose in July with the FTSE All World Index increasing +1.1pc in euro terms. Asia Pacific ex Japan was the best performing region in euro terms returning +5.5pc, while FTSE All World Eurobloc was the worst performing index, returning -3.4pc in euro terms.

Investors largely ignored geopolitical risks and focused on fundamentals, such as strong US Q2 earnings reports and positive economic data including the US June unemployment rate falling to 6.1pc which is the lowest level since September 2008, rather than geopolitical concerns such as the Ukrainian crisis which continued to dominate news headlines," commented Darragh Gavin, Investment Consultant with Aon Hewitt.

Eurozone government bonds experienced a strong month again in July. The German 10 year Bund yield hit a record low to finish at 1.19pc, a decrease of 6bps over the month, while the French 10 year bond yield fell 2 bps to 1.57pc. Peripheral Eurozone bond yields also fell over the month with the Spanish 10 year bond yield falling 14 bps to 2.53pc. "Irish Defined Benefit pension schemes will have seen their liabilities increase again in July given the continuing fall in core Eurozone government bond yields leading to a decrease in their funding levels, with the increase in liabilities not being fully offset by the gains in global equities," added Mr Gavin.

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