Kuwait pension fund reports record annual performance

Kuwait’s Public Institution for Social Security saw annual return of 16.5% through March 31

  
Al Tijaria Tower, The Skyscraper Center, Kuwait City, Kuwait. Image used for illustrative purpose.

Al Tijaria Tower, The Skyscraper Center, Kuwait City, Kuwait. Image used for illustrative purpose.

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RIYADH: Kuwait’s Public Institution for Social Security (PIFSS) achieved its best annual performance ever with a 16.5 percent rate of return in the year to March 31.

The pension fund ended the fiscal year with $133.7 billion in assets, an increase of 20.9 percent on the year earlier period, it said in a statement on Wednesday. Cash now accounts for 4 percent of its investments, down from about 11.5 percent a year ago.

The performance reflects the fund’s “robust” investment policy and the record performance of capital markets, said Director General Meshal Al-Othman. “The management follows a conservative investment strategy well positioned to absorb and overcome expected fluctuations in international markets in the medium-term,” he said.

PIFSS owns 25 percent of Oak Hill Advisers and 10 percent of TowerBrook Capital Partners LP.

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