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to the revised strategy
At its 11th Meeting on 25.9.08, the Supervisory Board discussed the transition from the initial strategy towards
the revised strategy. The Board decided to spread the transition over a period of 24 months, with a
possibility to review this period if justified by the circumstances. In the light of the uncertainties associated
with the financial crisis, it was decided not to proceed straight away with the move from government bonds to
equities, but to maintain the government bonds positions acquired until then. The September and October
receipts of the Fund were invested in full in cash deposits and as from November, 50% of the receipts were
invested in eurozone equities and 50% in cash deposits.
T he revised investment strategy provides for 10% to 15% of assets to be invested in corporate bonds. In
the last quarter of 2008, corporate bonds interest rates increased considerably compared with the rates applying
to government bonds, to levels considered excessive with regard to the risks associated with this type
Aset category Lower limit
Target
allocation
Upper limit
Equities – Eurozone 16% 20% 24%
Equities – developed markets non-euro 12% 15% 18%
Equities – emerging markets 8% 10% 12%
EQUITY 40% 45% 50%
Euro government bonds 30% 32% 35%
Euro corporate bonds 10% 12% 15%
BONDS 40% 44% 50%
REAL ESTATE 8% 10% 12%
CASH 1% 1% 10%
TOTAL 100%
EUROCONTROL Pension Fund ANNUAL REPORT 2008 7
of investment, presenting a good opportunity to invest in corporate bonds. At the end of November the Board
approved the transfer, over three months, from government bonds to investment grade bonds (high quality
corporate bonds), for an equivalent of 12% of the Fund’s assets.
As a result, at the end of 2008, the assets allocation was still very defensive, with 80% bonds, 15% equities, and
5% deposits, as set out in the table and chart hereafter.
Assets of the Fund at 31.12.08
Category Amount (in M€) Proportion
World equities (industrialised countries) 46 13%
Eurozone equities 7 2%
EQUITIES 53 15%
Euro government bonds 269 76%
Euro corporate bonds 13 4%
BONDS 282 80%
CASH DEPOSITS 18 5%
TOTAL ASSETS 353 100%
110
120
130
Performance of equities and bonds
2008
Bonds
281.707.825
80%
Assets allocation 31.12.2008
World equities
(industrialsed countries)
Euro corporate bonds 13%
4%
Euro government bonds
76%
Cash deposits
5%
Eurozone
equities
2%
8 EUROCONTROL Pension Fund ANNUAL REPORT 2008
Performance:
excellent resistance to the crisis (-1.4%)
In the course of 2008, the Fund’s investments depreciated by - 1.4%. The bonds were 9% up, equities were
38% down, and the return from deposits was 4%.
The increased risk aversion and fears of deflation caused long-term rates on government bonds to drop, which
resulted in a rise in the market value of existing bonds by 9% in the course of the last quarter of 2008. At the
end of December 2008, the reference rate for 10-year government bonds in the Eurozone was 3.89%, as
compared to 4.38% one year earlier.
As a result of the financial crisis and lower profit forecasts, stock markets lost more than 50% by the end of
2008 compared with their peaks in the summer of 2007, including a fall of some 40% in 2008, largely over the
autumn, which explains the 38% drop in the value of equity investments held by the Fund.
The average return on the Fund’s cash deposits was 4% in 2008. The Euribor one month rate increased from
4.24% at the beginning of the year to 5.20% at the beginning of October, then fell back sharply to 2.60% at
the end of December.
From the creation of the Fund on 1.1.05 to 31.12.08, M€ 348.6 were invested. The market value of these
investments at 31.12.08 amounted to M€ 353.4 and was thus higher than the acquisition value. The Fund has
therefore held up well to this period of crisis. By way of a comparison, the OECD announced that the average
performance of pension funds in the OECD zone was -20% in 2008.
60
70
80
90
100
110
120
130
Equities Bonds Performance Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
220
240
260
280
300
320
340
360
380
Market Value
Acquisition value
Pension Fund's investments
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
0
200
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