5/1/2009
By Sophie Baker
Polish open pension funds OFE have recorded a negative rate of return of 14 per cent for 2008.
The market watchdog also said that, between January and December 2008, OFE lost zl.21.5bn.
The loss is almost equal to the value of all funds transferred to OFE by the Social Insurance Office (ZUS), which stood at zl.20bn.
Grzegorz Zubrzycki, PTE Allianz management board member, said: "By the middle of the year, the debenture element of funds' portfolio was less significant, but its importance rose in the second half of the year.
"In December the best results were achieved by the funds which had the highest share of debentures with long maturity."
AXA and Pocztylion, along with OFE, were among the leaders in 2008 with losses of 12.5 per cent, 12.6 per cent and 11.9 per cent respectively, and the worst result was recorded by OFE Polsat with a drop of 17.9 per cent.
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