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.