The value of the National Pensions Reserve Fund fell by 10.5% in the first three months of 2008, a period which saw continued turbulence on financial markets.
The fund was set up to meet social welfare and public service pensions costs from 2025 onwards. Its value at the end of March was just under €19.4 billion.
The fund said it had recovered since March and had gained 4.5% so far in April. Final figures for 2007 show a gain of 3.3%, mainly driven by stock market investments despite the volatility in the second half of the year.
The fund's commodities investments also performed strongly, but bonds were flat. It said a policy of hedging 50% of its foreign currency exposure limited the impact of a stronger euro on its returns.
