Pointing out that transparency of investment process is a key selection criterion, he adds that Amonis is considering both single hedge strategies and funds of hedge funds.
He explains: “Our assets are all managed actively, except for part of our government bonds portfolio. Every manager is measured against a benchmark. Now we want a proportion of our assets managed in absolute return strategies. This will enable us to improve our risk profile. We want to find managers who can exploit opportunities to go short.”
The aim is to award hedge fund mandates in the first four months of 2005.
Amonis reported a return of 13 per cent for 2004. Mr Mergaerts attributed the performance to gains in the real estate, emerging markets, European small cap and mid-cap portfolios.
Established in 1968 and formerly known as VKG/CPM, the fund’s asset allocation is informed by a 20-year investment view, due to the fact that average age of scheme members is 40 years.
The scheme has no plans to invest in private equity in the foreseeable future, although Mr Mergaerts says the fund is committed to diversifying its investment portfolio into new asset classes.
However, it appears not all investments are welcome. He says: “We had a high yield portfolio in 2001 but it lost a lot of money. We do not want to repeat the experience.”
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