Pension funds lose big as stocks dip
SEE ALSO :NSE extends trading hours after outageMassive sell-off Data from the Capital Markets Authority (CMA), the capital markets regulator, shows that foreign portfolio outflow stood at Sh22 billion compared with Sh11.5 billion in the entire 2017 amidst a nervy economic environment characterised by a protracted electioneering period. About two weeks ago, the NSE’s benchmark index, NSE 20, dropped to a decade-low of 2,775 in what is attributed to a massive sell-off by foreigners exiting the bourse as they sought improved returns at home. The survey covered 404 schemes, with a total of Sh727.7 billion of assets under management, Sh352.4 billion less than the total retirement benefit assets under management. “Over three years, the median return of the participating schemes was an annualised 11.8 per cent with a range of returns of 10.3 per cent. However, the range between the 25th and 75th percentile was only 1.9 per cent,” read the report.
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