Timo Viherkenttä, deputy CEO of Keva, said that the pension fund is trying to learn lessons from last year, when it lost 20.6 per cent of its assets.

“Our investment strategy is under review and we will probably do some things differently,” he said. “It looks like we will get rid of the idea of a fixed long-term strategic allocation. We are moving in the direction of a more dynamic strategic asset allocation.”

Mr Viherkenttä said it is too early to reveal any adjustments to its allocation, but he indicated that the fund may not move back into having half of its assets invested in listed equities. At the end of September, the pension fund had 39 per cent invested in equities.

“It does not seem obvious that we are striving towards 50 per cent of listed equities as in our previous allocation. At present, we are probably closer to our future exposure,” said Mr Viherkenttä.

Keva posted returns of 15.5 per cent for the first nine months of 2009. Listed equities contributed with 27.8 per cent, while bonds returned 11.3 per cent.

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