The portfolio’s composition changed significantly between 2016 and 2017. The weighting of performance assets increased by 5% to 55% following the introduction of a new strategic allocation. At 31 December 2017, the FRR’s portfolio comprised: performance assets accounting for 55.6% of the FRR’s net assets, versus 51.1% at the end of 2016. hedging assets accounting for 44.4% of the FRR’s net assets, versus 48.9% at the end of 2016.
* Corresponding to EUR 5.5 billion for passive management and EUR 7.5 billion for active management at 31/12/2016.
** Corresponding to EUR 1.4 billion for overlay management, EUR 0.6 billion for cash management, EUR 13.2 billion for passive management and EUR 20.8 billion for active management at 31/12/2016.