The weighting of performance assets was increased to 55.6% in 2017 from 51.1% at the end of 2016.
At 31 December 2017, the market value of the equity portfolio was EUR 13.7 billion (excluding overlay).
Diversification towards equities outside the Eurozone was highly profitable in 2017, as shares within the Eurozone significantly underperformed those in the other main regions. They still managed a performance of +13.4%. As in 2016, emerging markets were the frontrunners with a performance of 20.6%. After lagging behind in 2016, Japanese equities bounced back strongly from April, ending the year with an annual performance of 20.1%. North American equities benefited from the extraordinary performance of the US technology sector, and from the adoption of tax reforms at the end of the year, to gain 17.7%.