APG shifts to short-term inflation hedging strategy

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Amsterdam-based pension fund administrator APG denied its decision to increase its use of inflation-linked instruments in 2009 was a repudiation of its previously stated strategy of matching its inflation exposure using real assets – assets that have plunged in value over the last few months.

Roderick Munsters, the former chief investment officer for APG – which manages the funds of the €208 billion (£182 billion) Dutch civil service’s fund ABP and 22 others – had previously stated that “no bond

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