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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Paul Kern who wrote (92813)3/27/2008 9:30:31 AM
From: orkrious   of 110194
 
from lance lewis' intraday comment:

SKorea pension fund to stop buying US Treasuries: manager

7 hours ago

SEOUL (AFP) — South Korea's pension fund will no longer buy low-yield US Treasuries because it wants to diversity its portfolio and boost returns, an official said Thursday.

The world's fifth largest pension fund will consider buying European government debt or other higher-yielding assets, a manager at the National Pension Service's overseas investment team told AFP.

"The portion of our investment in US Treasuries is too high. We will diversify our portfolio," he said on condition of anonymity.

The state-run fund, which manages about 220 trillion won (220.6 billion dollars) in assets, holds 14 billion dollars of US government debt.

The yield on US Treasuries has fallen after several rate cuts by the US Federal Reserve.

The fund has largely invested in bonds and local stocks.

But fund managers have been under pressure to diversify investment for higher returns amid concern about the country's ageing society which imposes a burden on the pension system.

A government report in October last year estimated that the fund would dry up in 2060 due to rising pension payments.
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