Saturday 08 August 2020

Dutch pension funds lose millions on Facebook investments

The two biggest Dutch pension funds may have lost millions of euros investing in internet company Facebook, the Financial Dagblad reports on Monday.


Based on its own research, the FD says the civil service pension fund ABP and health service fund PGGM have been hit by Facebook’s collapsing share price. Both funds invested in the internet share despite warnings of hype surrounding the IPO.
Launched at $38 a share in May, Facebook is now trading at around $19.
Registry
Information registered with the US financial service authorities show APB owned 330.500 Facebook shares at the end of June this year, an investment which was worth $12.6m at the time of the IPO. PGGM had 316.226 Facebook shares, which are now valued at $6.3m.
Neither pension fund would comment, the paper said. ‘It is not in our interests or those of our clients to give such information,’ PGGM told the paper.
The paper points out the investments are modest compared with the funds’ total investments. APB’s stake in Apple, for example, is worth over $1bn at current prices, the FD said.
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