Dutch gas company Gasunie is expecting to invest up to 10% of its EUR800 million pension fund in commodities, once an asset/liability review is completed next month. Cor Hendriks, fund manager in Groningen, said there is a scarcity of commodities, but the appetite for the asset class has increased. This has set off a price increase, making it an attractive investment. The fund expects to cut back its global equity portfolio to fund the move.
 
The scheme's assets are managed internally and there are no plans to hire external fund managers. Hendriks believes its in-house team has the capable expertise to manage commodities, having experience in index-linked products. Gasunie will invest in index-linked commodities through ishares or exchange traded funds.
 
Gasunie is the latest Dutch fund looking into commodities as several others, such as Spoorwegpensioenfonds (GMM, 26/1), Pensioenfonds Horeca & Catering (GMM, 19/12) and Stichting Pensioenfonds Hoogovens (GMM, 6/12), are considering or have already made the move.