The Royal County of Berkshire Pension Fund reported a return of 0.5% for the year to 31 March compared with 10.2% for the prior year period. Over the past three years their annualised returns have averaged out at 4.8%, down from 8.7% for the three years ending 31 March 2015. However, the fund confirmed its investment return in real terms was -0.1% over the year to the end of March 2016 and 4% over the three year period, resulting in it hitting its 4% real return target. The size of its £1.7bn (€2bn) portfolio, hasn’t changed from its value last year. The vast majority of assets are held via funds. Berkshire reported the main underperformers during 2015-16 were emerging market equities and commodities managers, absolute return strategies run by Grosvenor Capital Management also fell short of their absolute return target.