The Fonds de Réserve pour les Retraites, the French state pensions reserve fund, grew assets by 11.1% last year to stand at €31.1bn ($40.4bn), comfortably beating state-set targets.

The result brings FRR's annualised performance since its first mandates were granted in 2004 up to 10.5%, from the 9.8% it reported in October. FRR has to hit a 4.4% annual return target until 2020.