Stock Aversion Hurts Turkey Pension Savers, Manager Says

Turkish pension savers have an aversion to the best-performing asset class -- and it’s costing them, according to money manager Gedik Portfoy. Stocks account for just 11.7 percent of assets held in Turkish funds, the latest figures from the country’s Capital Markets Board show. That’s “too little” for individual pension investments designed to deliver long-term returns, and lower than levels in both developed countries and other emerging markets, said Halim Cun, the firm’s chief executive officer. Pension-fund investors don’t pay enough...