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For the January 1-May 21 period, its return was 3.12 per cent, compared with a loss of 0.96 per cent in the first quarter.

The state fund as of the end of March managed Bt323.77 billion in net assets from the accounts of active and retired members.

GPF secretary-general Visit Tantisunthorn said yesterday that the fund constantly adapted its investment strategy to cope with market volatility and the evolving economic situation, along with the global stock-market recovery.

GPF's investments in the future will continue to face volatility, which might produce either positive or negative operating results. However, the fund will closely monitor its investment portfolio, he said.

As of May 21, 74.6 per cent of its assets was in local bonds, 4.7 per cent in overseas bonds and the rest in local and global equities, mutual funds as well as local real estate.

As of March 31, the GPF's annual investment return since its inception in 1997 averaged 6.8 per cent, while its five-year annual return was 3.07 per cent on average.

The huge loss posted by the fund last year, blamed on the sharp fall in local and global equity markets, sparked an investigation by the Public Sector Anti-Corruption Commission, which faulted the GPF's management and board for poor governance.