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Nokia Investment Management Corp.
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Nokia Pension and Benefit Investment Committee
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Employee Benefits Committee
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Administrative Oversight Committee
According to Sims and Smith, the U.S. Large Cap Growth Equity Fund, worth $786 million, remained in Nokia’s retirement plan lineup from 2000 to May 2024, despite years of lackluster performance. The fund, which primarily invests in tech juggernauts like Microsoft, Apple, and Nvidia, lagged behind peer funds that the plaintiffs say could have yielded stronger returns.
They cite alternatives such as:
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JPMorgan Large Cap Growth R6 ($114.3B)
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Fidelity Growth Company Fund ($69B)
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T. Rowe Price All-Cap Opportunities ($15.6B)
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Vanguard Growth Index Admiral ($293.9B)
International Equity Fund Underperforms, Too
The complaint also takes aim at Nokia’s $213.69 million International Equity Fund, alleging that it has consistently underperformed its benchmark over the past five and ten years. Worse still, it trailed behind industry peers like:
