It is an important responsibility of the pension fund to invest premium revenue at an acceptable level of risk. The core purpose is to make sure that future pensions can be paid.
Within asset management two different policies are distinguished: the strategic and tactical investment policy. Strategic policy is the responsibility of Pensioenfonds Horeca & Catering's governing board. The strategic decisions are based on the outcome of Asset Liability Management (ALM) studies and are valid for the longer term (longer than three years).
The tactical policy is delegated to professional external asset managers. The Asset Management department is responsible for the selection and monitoring of these external asset managers. The assets of the pension fund are currently invested by:
|Asset Manager||Asset category|
|Aegon Asset Management||Mortgages|
|Altera||Non-listed real estate|
|BMO Global Asset Management||Euro Nominal bonds, Convertibles, Interest rate hedgin...|
|Goldman Sachs||Private Equity, Money market fund|
|Loomis Sayles||High Yield bonds|
|Northern Trust||Listed real estate, Small Caps equity|
|Pramerica||Emerging markets debt|
|Principal Global Investors||Emerging markets equity|
|SPF Beheer||Private Equity|
|State Street Global Advisors||Developed markets (ex US) large cap equity|
|Syntrus Achmea Real Estate & Finance||Mortgages|
|T. Rowe Price||United States large cap equity|
|Western Asset Management||Inflation linked bonds|
The Asset management department of Pensioenfonds Horeca & Catering monitors the activities of these asset managers and reports regularly to the governing board on their execution of mandates and their performance.