In formulating its investment policy and diversification over the various asset classes Pensioenfonds Horeca & Catering underwrites the following principles:

• diversification of assets over asset classes creates added value; 
• passive implementation is preferred ;
• Costs are an important driver; 
• The board is aware of its role as responsible long term investor; 
• The best external manager is selected within each category; 
• The investments are transparent and the investment processes are consistent.

Strategic investment policy

The pension fund has the following strategic portfolio weightings for the various asset classes (as of 1 January 2016): 45,5% equities, 44,5% fixed income and 10% property.

Tactical investment policy

Tactical investment policy is delegated to professional institutional asset managers. With their market vision and specific expertise in their field they can be expected to achieve better returns relative to previously agreed benchmarks.

Asset managers

Asset management at Pensioenfonds Horeca & Catering is based on a multi-manager structure. In its early days the Fund delegated its asset management entirely to one sole firm. Other asset managers were appointed from 2001 onwards. Pensioenfonds Horeca & Catering currently uses several dedicated external asset managers.

Benchmark

Pensioenfonds Horeca & Catering assesses the performance of its overall portfolio and returns per asset class against relevant benchmarks (or “norm” performances). Benchmarks provide an objective criterion for the composition and performance of invested assets.