Investment portfolio

Our investments can be divided into three categories:
 

1) Equities

Our investments in equities consist of:

  • Listed equities
  • Private equity (non-listed equities)
  • Convertible bonds (bonds that can be converted into equity)

Equity investments generally have higher returns, but also higher risks than investments in other asset classes.

Click here to see the categories of equities we invest in

Developed Market Equities
The majority of our equity investments are invested in listed equities in developed markets like the United States, Europe and Japan. These investments are managed by BlackRock and State Street. 

Emerging Markets Equities
Part of our equity investments are invested in listed equities in emerging markets like China and Brazil. These investments are managed by Neuberger Berman and J.P. Morgan. 

Small Cap Equities
Small Cap Equities (listed equities of smaller companies) in the United States and Europe are also part of our equity investments. These investments are managed by Northern Trust.

Private Equity and Convertible Bonds
We also invest in Private Equity. These are equity investments in companies that are not listed on stock exchanges. We work together with asset managers AlpInvest, Goldman Sachs, HarbourVest and Stafford Capital Partners in private equity. Our portfolio convertible bonds is managers by BMO Global Asset Management.

Click here to see our equity holdings.

Click here to see our private equity investments.

 

2) Fixed Income

Fixed Income investments are investments that have a fixed return, like bonds or mortgages. These investments generally have a lower risk profile and a lower expected return compared to other asset classes. Our Fixed Income portfolio consists of bonds as well as mortgages.

Click here to see the categories of fixed income we invest in

Bonds
Our bond investments are broadly diversified and invested in:

- Government Bonds (nominal bonds and inflation linked);
- Green Bonds (bonds with a positive contribution to sustainability)
- High Yield Bonds
- Emerging Markets Bonds

Our bond investments are managed by BMO Global Asset Management, Western Asset Management, NN Investment Partners, Loomis Sayles and PGIM.

Mortgages
Our mortgage investments are indirect investments in mortgage funds managed by Aegon Asset Management and Syntrus Achmea Real Estate & Finance. These funds invest in Dutch residential and commercial mortgages.

Click here to see our bond investments.

Click here to see our investments in mortgage funds.

 

3) Real Estate

Our investments in real estate are a combination of listed equities of real estate companies and investments in funds that directly buy residential or commercial real estate. Our real estate investments are managed by Northern Trust, Altera and Bouwinvest. The investment funds managed by Altera and Bouwinvest solely invest in Dutch residential and retail real estate. The listed real estate portfolio is a global investment portfolio and managed by Northern Trust.

Click here to see our real estate investments.

 

Interest Rate and Foreign Exchange Risk

Changes in interest rates have a large impact on our financial position. Therefore we reduce this risk by hedging a part of our interest rate risk exposure. Since the 13th of July 2015 50% of our interest rate risk is hedged.

Because we have a global investment portfolio, we also invest in countries with other currencies than the Euro, like the US Dollar, the British Pound or the Japanese Yen. Investing in these countries comes with the risk that these currencies will increase or decrease in value against the Euro. To mitigate this risk a significant part of this foreign exchange risk is hedged.