NETHERLANDS - The e10bn Artsenpensioensfondsen, the Dutch pension fund for doctors and medical specialists, is planning to search for specialist managers for equities, bonds and property over the next two years.
Currently, the fund has only one external manager for emerging markets equites, with most of the other portfolios managed in-house.
The fund will increase its property allocation from current levels of 3% to 10%. Fund officials said that while exact details are still being finalised, the property portfolio is expected to have a global focus.
“Our investments in property will be through exchange-traded as well as off-exchange funds.
“We feel that a 3% allocation to property is too meagre, which is why we plan to increase this to 10%,” said one fund official.
Artsenpensioensfondsen also plans to allocate 10% of its equity portfolio towards Europe and US small and mid-cap equities and Japanese large-cap equities.
Officials explained that the need to diversify stemmed from an asset-liabilty management study that was conducted by the fund last year.
There will also be a 6% allocation to credit, which will form part of the fixed income portfolio.
“Our study found that the risk-return profile of the fund could be improved considerably by adding credit as an asset-class,” officials added.
Asset allocation of the fund stands at 40% equities, 57% bonds and 3% property. Bonds are likely to be reduced to 45% following the changes.
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