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PGGM as an investor

We provide our services to a number of clients. Our multi-client service provision ensures we closely monitor developments and requirements in the market and that enables us to provide better service to all our clients. We are also the overall manager of the assets of Pensioenfonds Zorg en Welzijn (PFZW), the second largest pension fund in the Netherlands. PFZW’s assets are therefore a large part of the total assets under our management. So as an investor, we have a strategic partnership with PFZW. PFZW’s investment policy largely determines how - and the asset classes in which - we invest.

We offer pension funds an efficient, high-quality platform. This requires professional skill, innovation and a focus on the long term. It is no longer enough to continue doing more of the same. We keep tight control on costs in our pursuit of excellent service provision. Moreover we invest for the long term. By always being transparent about our costs, we want to continue to earn the trust of our clients.

PGGM offers the entire spectrum of asset classes. Consequently we have expertise on, and an overview of, the entire portfolio and knowledge of all markets. We understand how the markets are interconnected.

We want to measure us with the best in the market and therefore we, where possible, cut the mandates that our clients give us into two parts. One part is accommodated at PGGM and the other at an external manager. This allows us to compare the results and gives us the opportunity to demonstrate that the quality of our work justifies our being given the mandate.

We want to set the tone in sustainable investment. Good returns take priority here. At the same time, we - and PFZW - know that a good pension is worth more in a sustainable world. This is why we invest for the long term on behalf of our clients. We take account here of the effects on people and the environment, with special attention to health care, the climate, food security and clean water. As an investor, we also have an influence on a large number of businesses worldwide. We use that influence to push sectors where a great deal is still open to improvement onto the right track. We report entirely openly on the dilemmas that this sometimes creates.

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Our clients’ investment policy

Our clients’ investment beliefs and principles are decisive for our execution. Financial return is the priority here. It is our clients’ primary responsibility to provide their participants with a good and stable pension. Our clients embrace a sustainable vision on investing and feel a responsibility to contribute to this world. They also do this from the belief that responsible investing and a good return go hand in hand in the long term and as such result in a better risk-return profile.

In order to realise a better risk-return profile and contribute to a more sustainable world, our clients are prepared to make choices in their investment decisions. They avoid certain investments, such as tobacco products and controversial weapons, for instance, opting to instead invest in other companies and projects to increase their positive contribution.

Clients trust us to carry out their policy. They give long-term mandates in this respect. A benchmark is selected for every mandate. This is an objective measure against which the investment portfolio’s performance is compared. This kind of benchmark is usually a particular market index (composition of companies). Generic market indices do not always match the sustainable ambition or identity of our client, however. A benchmark might include companies in which our client does not want to invest on principle, for instance. That is why PGGM has also put together suitable benchmarks in which our clients can invest.

Recalibrated investment policy for Pensioenfonds Zorg en Welzijn

PGGM helped its biggest client, Pensioenfonds Zorg en Welzijn (PFZW), recalibrate its 2020-2025 Investment Policy over the course of 2019. This builds on its 2020 Investment Policy but shifts the emphasis on several points in the financial ambition, to increase the sustainability of the investment portfolio as a whole, for instance, and ensure a more measurable impact in terms of the Sustainable Development Goals. The recalibrated investment policy contains six policy initiatives which will be worked out in more detail and made more concrete in 2020.

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Our clients

In the field of asset management, we are the second largest pension administration organisation in the Netherlands. During the period under review, we had seven pension funds as clients: Stichting Pensioenfonds Zorg en Welzijn (PFZW), Stichting Pensioenfonds voor Huisartsen (SPH), Stichting Bedrijfstakpensioenfonds voor het Schilders-, Afwerkings- en Glaszetbedrijf (BPF Schilders), Stichting Pensioenfonds Smurfit Kappa Nederland, Stichting Bedrijfstakpensioenfonds voor de Particuliere Beveiliging, Stichting Pensioenfonds voor de Architectenbureaus (Pensioenfonds Architectenbureaus) and Stichting Algemeen Pensioenfonds Volo pensioen (Volo Pension).

PGGM Investments clients in 2019

 

Number of participants
(in thousands)

Assets managed within PGGM (in millions)

Stichting Pensioenfonds
Zorg en Welzijn

2,871

238,372

Stichting Pensioenfonds
voor Huisartsen

21

1,145

Stichting Bedrijfstakpensioenfonds voor het Schilders-, Afwerkings- en Glaszetbedrijf

109

8,152

Stichting Pensioenfonds
Smurfit Kappa Nederland

 

769

Stichting Bedrijfstakpensioenfonds
voor de Particuliere Beveiliging

 

467

Stichting Pensioenfonds
voor Architectenbureaus

 

2,987

Stichting Volo Pensioen *

3

350

Total

3,004

252,242

  • * This client’s contract is not being renewed.
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Impact of the strategy on our clients

One of the aims of our strategy is the simplification of the services, as a result of which PGGM is and will remain operationally and financially attractive for our clients.

With our new strategy, ‘PGGM, a solid value in health and welfare’, we have made a clear choice. We are firstly here to serve the health care and welfare sector. That is where our roots are and where our future lies. Together with Pensioenfonds Zorg en Welzijn (PFZW), we support the financial future of people who work in this sector and contribute towards a healthy and vital sector itself. In order to help realise our ambitions, we make our services, knowledge and experience available to other clients as well. They reap the rewards of the scale and quality we are able to deliver thanks to PFZW. Offering the various schemes and products makes us flexible. We need that flexibility in order to be able to provide an affordable and sustainable old-age pension in all future scenarios. So we want to continue the service provision to these other clients in the years to come.

As a consequence of our new strategy, we will not be renewing the contracts with Volo Pension. This is taking place in close consultation with and support for a good transfer of Volo Pension.

PGGM, a solid value in health and welfare

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