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Key figures

* This is determined on the basis of the interest rate term structure published by DNB. This is determined by the swap rates, with an Ultimate Forward Rate (UFR) from 2020.

Fund/mandate

Market value (€ x 1 million)

Return

P/L (€ x 1 million)

PFZW Interest rate hedging mandate

€68,405

22.3%

€13,368

PGGM Developed Markets Equity Fund

€32,144

30.4%

€7,325

PGGM Private Real Estate Fund

€14,604

11.4%

€1,512

PGGM Listed Real Estate Fund

€14,555

24.8%

€2,961

PGGM Developed Markets Alt Equity II Fund

€14,111

26.6%

€1,832

PFZW Private Equity

€13,960

20.5%

€2,433

PGGM Developed Markets Alt Equity Fund

€12,628

27.3%

€3,927

PGGM Emerging Markets Debt Local Currency Fund

€11,041

15.3%

€1,582

PGGM Emerging Markets Equity Fund

€10,213

21.7%

€1,723

PGGM Infrastructure Fund

€9,397

9.9%

€815

PGGM Commodity Fund

€8,670

26.0%

€2,023

Subtotal

€209,726

 

€39,501

  • * In the category marketable securities, it was mainly the public equities funds that contributed to the high return on portfolio level.

Private markets

Despite the growing competition, most private market funds managed to make the desired investments in 2019. The market for infrastructure has become extremely competitive, which has made it a challenge to realise the desired allocation. Since no concessions are made on price or control, a number of transactions were not successfully concluded. Most conspicuously the sale of Eneco, for which PGGM made a bid together with partner Koninklijke Shell, but which was ultimately acquired by a Japanese consortium. Read more about our bid on Eneco

Public markets

In public markets, clients’ investment plans are implemented in accordance with the assignment. In an exceptional year of falling interest rates, extremely high returns and sometimes low liquidity, it was a challenge to keep up with the benchmark after costs. This was the case especially for those funds for which the investment target included a strong focus on quality and lower volatility than the benchmark. It is therefore satisfying that at the end of 2019, almost 60% of the funds managed within the public markets department since their start are still generating a return after costs equal to or in excess of the benchmark. Significant progress was also made in 2019 on sustainability in the funds and mandates, whereby the carbon footprint was further reduced and impact investments were further increased. Finally, a new investment team took up management of part of the allocation to Emerging Market Debt.

Allocation of assets under management

PGGM – Assets by type of investment

31.12.2019

In billions of €

 

Public markets

Listed equity

88.1

Government bonds

66.2

Corporate bonds

14.4

 

Private markets

Private real estate

15.4

Private equity

14.1

Infrastructure

10.3

Mortgages

2.8

 

Derivative markets

Swaps

22.2

Commodities futures

8.7

Insurance

5.8

Credit Risk Sharing

5.7

 

Cash and other

Phase-out categories

0.8

Cash

-2.1

  

Total

252.3

PGGM – Assets by client

31.12.2019

In billions of €

PFZW

238.4

BPF Schilders

8.2

PF Architecten

3.0

SPH

1.1

Smurfit Kappa Pf

0.8

BPF Beveiliging

0.5

APF Volo

0.4

Total

252.3