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Rabobank Pensioenfonds reassesses investment portfolio

02-07-2010 | Press release Rabobank Pensioenfonds has reviewed its investment policy, leading to adjustments to its equity investments. The decision is to change from a portfolio that uses enhanced indexing as its investment style to a portfolio incorporating several different investment styles. Central to this is that active management has regained a prominent position. Robeco will continue to manage the majority of investments.

Of the assets invested by Rabobank Pensioenfonds, the biggest mandate is in Active Global Equities, better known to the retail investor as Mark Glazener’s Robeco fund. The second is an emerging-markets mandate, one of Robeco’s most successful strategies. Fifty percent of investments are made in the Robeco Institutional Emerging Markets fund and the remaining fifty percent in the Robeco Institutional Quant Emerging Markets fund.

The third mandate uses the new Conservative Intrinsic Value Investing (CIVI) investment style. This style is also known as ‘smart beta’. Index weighting is based entirely on a company’s intrinsic value. The combination of index investing, value investing based on intrinsic value and low volatility results in a portfolio with reduced volatility and comparable returns to traditional index-based investments; all this at very low cost.

Syntrus Achmea has responsibility for fiduciary management, assisted by Swiss Corestone, who specialize in manager selection. Their advice was to grant a fourth lot consisting of a quant mandate of EUR 0.8 billion to AQR and PanAgora, two US parties.

The entire fixed-income portfolio will remain under Robeco management. In addition to the EUR 0.8 billion referred to, Robeco will have a total of EUR 8.3 billion under management.

Robeco applies responsible investing to the entire investment process. The corporate social-responsibility performance of a company based on research by the Swiss company SAM (known from the DJSI) is taken into account in the decision-making process. This also means that voting on the portfolio will take place at shareholders’ meetings and that, if necessary, a dialogue with companies on corporate governance and corporate social responsibility will be initiated.

For questions please contact:
René Loman, spokesman for Rabobank, tel. +31 30 – 216 26 22 or r.loman@rn.rabobank.nl 
Ronald Florisson, spokesman for Robeco, tel. +31 10 – 224 28 10 or ronald.florisson@robeco.nl
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