The information contained in the website is solely intended for professional investors. Some funds shown on this website fall outside the scope of the Dutch Act on the Financial Supervision (Wet op het financieel toezicht) and therefore do not (need to) have a license from the Authority for the Financial Markets (AFM).
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Ang and Kjaer argue in a paper* that pro-cyclical behavior and misalignments between asset owners and managers negate the long horizon advantages of long-term investors.
Their recommendations are to (i) institutionalize contrarian behavior, (ii) build a robust factor portfolio to harvest many sources of factor risk premiums, (iii) create close alignment between asset owners and managers, and (iv) demand sufficient risk premiums for illiquid investments. We generally agree with these recommendations, but many questions still need to be answered before this theory can be put into practice. Robeco has a lot of expertise in this area and can assist clients throughout that process.