Questions about the list
Below are the most frequently asked questions about the list of investments.Questions about the list of investments
How often does Pensioenfonds Zorg en Welzijn publish information?
Pensioenfonds Zorg en Welzijn publishes information once a year, in April, relating to the position as at 31 December of the previous year.
What values are published?
Pensioenfonds Zorg en Welzijn states the market value, which is also used in the financial statements; that is usually based on the final market price of the respective year. For some investments the net asset value is used.
What is a fund-of-funds?
A fund-of-funds invests the assets entrusted to it in other investment funds rather than directly in equities, bonds or other securities. The manager of a fund-of-funds specialises in following, selecting and assessing a select group of asset managers who actually invest the assets
In the case of fund-of-funds mandates, are the underlying investments shown?
In the case of an investment mandate for a PGGM Vermogensbeheer B.V. fund-of-funds, information is published on the mandate and the market value, as well as on the underlying asset managers and their mandates. This information can be found in the list of direct and indirect asset managers and their investment mandates. The underlying investments cannot usually be shown, because due account must be taken of the interests of other fund investors.
In the case of an investment mandate for a fund-of-funds of another asset manager, the information on underlying asset managers is limited to their names and investment categories. This information can be found in the list of underlying asset managers in funds-of-funds.
What is the sector classification of equities and bonds based on?
For equities, it is based on the Global Industry Classification Standard (GICS) developed by Standard & Poor’s and Morgan Stanley. In the case of bonds, the Barclays Capital sector classification is used.
Why are individual positions in derivatives not disclosed?
Such information is not disclosed because derivative positions, including interest rate, inflation and currency hedging, may be market-sensitive.
Why is not all information shown for every investment?
Pensioenfonds Zorg en Welzijn does not disclose information which could cause material or financial damage to the pension fund or other stakeholders. This means it is sometimes necessary, for example, to publish indications of market values instead of precise market values.
What can and cannot be disclosed?
Investments for which no final agreement has yet been concluded are not disclosed. Pensioenfonds Zorg en Welzijn complies with all applicable laws and regulations and respects the prevailing privacy standards. The pension fund also respects existing agreements on confidentiality of information, although it does urge the parties concerned to practise openness. If it is patently obvious that disclosure would cause financial damage or jeopardise the manager’s competitive position or reputation, the information is not disclosed.