Bonds

Corporate and government bonds with a top-down strategy

The market for corporate and government bonds is not a fully efficient market. To take advantage of these inefficiencies, a long-term investment horizon is required. We use a top-down investment strategy, whereby the positioning and risk profile of the portfolio may deviate from the benchmark to a limited extent.

First, we form a top-down view of the market. This view determines the direction and extent to which the portfolio can deviate from the benchmark. Preferences for sectors, rating categories, positioning on the yield curve, and/or regions are used to implement the view. Internally developed risk models ensure that the portfolios remain within predefined risk limits.

Government bonds

We manage government bonds for various types of clients with different risk profiles, objectives, and restrictions. We manage portfolios by linking investments with sustainability characteristics to a strict risk policy in which positions are taken for longer periods. By investments with sustainability characteristics, we mean, among other things, that we do not invest in companies that are active in weapons, tobacco, gambling, and thermal coal. For other investments, we apply so-called ‘threshold values’, which determine which companies we do or do not invest in. For example, companies that derive a large part of their turnover from electricity production from coal, nuclear energy, and oil and gas are excluded. We also do not invest in companies or countries that do not treat human rights or working conditions well. We respond to long-term macroeconomic trends, inefficiencies in the yield curve, and changing risk perceptions.

Corporate bonds

We also manage corporate bonds for various types of clients with different risk profiles and restrictions, with the aim of generating additional returns above government bond and swap rates. We focus on the future, take a top-down approach, and analyze sectors and companies to determine and monitor the degree of risk. We invest in line with the sustainability policy of ASR Vermogensbeheer N.V. This means, among other things, that we do not invest in companies that are active in tobacco, gambling, and thermal coal. For other investments, we apply so-called ‘threshold values’, which determine which companies we do or do not invest in. For example, companies that derive a large part of their turnover from electricity production from coal, nuclear energy, and oil and gas are excluded. We also do not invest in companies that do not treat human rights or working conditions well.

Buy & Maintain (B&M)

B&M is a passive fixed-income value strategy with a strong quantitative focus. The portfolio can be tailored precisely to the client's wishes, including risks and obligations, but also ESG criteria. The aim of B&M is to achieve the best possible return given the desired risk profile. The strategy has a long-term focus. This limits transactions and associated costs, making it a cost-efficient strategy.