Asset Allocation
In-depth reporting on asset allocation for our pension fund and asset management readers from IPE’s award-winning journalists
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NewsInarcassa pulls €500m from US equities in portfolio rebalancing
Italian pension funds see Q1 volatility weigh down returns, with sub-funds for Cometa and Pegaso returning negatively
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NewsESG exclusions depress ABP returns
The Dutch civil service scheme’s newly developed markets equity index strategy returned 1.7 percentage points less than the global benchmark
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NewsSiemens Pensionskasse targets direct lending to capture illiquidity premium
The Swiss pension fund refined its investment strategy and improved its risk/return profile following an ALM
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NewsSwiss pension funds review currency hedging, avoid tactical shifts
Dollar exposure and gold allocations prompt review of FX hedging, but long-term strategies remain unchanged
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NewsKenfo expands defence allocation amid shifting investor sentiment
Sovereign-style investor Kenfo relaxes defence exclusions as geopolitical pressures and institutional investor demand reshape allocation strategies across Europe
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AnalysisIPE Netherlands Briefing: Dutch pension fund returns disappoint
Dutch pension funds delivered an average return of -2.9% in 2025 as positive equity returns failed to compensate for losses made on bond portfolios
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NewsAsga Pensionskasse shifts towards alternatives to capture new opportunities
Swiss pension fund increases alternatives exposure, cuts bonds, targeting diversification and improved long-term returns
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NewsConsortia drive Italian pension funds’ access to private markets
Italian pension funds expand consortia model, boosting scale, cutting costs and deepening private markets exposure
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NewsDemand for emerging market equities rises among German pension investors
German pension funds increase emerging markets allocations, favouring selective strategies over broad structural shifts
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NewsNEST joins Australian superfunds in search of European private markets deals
A delegation of Australian super funds that includes NEST is seeking investment opportunities in European private markets, starting with France
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NewsNearly half of European assets now run by US managers
‘Europe is quietly losing control over how its capital is allocated’, warn observers
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NewsRising rates wipe out asset gains as Dutch pension returns fall to -2.9%
HAL pension fund, the €166m pension scheme of the owner of FD Mediagroep (IPE’s parent company) returned 14%
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AnalysisA return to arms: how asset owners are reevaluating their defence exclusions
Some are ditching all screens, some are introducing stronger restrictions
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NewsPFA says moves to underweight US stocks, tighten dollar hedging paid off
Danish pension funds upbeat about their ability to weather war-triggered market rout
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NewsFrench reserve fund picks funds for €200m securitisation allocation
FRR says it may consider dedicated mandates in the future
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NewsDutch pension funds cut US exposure as rebalancing drives shift to Europe
€30bn exits US assets as European allocations rise amid rebalancing and weakening investor sentiment
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FeaturesIPE Quest Expectations Indicator – April 2026: repercussions of war in Iran
Managers expect continued pressure on equity markets, as the wider effects of the Iran war are felt both in terms of sentiment and actual growth
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InterviewsCompenswiss adapts investment strategy to changing outlook for Swiss social security
Frank Juliano, chief investment strategist at Compenswiss, talks about the fund’s new asset allocation choices, as the outlooks of the three social security funds managed by the organisation diverge
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AnalysisFixed income, rates, currencies: markets on high alert for inflation spike
The US-Iran conflict might not cause the inflation surge seen in 2022, but higher prices and weaker economic growth are possibilities
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AnalysisMacro focus: US Fed faces balance sheet reduction trilemma
US Fed chair nominee Kevin Warsh says the US economy needs lower rates and that the Fed needs a smaller balance sheet at the same time
