mast image

Special Report

Impact investing


Industry-wide funds pass Z-score test

Related Categories

The Dutch Association of Industry-wide Pension Funds, the VB, says all compulsory member funds passed the Z-score test, which measures performance against benchmarks, in 2003.
“All compulsory member funds of the Dutch Association of Industry-wide Pension Funds successfully passed the 2003 performance test,” the VB has said.
Civil service fund Stichting Pensioenfonds ABP had the highest Z-score in 2003, 1.74, giving it a 1999–2003 Z-score of 1.53.
The scores were introduced in 1998 as a way to monitor returns on investment against defined targets. “If performance test results over a five-year period are unsatifactory, employers are entitled to claim exemption from mandatory membership of the fund in question,” the VB said.
The scores measure how much a fund has achieved the investment objective it has set for itself. This benchmark portfolio is determined by the fund’s board of management.
“Yields on investment over a specific year are not the sole measure of assessment,” the VB said. “ Returns must also be appraised against investment risks.”

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2559

    Asset class: Multi Assets.
    Asset region: -.
    Size: EUR 15m (may be split into two mandates EUR 7.5m).
    Closing date: 2019-09-06.

  • QN-2560

    Asset class: Private Equity.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

  • QN-2561

    Asset class: Infrastructure.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

Begin Your Search Here