Transaction costs
Transaction costs are costs that must be incurred to execute purchases and sales and to process these purchases and sales administratively.
20240.09%
20250.06%
Decrease/growth
-0.03%
To be able to pay out pensions every month, pension contributions alone are not sufficient. A pension fund must invest. By investing, we make a profit. That is return. In the long term, investments yield a higher return than a savings account. The return indicates what the investment has generated and is expressed as a percentage.
Investment portfolio
2025
2024
Total invested assets (in € mln)
2,957
3,061
The "Total invested assets" is shown in millions of euros. Here, the total amount for 2025 is compared with that of 2024.
| Category | mln. euro (2025) | mln. euro (2024) | Weight (2025) | Weight (2024) |
|---|---|---|---|---|
| Total invested assets | 2,957 mln. euro | 3,061 mln. euro | 100% | 100% |
| Matching portfolio | 1,422 mln. euro | 1,523 mln. euro | 44.6% | 49.8% |
| Return portfolio | 1,289 mln. euro | 1,334 mln. euro | 50% | 50.1% |
SPF has split the investments into a matching portfolio and a return portfolio.
Matching portfolio
The objective of the matching portfolio is to achieve a favorable risk/return profile with high-credit-quality bonds. This pursues a high degree of certainty. With this, we hedge part of the interest rate risk.
Return portfolio
The objective of the return portfolio is to achieve sufficient return to realize the indexation ambition. Through active management, an attempt is made within the allowed risk budget to achieve additional return after costs or to achieve a lower risk profile.
To reduce risk, SPF spreads investments across various categories. These include, for example:
Inflation-linked bonds▾
These are loans to (in particular) governments, where interest and principal payments are linked to inflation. This means that you are compensated for realized inflation, thereby securing a real return.
Investment grade credits▾
These are loans to companies with a good credit rating. The term of these loans is generally relatively short (4-5 years). Due to the good credit rating, the likelihood that the loans including interest will be repaid is very high and the risk is low.
Bonds and loans (fixed-income securities)▾
This involves lending money worldwide to governments and companies. The return (the so-called interest compensation) is generally stable. In addition, SPF also invests in Dutch residential mortgages.
Equities▾
With this, a stake is taken worldwide in the capital of a company. In the longer term, a higher return can be expected than on bonds, but the risk is relatively high.
Alternative investments▾
This is an investment category from which an attractive return is expected in the medium term. The investments within this sub-portfolio therefore aim for an attractive return without being dependent on benchmarks.
Real estate▾
Real estate can be invested in in two ways: directly (houses, shops and offices) and indirectly (shares in real estate funds). SPF invests worldwide only in indirect real estate.
Currency overlay▾
Investments take place in various currencies. To limit the influence of currencies on the fund's return in euros, currency overlay is used.
Interest rate overlay▾
The interest rate sensitivity of the pension liabilities differs from the investments. To limit this risk, part of the interest rate risk is hedged with fixed-income securities and derivatives.
Investment return (%)
| Category | 2025 | Benchmark (%) |
|---|---|---|
| Matching portfolio | -13.5% | -14% |
| Interest overlay (contribution) | -10.3% | -10.3% |
| Matching portfolio ex swaps | -3.2% | -3.7% |
| Government bonds | -7.4% | -7.5% |
| IL bonds | -3.9% | -3.8% |
| Credits | 3.1% | 2.9% |
| Mortgages | 1.1% | -1.3% |
| Return portfolio | 9.7% | 9.6% |
| Currency overlay (contribution) | 3.2% | 3.2% |
| Equities | 9.9% | 10.8% |
| Bonds | 2.5% | 1.4% |
| Listed real estate | 1.9% | 0.8% |
| Unlisted real estate | 4.4% | 4.5% |
| Infrastructure | 6.5% | 4.5% |
| Private Equity | 51.9% | 51.9% |
| Cash | 0% | 0% |
| Total | -2.3% | -2.8% |
You do not need to be alarmed by a negative return. SPF invests with a long horizon. Fluctuations are expected to be compensated over the years.
At the end of 2025, the 5-year average net return is -0.5% on an annualized basis.
The 10-year average net return of SPF at the end of 2025 is 3.2% on an annualized basis.
Asset management costs
Asset management costs are costs for managing the investments, expressed as a percentage of the average invested capital.
20240.49%
20250.5%
Decrease/growth
0.1%