Publicaties | CFA Society Netherlands

Not yet over: 2008

1 October 2022 in VBA Journaal door Jaap Koelewijn, Director Financieel Denkwerk (former editor-in-chief VBA Journaal winter 2008 up to and including summer 2016)

I had only just started as editor in chief of VBA Journaal when the credit crisis (‘the global financial crisis’) erupted. This event had a huge impact on both my professional life and my personal life. The investment funds that I oversaw were at risk of collapsing, banks were being held afloat with all sorts of buoyancy aids and the media were asking me to explain all this. My children, who were still very young at the time, wondered whether cash machines would continue to dispense money and whether their grandparents’ pensions were safe. My own portfolio halved in value. Through robust government intervention, the problems were controlled relatively quickly.

Signals are green for quant investing

1 October 2022 in VBA Journaal door David Blitz and Pim van Vliet

In this article we will reflect on the developments in the field of quant investing and argue that the future looks bright. With decades worth of experience at actively navigating multiple investment cycles we have learned that a long-term winning formula can sometimes feel like riding a rollercoaster in the short run. Due to this cyclical nature quant investing is often more a test of character than a test of intelligence and ‘strong hands’ are a necessary condition for success.

Broadening our thinking as the basis for finance professionals

1 October 2022 in VBA Journaal door Theo Kocken

Through the various crises in recent decades, it has become clear that the world is fundamentally uncertain – and not stochastically uncertain. With the new insights based on, among other things, complexity theory, it starts to dawn in science and in practice, that we need a greater diversity of models and tools. From Agent Based Modeling and network theory to premortems and scenario thinking. These will enhance financial risk management practices.

Unfortunately people are not donkeys

1 October 2022 in VBA Journaal door Hans de Ruiter

I was editor-in-chief of VBA Journaal from 2001 until 2008. We had just emerged from a period when most of the articles that we received were written by academics. Quite often, this meant that the content of the magazine and the requirements and interests of our readers were not properly aligned. From 2001 onwards it was mainly authors who actually worked in the financial sector that provided us with articles. In the beginning, this took some effort on our part, but the process became easier as time went on – especially because as editors we actively tried to come up with interesting themes and looked for authors to match.

Green hydrogen as an investment opportunity

15 April 2022 in VBA Journaal door Richard Braakenburg and Lucas van Berkestijn

According to the World Resources Institute, the energy sector is responsible for approximately 73% of global greenhouse gas emissions. Accordingly, directing capital towards investments that support the transition of the energy sector towards a decarbonised, decentralised, flexible, and consumer-oriented future will be a decisive factor in determining which global warming trajectory we will follow from here on out.

Samenvatting van RBA-scriptie

15 April 2022 in VBA Journaal door Gregory Landbrug is Equity Portfolio Manager bij a.s.r

LANGE TERMIJN SMALL-CAP AANDELENPORTEFEUILLE ALS ALTERNATIEF VOOR PRIVATE AANDELEN

The influence of climate risk on real estate valuation

15 April 2022 in VBA Journaal door Lucas Vuurmans

There can be no mistaking the effects that climate change has had on communities around the world in 2021. There are plenty of examples. Heavy rainfall has caused widespread flooding and landslides in The Netherlands, Australia and wide tracts of the US. There have been ferocious wildfires and droughts in California, Greece and Australia, while the hottest-ever temperature in Europe was recorded in August: 48.8°C in Sicily. We believe climate risks are misunderstood and mispriced by participants in real estate markets.

Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting

15 April 2022 in VBA Journaal door Review door Tjitsger Hulshoff, (Delegated) CIO, Fiduciary Manager bij APG Asset Management

De wereld is onvergelijkbaar verbeterd in de afgelopen decennia. Armoede en honger zijn bijna verdwenen, grondstoffen zijn goedkoper, de aarde wordt groener, oorlog is een uitzondering, steeds minder mensen sterven door natuurrampen. Zo was de status althans toen Bailey en Tupy hun boek publiceerden, ruim voor het uitbreken van de Oekraïne crisis begin 2022.

Sustainability embedding in Dutch listed companies

15 April 2022 in VBA Journaal door Constantijn van Aartsen, Rob Bauer, Tereza Bauer and Mieke Olaerts

Dutch listed companies have, over the past decades, become increasingly engaged with the social and environmental footprints of their activities. This engagement has varied in intensity, with some companies leading international sustainability rankings while others are just getting started. Despite these efforts, it is clear that governments, investors, customers and society at large are demanding more corporate responsibility for global issues such as climate change, biodiversity loss and human rights abuses.

De bonus die reële activa particulieren bieden, is voor institutionele beleggers slechts rompslomp

15 April 2022 in VBA Journaal door Bert Bakker

Reële activa, daar hou ik van. Niks tegen ‘gewone’ beursgenoteerde liquide beleggingen hoor, en ja, ik kijk door de bril van een gewone, niet zeer vermogende particulier. Maar ik denk aan de vreugde die een eigen huis kan geven, of een vakantiehuis, of kunst en andere ‘collectables’ zoals bijzondere horloges, juwelen of klassieke auto’s. Die vreugde is formidabele bonus bovenop de waardestijging (meestal door ordinaire asset inflatie) die zulke activa op lange termijn soms ook bieden. Zeker ‘collectibles’ brengen vaak zoveel meer aan leerzame ervaringen met zich mee dan een passief belegde portefeuille van bijvoorbeeld trackers.

Zoeken naar voorspelbare cashflows bij infrastructuur

15 April 2022 in VBA Journaal door Door David van Bragt en Ronald Kok

Het VBA Journaal sprak voor deze editie met Patrick Kanters, Managing Director Global Real Estate & Infrastructure bij APG Asset Management. Hij is bij APG AM verantwoordelijk voor de beleggingen in “real assets”, het onderwerp van dit nummer. In het geval van APG zijn dit met name beleggingen in vastgoed, infrastructuur maar ook zogenaamde “natural resources”. Deze laatste categorie omvat investeringen in onder meer bosbouw en agrarische grond. Patrick is, naast de real assets tak, ook verantwoordelijk voor private equity. Zijn team opereert vanuit drie kantoren: Amsterdam, New York en Hong Kong.

Insights on existing and new drivers for impactful infrastructure investments

15 April 2022 in VBA Journaal door Dennis Jong and Mark Vuurberg

In today’s environment of volatile macro-economic policies and political swings, demand for investments yielding predictable and attractive stable returns is higher than ever. However, many low-risk instruments such as bonds continue to yield negative inflation-adjusted returns across Europe. Infrastructure may offer investors a balanced solution to manage these challenges. Infrastructure comprises physical assets which provide basic services required for a society to function, such as (toll) roads, electricity grids or power generation. These assets offer highly predictable revenues for multiple reasons; all income is contracted with reliable counterparties, sensitivity to economic cycles is limited as these assets tend to have monopolistic characters due to prohibitive costs of building competition and inflation protection is strong as infrastructure revenues are often linked directly or indirectly to inflation.

Bosbouw, meer dan het planten van bomen

15 April 2022 in VBA Journaal door Arie Gravendeel en Mark de Nooij

Voor beleggers in Europa was Bosbouw lange tijd vooral een verhaal van ‘onbekend maakt onbemind’. Gemotiveerd door de duurzame toepassingsmogelijkheden van hout, het behoud van bossen en de natuurlijke CO2-opslag, krijgt Bosbouw nu ook hier meer aandacht. Zeker met ‘Glasgow’ vers in het geheugen. Bomen slaan immers veel CO2 op. Oftewel, er is een ‘carbon sink’, wanneer het materiaal duurzaam wordt toegepast, zoals bij de bouw van huizen of voor meubelen. Ook lopen institutionele investeerders meer warm voor Bosbouwinvesteringen.

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