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Factor investing in practice

reportA second report placed the trustee at the heart of the factor investing debate. Is factor investing a new investment belief, or an existing one but redefined? And what are preconditions to successfully implement this?

Kees Koedijk, Alfred Slager & Philip Stork, Factor investing in practice: A trustees’s guide to implementation.
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Factor investing

investing_systematic_factorSponsored by Robeco, Kees Koedijk, Alfred Slager and Philip Stork worked on factor investing. In this paper, we focused on the discussion whether factor investing would improve diversification and portfolio construction, central debates for trustees. This paper focused on the empirical part.

Kees Koedijk, Alfred Slager & Philip Stork, Investing in systematic factor premiums.
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Investment Solutions

Services that we provide on a regular basis:

  • Applied research to investment related subjects
  • Advice and support in the organizational structuring process of developing beliefs, and its translation into practical investment strategy and organizational needs
  • Second opinions for strategic investment and risk management choices.
  • Support during the development of strategic investment plans, second opinions on the implementation of the plans.
  • Presentations on strategic investment related topics, such as effectiveness of investment committees, investment governance, investment beliefs, risk management, design of pension schemes.

An effective way to contact Kees Koedijk or Alfred Slager is to fill out the contact form.

Speaking on Leadership Topics

megaphone-147176_960_720As part of ongoing research, we regularly speak at seminars and off site meetings to share, but also get feedback on the issues that matter for effective decision making. Recent topics include long term investing, how to interpret new investment trends like factor investing, how to resolve short term vs. long term investment horizons, the role of executive offices, the challenges investment committees faces and the shifting perceptions of participants and how this will change the way pension funds manage their investments.

Long Term Investing

highway-149969_960_720We believe that long term investing is a crucial differentiating element of pension funds. However, long term investing is still in its infancy. We have conducted a number of projects where we help trustees develop their framework for long term investment (strategy) in a practical way.

Investment Beliefs

Gnome-dialog-information.svg Successful investing in today’s world depends on more than just great investment ideas. Over the years, we have developed a method to effectively screen investment organisation, single out the crucial issues at hand and compare them in an national context. Working with us, you can expect the determine the key principles that drive the decision making and the investment process of the organistion.

Investment Governance

24485701862_61b7e1b4b7_bManaging pension funds is more than designing and implementing a strategy. It requires succesful boards. We have done consulting work for Dutch and international pension funds; reviewing investment philosophies and governance systems. We apply a straightforward approach

Innovative thinking by trustees

innovaties_in_pensioenSpurred by discussion with trustees, Kees and Alfred wrote a paper for Netspar on how innovations. What are innovations where ii could leverage their natural advantages, but why does this not always materialize? Based case studies checklist success.

Kees Koedijk & Alfred Slager, Innovaties in wonen, arbeid, pensioen en de rol van pensioenfondsen.
Click here for the Dutch pdf.

Decision making in pension boards.

decision_making_pension_fund_boardroomA crucial assumption of collective schemes is that trustees make more rational choices and avoid behavioral biases to which individuals are subjected to. But is this really the case? In this article, we surveyed trustees by a novel method (‘vignettes’) to get insights on how they would decide. Personal risk adverseness plays an more important part in the board room than previously assumed.

Harry van Dalen, Kène Henkens, Kees Koedijk & Alfred Slager, Decision making in the pension board room: an experiment with Dutch pension fund trustees. 
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Alfred Slager

2013.06-007-003 alfred slagerAlfred Slager is professor at TIAS School for Business and Society, and trustee at the Dutch occupational pension fund for the practioners (SPH). In addition, he is member of the supervisory board of pension fund PGB,  investment committees at PME and pension fund SNS REAAL. Before that, he worked as Chief Investment Officer at Stork Pensionfund, as manager research and investment manager at Fortis and as investment strategist and policy advisor at PGGM Investments. His academic research focuses on pension funds, strategic investment policy, investment beliefs, investment governance, and effective decision making in investment management. Alfred publishes regularly in professional and academic journals, and is a frequent speaker on national and international conferences.

“Trustees can be effective decision makers in investment management. It’s about the principles, not the complexity.”

Kees Koedijk

keeskoedijkKees Koedijk is Professor of Financial Management at Tilburg University, and Dean at TIAS School for Business and Society. Previously he was Dean of the Tilburg School of Economics and Management at Tilburg University. Kees Koedijk was the chairman of the Raad van Economisch Adviseurs (REA), an important council of economic advisors to the Dutch Parliament. In the past, Koedijk has won several awards for his research on sustainable development. He has published extensively on finance, responsible investment, and pension management. During the last 10 years he served at several investment committees of pension funds, such as DSM Pension Fund and ABP.

“Connecting investments and society in a sustainable way, that’s what motivates me”

What is Cenfie?

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Institutional investors are fundamentally important to global financial markets and consumers’ future. In our experience, the right governance and investment management can be what differentiates meagre from adequate pensions.

The governance and management of fund and asset managers, insurance companies require robust organizational structures and systems such that they are able to effectively deliver on their goals and meet the demands of their stakeholders.

We conduct research and advice trustees and their investment committees on how to build effective investment organizations. Our skills and research expertise have been utilized by leading institutions and financial entities. We focus on the design and governance of investment processes, stakeholder interactions, and long term investing.

Investment managers and trustees operate in complex environments, where decision making sometimes seems fluid. We think that an evidence based approach can have a dramatic effect on the quality and outcome of investment decisions. Focusing on the decision maker, we make sure that our choices are effective and implementable.

Challenges in Dutch investment governance

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beheren van pensioenvermogenIn 2010 a government committee chaired by Jean Frijns reviewed the state of the Dutch pension sector. This book, which Alfred co-edited, reviews the developments five years onward. In a joint project we asked authors in the Dutch pension sector to reflect on the developments of investment management, risk management, and governance. Making this book a valuable handbook for effective decision making.

Alfred Slager, Fons Lute, Jan Overmeer & Jeroen Schreur Beheren van pensioenvermogen.
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The Dutch edition of “Investment Beliefs”

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beleggen met visieAlfred and Kees share an interest to improve decision making in investment management and helping trustees making better decisions. This central idea formed the basis for “Investment Beliefs”, where we provide trustees with a framework for effective investment governance. The book then zooms in on crucial underlying assumptions, the so-called investment beliefs.

Kees Koedijk & Alfred Slager, Beleggen met visie.
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AP2 Fonden

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Thomas Franzen, Chief Strategist from The Swedish AP2 Fonden, assembled writers to reflect on … We took this opportunity to reflect on how investment beliefs evolved after the financial crisis, updating our databased. While the financial crisis severely impacted the economy, investors took a more benign view. Hence the title, “shaken, not stirred”.

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Investment Beliefs: A positive Approach to Institutional Investing

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investment beliefsAlfred and Kees share an interest to improve decision making in investment management and helping trustees making better decisions. This central idea formed the basis for “Investment Beliefs”, where we provide trustees with a framework for effective investment governance. The book then zooms in on crucial underlying assumptions, the so-called investment beliefs

Kees Koedijk & Alfred Slager, Investments beliefs.
Click here to order