The most frequently asked questions are:

- Are details of all investments in investment funds disclosed?

• - Are details of all investments in fund-of-funds mandates disclosed?
• Is any information withheld?
• Which value is disclosed?
• Are all investments included?
• Where are the derivatives?
• Why is full information not provided on each investment?
• What can and cannot be disclosed?

Are details of all investments in investment funds disclosed?
If we are the only party investing in a fund, we can be completely transparent about the underlying investments. If, however, we invest along with other investors (other investors are invested in the same fund), we cannot disclose details of the underlying investments without disclosing proprietary information of other investors. In such cases, we disclose the name of the asset manager, a description of the investment mandate and the market value of the investments.

Are details of all investments in fund-of-funds mandates disclosed?
If the investment mandate relates to a fund-of-funds (where direct asset managers appoint other, indirect asset managers), we disclose a description of the investment mandate and the names of the indirect asset managers. As our client is not the only investor in the assets managed by these indirect asset managers, we cannot disclose details of the underlying investments.

Is any information withheld?
We favour full disclosure, but we accept that this is not always possible. We do not disclose information that could cause material or financial harm to our clients and business partners or damage their reputations. We do not, for example, disclose information on relationships between fund-of-funds managers and underlying asset managers as this could adversely affect their competitive positions.

For the same reason, we do not disclose details of internal returns, comparisons with benchmarks or other specific financial ratios. Disclossure of currency hedging positions, positions in money market instruments, derivatives and substantial short positions in listed investments can affect market prices, and therefore we do not disclose such information. Similarly we do not disclose the commitment values of private investment mandates.

Which value is disclosed?
We state the market value as disclosed in the annual financial statements. Usually this is the quoted market price at the end of the reporting period. For reasons of prudence, Pensioenfonds Zorg en Welzijn uses the net asset value for certain strategic investments.

Are all investments included?
The pension fund’s investments are all shown in the various lists. There is a degree of overlap as many investments managed by external asset managers are also on the lists of listed and private investments.

Where are the derivatives?
Disclsosure of currency hedging positions, positions in money market instruments, derivatives and substantial short positions in listed investments can affect market prices. We therefore do not disclose such information.

Why is full information not provided on each investment?
We do not disclose information that could cause material or financial harm to our clients or business partners or damage their reputations. This means we sometimes have to provide an indication of market values rather than give exact values.

What can and cannot be disclosed?
We do not disclose details of investments where agreement to disclose has not been finalised. We comply with all applicable legislation and regulations and respect applicable privacy standards. We also respect existing confidentiality agreements, although we encourage parties to be transparent unless publication will clearly cause financial harm or endanger managers’ competitive positions or reputations.

We are aware that many investment mandates contain confidentiality clauses allowing fund managers to protect information that gives them a competitive advantage. It is in our clients’ interests that we respect such agreements.