Responsible investing: We started with this at the very beginning of the fund, in 2001. Keep in mind that responsible investing (RI) is distinct from socially responsible investing (SRI)… RI is a global strategy concerning all portfolios, part of our fiduciary duty; SRI is a technique. When we were established, there was no clear indication given by Parliament about what they meant by RI. In 2003, our first strategic asset allocation included a general point about RI—we should try, pragmatically, to incorporate collective values like sustainable development into our investments. It was positive, it was merely a signal, but it was important. Later, we launched a tender for dedicated SRI mandates—€600 million—and, in 2008, Environmental, Social, Governance (ESG) criteria were applied to the whole portfolio. The answer to that question is easy and simple: We have no liquidity constraints before 2020—we are a buffer fund—so we can be a long-term investor and try to catch the illiquidity premium. That’s why we are quite heavily exposed to high-volatility assets like equity, real estate, and commodities.
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