Protect your capital against structurally higher inflation
WorldView optimises not against a nominal benchmark but against loss of purchasing power. Two solutions for pension funds, family offices and ANBI's: the Real Return Mandate and a portfolio with an integrated inflation objective — with a CPI+ target and full independence.
One discipline. Two mandates.
Preserving purchasing power is the core. The application differs by audience — in CPI+ target, risk budget, governance and cost structure.
Pension funds
Preserving purchasing power under the WTP. A CPI+ mandate built from the real target pension pot, not from a nominal benchmark.
- CPI+ target
- CVaR as operational guideline
- Portfolio with integrated inflation objective available
Family Offices
Protect permanent capital against erosion of purchasing power. A direct, liquid and tax-efficient mandate with a measurable real objective.
- CPI+ net as mandate objective
- Liquid segregated account
- Own custodian bank
- Tax-efficient
ANBI's & endowment funds
Preserve purchasing power, spend annually and meet the tightened ANBI rules. One mandate integrating return, costs and accountability.
- CPI+ target per schaalgrootte
- Annual spending justification included
- Management fees as % of spending budget
- Segregated account or fund structure
This is a regime change, not a temporary episode
Four structural forces are converging. The portfolio that worked over the past decade does not protect your purchasing power in this regime. The 60/40 hedge mechanism no longer works with sustained inflation above the ECB target.
High government debt
Tolerating inflation is politically more attractive than austerity. Financial repression erodes the real debt burden without visible cuts.
Energy & commodities
The energy transition and geopolitical fragmentation raise the structural cost level. Commodity-intensive investment is inflationary.
Defence spending
Structurally higher defence budgets are debt-financed and do not directly raise productivity. Additional pressure on debt and prices.
Monetary accommodation
Central banks can keep rates below inflation. Historical precedent: US 1942–1951 and Japan 2022–2024 (yield curve control).
Seven features that make our mandate fundamentally different
One objective — preserving purchasing power — translated into one integrated mandate. No layered structure, no hidden costs, no opaque models.
Actuarial and financial models combined
Mean-CVaR (Conditional Value at Risk) optimisation and our patented Weighted Risk Metric model: we steer simultaneously on the probability of negative real return and on the probability of missing your objective — sharper than a classic Markowitz optimiser.
Purchasing power as the benchmark instead of nominal return
The portfolio is optimised relative to target assets, taking inflation into account.
Tested against thousands of scenarios, in every regime
Monte Carlo simulation over a long horizon, conditioned on the economic climate: high inflation, stagflation, deflation. You see in advance how robust your portfolio is and the probability of preserving purchasing power, rather than volatility alone.
From total portfolio to individual participant
A complete package for Defined Benefit (DB) and Target Defined Contribution (TDC), applicable to pension funds and calculated through to the individual participant.
Independent and free from conflicts of interest
Implementation via index products and direct equities. No house funds, no shelf fees, no performance fees. Maximum tax advantage.
One integrated, independent mandate
SAA (Strategic Asset Allocation), TAA (Tactical Asset Allocation) and risk management in one place, with an explicit CVaR risk budget. No external sub-managers. One interest, parallel to that of your board.
30+ years of experience each among the four founders
Former Managing Directors at Morgan Stanley, Head of Equities at PVF, two mathematics PhDs.
Experienced specialists
Founders with 30+ years of institutional experience each. Two mathematics PhDs lead portfolio construction.
Frits Fiene
RBA.
Former Head of Equities PVF (third-largest Dutch pension fund).
Executive Director Morgan Stanley, European pension reorganization.
Epco van der Lende
PhD Mathematics.
Former Managing Director Morgan Stanley.
Portfolio manager First Sentier Singapore (2012–2023).
ALM, quantitative risk management.
Jan Baars
PhD Mathematics / Actuary AG.
Former Executive Director Morgan Stanley.
Portfolio manager First Sentier Singapore (2012–2023).
Multi-asset solutions, ALM.
Joost Pielage
MSc macroeconomics.
Founder Amstel Securities.
Compliance, legal, organisation and administration.
Rob Beemster
Former Director ING — 32 years FX trading and institutional sales to central banks, sovereigns and interbank.
Owner Barcelona Valuta Experts.
Papers by audience
Download the detailed paper for your audience. Including mandate structure, cost justification, methodology and governance information.
Pension funds
CPI+ mandate, portfolio with integrated inflation objective, WTP positioning, Mean-CVaR methodology and institutional governance.
Download paperFamily Offices
Real return mandate, segregated account, spending rule modelling, tax optimisation and cost comparison.
Download paperANBI's & Foundations
Preserving purchasing power, spending justification, ANBI rules compliance, scale-specific mandates and cost structure.
Download paperLet's talk
We are available for a no-obligation introductory meeting with your board, investment committee or executive team. Contact us to discuss the options.