The major concern remains the low interest rate environment. We do not believe rates will increase as fast as in other cycles. The valuation on fixed income in general is rich, and equities are also valued on the high side, depending on the region. It is really difficult to hide right now. I am not that optimistic for the mid-term future, and therefore our internal expected returns are quite low for the next three years.
Already an IPE Member? Sign in here
For unlimited access to IPE’s industry-leading market intelligence, comprising news, data and long-form content on European pensions and institutional investment.
IPE has created a suite of products and services for Europe’s institutional investment and pensions community.