Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM...

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Overzicht beleggingen 2019 1 Stichting Pensioenfonds voor Fysiotherapeuten is transparant over haar beleggingen Stichting Pensioenfonds voor Fysiotherapeuten geeft rekenschap van beleid en uitvoering en publiceert een overzicht van haar directe beleggingsportefeuille. In de tabellen 1 t/m 7 geeft Stichting Pensioenfonds voor Fysiotherapeuten inzicht in de directe beleggingen. Hierbij wordt zo veel als mogelijk inzichtelijk gemaakt waarin is belegd. Volledige transparantie is echter door juridische beperkingen niet altijd mogelijk. Zo is het voor fondsbeleggingen niet mogelijk de onderliggende posities kenbaar te maken. Voor deze beleggingen wordt een opsomming van beheerders en/of fondsbeleggingen gegeven.

Transcript of Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM...

Page 1: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 1

Stichting Pensioenfonds voor Fysiotherapeuten is transparant over haar beleggingen Stichting Pensioenfonds voor Fysiotherapeuten geeft rekenschap van beleid en uitvoering en publiceert een overzicht van haar directe

beleggingsportefeuille In de tabellen 1 tm 7 geeft Stichting Pensioenfonds voor Fysiotherapeuten inzicht in de directe beleggingen Hierbij wordt zo veel

als mogelijk inzichtelijk gemaakt waarin is belegd Volledige transparantie is echter door juridische beperkingen niet altijd mogelijk Zo is het voor

fondsbeleggingen niet mogelijk de onderliggende posities kenbaar te maken Voor deze beleggingen wordt een opsomming van beheerders enof

fondsbeleggingen gegeven

Overzicht beleggingen 2019 2

Tabel 1 Overzicht assetmix

Beleggingscategorieeumln Managerfonds Marktwaarden per ultimo 2019 in mln euro

Aandelenkredietrisico

Aandelen Wereld (Ontwikkelde Markten) Russell Robeco 496 Aandelen Europa Aandelen Verenigde Staten Aandelen Japan Aandelen Opkomende Markten

Blackrock Russell Blackrock Numeric Russell

378 91 29

217 Private Equity Obligaties Opkomende Markten ndashHC

Achmea IM PGIM

52 130

Obligaties Opkomende Markten ndashLC Investec Legal amp General 157 Global High Yield Achmea IM Wereldwijd High Yield Fonds 171

Nominale renterisico

Staatsobligaties euro Achmea IM 771 Niet-staatsobligaties euro Achmea IM 377

Hypotheken Dynamic Credit SAVG 293 Liquiditeiten Achmea IM 130

Inflatierisico

Vastgoed Infrastructuur

Sweco Capital Consultants Ancala Infrastructure Fund Aquila Capital European Hydropower AXA infrastructure DIF Infrastructure First State EDI Fund IFM Global Infrastructure Macquarie InfraVia European Fund

693 126

Niet-traditioneelactief risico

Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB

49 53 25

Overzicht beleggingen 2019 3

Tabel 2 Top 5 posities Aandelen Wereld op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

DIRECT LINE INSURANCE GROUP 223 094

VODAFONE GROUP PLC 109 046

LLOYDS BANKING GROUP PLC 099 042

CHINA CONSTRUCTION BANK-H 044 018

BARCLAYS PLC 040 017

Tabel 3 Overzicht beleggingen Aandelen Wereld op 31 december 2019

3I GROUP PLC 3M CO ABB LTD-REG ABBVIE INC ABERTIS INFRAESTRUCTURAS SA ACCENTURE PLC-CL A ACOM CO LTD ACUITY BRANDS INC ADECCO GROUP AG-REG ADIDAS AG ADMIRAL GROUP PLC ADOBE INC ADVANCED MICRO DEVICES AEON DELIGHT CO LTD AERCAP HOLDINGS NV AFLAC INC AGEAS AGGREKO PLC AGL ENERGY LTD AGNC INVESTMENT CORP AGRICULTURAL BANK OF CHINA-H AIA GROUP LTD AIR PRODUCTS amp CHEMICALS INC AIRBUS SE AJINOMOTO CO INC AKAMAI TECHNOLOGIES INC ALCON INC ALEXION PHARMACEUTICALS INC ALIBABA GROUP HOLDING-SP ADR ALIGN TECHNOLOGY INC ALLERGAN PLC ALLIANZ SE-REG ALLISON TRANSMISSION HOLDING ALLSTATE CORP ALLY FINANCIAL INC ALPHABET INC-CL A ALPHABET INC-CL C AMAZONCOM INC AMCOR PLC-CDI AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN HOMES 4 RENT- A AMERICAN TOWER CORP AMERIPRISE FINANCIAL INC AMGEN INC ANDRITZ AG ANGLO AMERICAN PLC ANTHEM INC APACHE CORP APPLE INC APPLIED MATERIALS INC ARCELORMITTAL ARCHER-DANIELS-MIDLAND CO ARISTOCRAT LEISURE LTD ARTHUR J GALLAGHER amp CO ASAHI DIAMOND INDUSTRIAL CO ASAHI GROUP HOLDINGS LTD ASAHI KASEI CORP ASR NEDERLAND NV ASSURED GUARANTY LTD ASTRAZENECA PLC-SPONS ADR ASX LTD ATampT INC

Overzicht beleggingen 2019 4

ATHENE HOLDING LTD-CLASS A AUD190918 AUSTEVOLL SEAFOOD ASA AUSTRALIAN DOLLAR AUTOMATIC DATA PROCESSING AUTOZONE INC AVALONBAY COMMUNITIES INC AVIVA PLC AXA EQUITABLE HOLDINGS INC AXA SA AXIS CAPITAL HOLDINGS LTD B2GOLD CORP BAE SYSTEMS PLC BAKER HUGHES A GE CO BANCO BILBAO VIZCAYA ARGENTA BANCO DE SABADELL SA BANCO SANTANDER SA BANK OF AMERICA CORP BANK OF IRELAND GROUP PLC BANK OF NEW YORK MELLON CORP BARCLAYS PLC BARRICK GOLD CORP BASF SE BAUSCH HEALTH COS INC BAYER AG-REG BAYERISCHE MOTOREN WERKE AG BBampT CORP BEACH ENERGY LTD BECTON DICKINSON AND CO BERKELEY GROUP HOLDINGSTHE BERKSHIRE HATHAWAY INC-CL B BERRY GLOBAL GROUP INC BEST BUY CO INC BHP GROUP LTD BHP GROUP PLC BIOGEN INC BLACKROCK INC BLUESCOPE STEEL LTD BML INC BNP PARIBAS BOEING COTHE BOLIDEN AB BOSTON SCIENTIFIC CORP BP PLC BP PLC-SPONS ADR BRAMBLES LTD BRANDYWINE REALTY TRUST BRIDGESTONE CORP BRINKER INTERNATIONAL INC BRISTOL-MYERS SQUIBB CO BROADLEAF CO LTD BRP INCCA- SUB VOTING BT GROUP PLC BUILDERS FIRSTSOURCE INC BUREAU VERITAS SA BURLINGTON STORES INC CH ROBINSON WORLDWIDE INC CABOT OIL amp GAS CORP CAC40 10 EURO FUT Sep19 CACI INTERNATIONAL INC -CL A CAD190918 CADENCE BANCORP CADENCE DESIGN SYS INC CALTEX AUSTRALIA LTD CAMDEN PROPERTY TRUST CAN IMPERIAL BK OF COMMERCE CANADIAN DOLLAR CANADIAN NATURAL RESOURCES CANON INC CAPCOM CO LTD CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC CARLSBERG AS-B CARNIVAL CORP Cash amp Cash Eq CATERPILLAR INC CATHAY PACIFIC AIRWAYS CBRE GROUP INC - A CELANESE CORP CELESTICA INC CELLNEX TELECOM SA CENTENE CORP CENTERPOINT ENERGY INC CENTERRA GOLD INC CENTRAL JAPAN RAILWAY CO CENTRICA PLC CENTURYLINK INC CERNER CORP CHEMRING GROUP PLC CHENIERE ENERGY INC CHEVRON CORP CHINA CONSTRUCTION BANK-H CHINA HONGXING SPORTS LTD CHINA OVERSEAS LAND amp INVEST CHINA RESOURCES POWER HOLDIN CHUBB LTD CIE FINANCIERE RICHEMONT-REG CIGNA CORP CIMIC GROUP LTD CINCINNATI FINANCIAL CORP CISCO SYSTEMS INC CITIGROUP INC CITRIX SYSTEMS INC CK ASSET HOLDINGS LTD CK HUTCHISON HOLDINGS LTD CK INFRASTRUCTURE HOLDINGS L CLIO COSMETICS CO LTD CLP HOLDINGS LTD

Overzicht beleggingen 2019 5

CME GROUP INC COCA-COLA COTHE COGNIZANT TECH SOLUTIONS-A COLGATE-PALMOLIVE CO COMCAST CORP-CLASS A COMMERZBANK AG COMMONWEALTH BANK OF AUSTRAL CONCHO RESOURCES INC CONOCOPHILLIPS CONSOLIDATED EDISON INC CONTINENTAL RESOURCES INCOK CONVATEC GROUP PLC COOPER COS INCTHE CORTEVA INC COSEL CO LTD COSTAR GROUP INC COUSINS PROPERTIES INC CREDIT SUISSE GROUP AG-REG CREST NICHOLSON HOLDINGS CRH PLC CROWN CASTLE INTL CORP CUMMINS INC CURTISS-WRIGHT CORP CVS HEALTH CORP DAI NIPPON PRINTING CO LTD DAIKIN INDUSTRIES LTD DAILY MAILampGENERAL TST-A NV DAIMLER AG-REGISTERED SHARES DAISEKI CO LTD DANISH KRONE DANONE DARDEN RESTAURANTS INC DASSAULT AVIATION SA DASSAULT SYSTEMES SA DBS GROUP HOLDINGS LTD DENA CO LTD DENSO CORP DENTSPLY SIRONA INC DETOUR GOLD CORP DEUTSCHE POST AG-REG DEUTSCHE TELEKOM AG-REG DEVON ENERGY CORP DEXUS DIAGEO PLC DIAMONDBACK ENERGY INC DIGITAL HEARTS HOLDINGS CO L DISCOVER FINANCIAL SERVICES DNB ASA DOLLAR TREE INC DOVER CORP DOW INC DR HORTON INC DRAX GROUP PLC DUKE REALTY CORP DUPONT DE NEMOURS INC DXC TECHNOLOGY CO EAST JAPAN RAILWAY CO EATON CORP PLC EBARA CORP EBAY INC EDISON INTERNATIONAL ELECTROCOMPONENTS PLC ELEMENTIS PLC ELI LILLY amp CO ELISA OYJ EMCOR GROUP INC EMPIRE CO LTD A EMPIRIC STUDENT PROPERTY PLC EMS-CHEMIE HOLDING AG-REG ENBRIDGE INC ENEL SPA ENGIE ENI SPA EOG RESOURCES INC EQUINOR ASA ESSENT GROUP LTD ESSENTRA PLC EUR190918 EURO EURO STOXX 50 Sep19 EUROMONEY INSTL INVESTOR PLC EVEREST RE GROUP LTD EXACT SCIENCES CORP EXELON CORP EXPEDIA GROUP INC EXXON MOBIL CORP FACEBOOK INC-CLASS A FANUC CORP FEDERAL REALTY INVS TRUST FEDEX CORP FERGUSON PLC FERREXPO PLC FIAT CHRYSLER AUTOMOBILES NV FIFTH THIRD BANCORP FISERV INC FLEETCOR TECHNOLOGIES INC FORD MOTOR CO FOXTONS GROUP PLC FRANKLIN RESOURCES INC FREEPORT-MCMORAN INC FRESENIUS SE amp CO KGAA FTI CONSULTING INC FUJI MEDIA HOLDINGS INC FUJIFILM HOLDINGS CORP FUKUSHIMA INDUSTRIES CORP GALAPAGOS NV GARMIN LTD GEA GROUP AG

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GEBERIT AG-REG GENERAL DYNAMICS CORP GENERAL MILLS INC GENERAL MOTORS CO GILEAD SCIENCES INC GLAXOSMITHKLINE PLC GLENCORE PLC GODADDY INC - CLASS A GOLDMAN SACHS GROUP INC GRACO INC GRAND KOREA LEISURE CO LTD GRANITE REAL ESTATE INVESTME GREAT-WEST LIFECO INC GRUPO TELEVISA SA-SPON ADR GUIDEWIRE SOFTWARE INC GULF KEYSTONE PETROLEUM LTD GUNZE LTD H LUNDBECK AS HAEMONETICS CORPMASS HALLIBURTON CO HAMMERSON PLC HANNOVER RUECK SE HARTFORD FINANCIAL SVCS GRP HCA HEALTHCARE INC HDFC BANK LIMITED HDFC BANK LTD-ADR HEINEKEN NV HENNES amp MAURITZ AB-B SHS HERSHEY COTHE HESS CORP HEWLETT PACKARD ENTERPRISE HIROSE ELECTRIC CO LTD HITACHI LTD HOCHTIEF AG HOLLYFRONTIER CORP HOLOGIC INC HOME DEPOT INC HONDA MOTOR CO LTD HONG KONG DOLLAR HONGKONG LAND HOLDINGS LTD HOSHIZAKI CORP HOST HOTELS amp RESORTS INC HOYA CORP HP INC HSBC HOLDINGS PLC HUNTING PLC HYUNDAI MOTOR CO IA FINANCIAL CORP INC ICOM INC IDEMITSU KOSAN CO LTD ILLINOIS TOOL WORKS ILUKA RESOURCES LTD IND amp COMM BK OF CHINA-H INDUSTRIA DE DISENO TEXTIL ING GROEP NV INSPERITY INC INSULET CORP INTACT FINANCIAL CORP INTEGER HOLDINGS CORP INTEL CORP INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL HOTELS GROU INTERNATIONAL PAPER CO INTERTEK GROUP PLC INTL BUSINESS MACHINES CORP INTUITIVE SURGICAL INC INVINCIBLE INVESTMENT CORP IQVIA HOLDINGS INC ITE GROUP PLC ITOCHU CORP ITOHAM YONEKYU HOLDINGS INC ITV PLC JACCS CO LTD JAPAN AIRLINES CO LTD JAPAN POST HOLDINGS CO LTD JARDINE MATHESON HLDGS LTD JERONIMO MARTINS JETBLUE AIRWAYS CORP JOHNSON amp JOHNSON JOHNSON CONTROLS INTERNATION JPMORGAN CHASE amp CO JXTG HOLDINGS INC KANGWON LAND INC KASIKORNBANK PCL-NVDR KATAKURA INDUSTRIES CO LTD KDDI CORP KEYENCE CORP KEYSIGHT TECHNOLOGIES IN KINDER MORGAN INC KINGFISHER PLC KINNEVIK AB - B KIRIN HOLDINGS CO LTD KIRKLAND LAKE GOLD LTD KONINKLIJKE AHOLD DELHAIZE N KORN FERRY KRAFT HEINZ COTHE KROGER CO KUEHNE + NAGEL INTL AG-REG KUMIAI CHEMICAL INDUSTRY CO KUREHA CORP L3HARRIS TECHNOLOGIES INC LABORATORY CRP OF AMER HLDGS LAFARGEHOLCIM LTD-REG LAM RESEARCH CORP LAMB WESTON HOLDINGS INC LEIDOS HOLDINGS INC LENNAR CORP - B SHS LENNAR CORP-A

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LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

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WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

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GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 2: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 2

Tabel 1 Overzicht assetmix

Beleggingscategorieeumln Managerfonds Marktwaarden per ultimo 2019 in mln euro

Aandelenkredietrisico

Aandelen Wereld (Ontwikkelde Markten) Russell Robeco 496 Aandelen Europa Aandelen Verenigde Staten Aandelen Japan Aandelen Opkomende Markten

Blackrock Russell Blackrock Numeric Russell

378 91 29

217 Private Equity Obligaties Opkomende Markten ndashHC

Achmea IM PGIM

52 130

Obligaties Opkomende Markten ndashLC Investec Legal amp General 157 Global High Yield Achmea IM Wereldwijd High Yield Fonds 171

Nominale renterisico

Staatsobligaties euro Achmea IM 771 Niet-staatsobligaties euro Achmea IM 377

Hypotheken Dynamic Credit SAVG 293 Liquiditeiten Achmea IM 130

Inflatierisico

Vastgoed Infrastructuur

Sweco Capital Consultants Ancala Infrastructure Fund Aquila Capital European Hydropower AXA infrastructure DIF Infrastructure First State EDI Fund IFM Global Infrastructure Macquarie InfraVia European Fund

693 126

Niet-traditioneelactief risico

Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB

49 53 25

Overzicht beleggingen 2019 3

Tabel 2 Top 5 posities Aandelen Wereld op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

DIRECT LINE INSURANCE GROUP 223 094

VODAFONE GROUP PLC 109 046

LLOYDS BANKING GROUP PLC 099 042

CHINA CONSTRUCTION BANK-H 044 018

BARCLAYS PLC 040 017

Tabel 3 Overzicht beleggingen Aandelen Wereld op 31 december 2019

3I GROUP PLC 3M CO ABB LTD-REG ABBVIE INC ABERTIS INFRAESTRUCTURAS SA ACCENTURE PLC-CL A ACOM CO LTD ACUITY BRANDS INC ADECCO GROUP AG-REG ADIDAS AG ADMIRAL GROUP PLC ADOBE INC ADVANCED MICRO DEVICES AEON DELIGHT CO LTD AERCAP HOLDINGS NV AFLAC INC AGEAS AGGREKO PLC AGL ENERGY LTD AGNC INVESTMENT CORP AGRICULTURAL BANK OF CHINA-H AIA GROUP LTD AIR PRODUCTS amp CHEMICALS INC AIRBUS SE AJINOMOTO CO INC AKAMAI TECHNOLOGIES INC ALCON INC ALEXION PHARMACEUTICALS INC ALIBABA GROUP HOLDING-SP ADR ALIGN TECHNOLOGY INC ALLERGAN PLC ALLIANZ SE-REG ALLISON TRANSMISSION HOLDING ALLSTATE CORP ALLY FINANCIAL INC ALPHABET INC-CL A ALPHABET INC-CL C AMAZONCOM INC AMCOR PLC-CDI AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN HOMES 4 RENT- A AMERICAN TOWER CORP AMERIPRISE FINANCIAL INC AMGEN INC ANDRITZ AG ANGLO AMERICAN PLC ANTHEM INC APACHE CORP APPLE INC APPLIED MATERIALS INC ARCELORMITTAL ARCHER-DANIELS-MIDLAND CO ARISTOCRAT LEISURE LTD ARTHUR J GALLAGHER amp CO ASAHI DIAMOND INDUSTRIAL CO ASAHI GROUP HOLDINGS LTD ASAHI KASEI CORP ASR NEDERLAND NV ASSURED GUARANTY LTD ASTRAZENECA PLC-SPONS ADR ASX LTD ATampT INC

Overzicht beleggingen 2019 4

ATHENE HOLDING LTD-CLASS A AUD190918 AUSTEVOLL SEAFOOD ASA AUSTRALIAN DOLLAR AUTOMATIC DATA PROCESSING AUTOZONE INC AVALONBAY COMMUNITIES INC AVIVA PLC AXA EQUITABLE HOLDINGS INC AXA SA AXIS CAPITAL HOLDINGS LTD B2GOLD CORP BAE SYSTEMS PLC BAKER HUGHES A GE CO BANCO BILBAO VIZCAYA ARGENTA BANCO DE SABADELL SA BANCO SANTANDER SA BANK OF AMERICA CORP BANK OF IRELAND GROUP PLC BANK OF NEW YORK MELLON CORP BARCLAYS PLC BARRICK GOLD CORP BASF SE BAUSCH HEALTH COS INC BAYER AG-REG BAYERISCHE MOTOREN WERKE AG BBampT CORP BEACH ENERGY LTD BECTON DICKINSON AND CO BERKELEY GROUP HOLDINGSTHE BERKSHIRE HATHAWAY INC-CL B BERRY GLOBAL GROUP INC BEST BUY CO INC BHP GROUP LTD BHP GROUP PLC BIOGEN INC BLACKROCK INC BLUESCOPE STEEL LTD BML INC BNP PARIBAS BOEING COTHE BOLIDEN AB BOSTON SCIENTIFIC CORP BP PLC BP PLC-SPONS ADR BRAMBLES LTD BRANDYWINE REALTY TRUST BRIDGESTONE CORP BRINKER INTERNATIONAL INC BRISTOL-MYERS SQUIBB CO BROADLEAF CO LTD BRP INCCA- SUB VOTING BT GROUP PLC BUILDERS FIRSTSOURCE INC BUREAU VERITAS SA BURLINGTON STORES INC CH ROBINSON WORLDWIDE INC CABOT OIL amp GAS CORP CAC40 10 EURO FUT Sep19 CACI INTERNATIONAL INC -CL A CAD190918 CADENCE BANCORP CADENCE DESIGN SYS INC CALTEX AUSTRALIA LTD CAMDEN PROPERTY TRUST CAN IMPERIAL BK OF COMMERCE CANADIAN DOLLAR CANADIAN NATURAL RESOURCES CANON INC CAPCOM CO LTD CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC CARLSBERG AS-B CARNIVAL CORP Cash amp Cash Eq CATERPILLAR INC CATHAY PACIFIC AIRWAYS CBRE GROUP INC - A CELANESE CORP CELESTICA INC CELLNEX TELECOM SA CENTENE CORP CENTERPOINT ENERGY INC CENTERRA GOLD INC CENTRAL JAPAN RAILWAY CO CENTRICA PLC CENTURYLINK INC CERNER CORP CHEMRING GROUP PLC CHENIERE ENERGY INC CHEVRON CORP CHINA CONSTRUCTION BANK-H CHINA HONGXING SPORTS LTD CHINA OVERSEAS LAND amp INVEST CHINA RESOURCES POWER HOLDIN CHUBB LTD CIE FINANCIERE RICHEMONT-REG CIGNA CORP CIMIC GROUP LTD CINCINNATI FINANCIAL CORP CISCO SYSTEMS INC CITIGROUP INC CITRIX SYSTEMS INC CK ASSET HOLDINGS LTD CK HUTCHISON HOLDINGS LTD CK INFRASTRUCTURE HOLDINGS L CLIO COSMETICS CO LTD CLP HOLDINGS LTD

Overzicht beleggingen 2019 5

CME GROUP INC COCA-COLA COTHE COGNIZANT TECH SOLUTIONS-A COLGATE-PALMOLIVE CO COMCAST CORP-CLASS A COMMERZBANK AG COMMONWEALTH BANK OF AUSTRAL CONCHO RESOURCES INC CONOCOPHILLIPS CONSOLIDATED EDISON INC CONTINENTAL RESOURCES INCOK CONVATEC GROUP PLC COOPER COS INCTHE CORTEVA INC COSEL CO LTD COSTAR GROUP INC COUSINS PROPERTIES INC CREDIT SUISSE GROUP AG-REG CREST NICHOLSON HOLDINGS CRH PLC CROWN CASTLE INTL CORP CUMMINS INC CURTISS-WRIGHT CORP CVS HEALTH CORP DAI NIPPON PRINTING CO LTD DAIKIN INDUSTRIES LTD DAILY MAILampGENERAL TST-A NV DAIMLER AG-REGISTERED SHARES DAISEKI CO LTD DANISH KRONE DANONE DARDEN RESTAURANTS INC DASSAULT AVIATION SA DASSAULT SYSTEMES SA DBS GROUP HOLDINGS LTD DENA CO LTD DENSO CORP DENTSPLY SIRONA INC DETOUR GOLD CORP DEUTSCHE POST AG-REG DEUTSCHE TELEKOM AG-REG DEVON ENERGY CORP DEXUS DIAGEO PLC DIAMONDBACK ENERGY INC DIGITAL HEARTS HOLDINGS CO L DISCOVER FINANCIAL SERVICES DNB ASA DOLLAR TREE INC DOVER CORP DOW INC DR HORTON INC DRAX GROUP PLC DUKE REALTY CORP DUPONT DE NEMOURS INC DXC TECHNOLOGY CO EAST JAPAN RAILWAY CO EATON CORP PLC EBARA CORP EBAY INC EDISON INTERNATIONAL ELECTROCOMPONENTS PLC ELEMENTIS PLC ELI LILLY amp CO ELISA OYJ EMCOR GROUP INC EMPIRE CO LTD A EMPIRIC STUDENT PROPERTY PLC EMS-CHEMIE HOLDING AG-REG ENBRIDGE INC ENEL SPA ENGIE ENI SPA EOG RESOURCES INC EQUINOR ASA ESSENT GROUP LTD ESSENTRA PLC EUR190918 EURO EURO STOXX 50 Sep19 EUROMONEY INSTL INVESTOR PLC EVEREST RE GROUP LTD EXACT SCIENCES CORP EXELON CORP EXPEDIA GROUP INC EXXON MOBIL CORP FACEBOOK INC-CLASS A FANUC CORP FEDERAL REALTY INVS TRUST FEDEX CORP FERGUSON PLC FERREXPO PLC FIAT CHRYSLER AUTOMOBILES NV FIFTH THIRD BANCORP FISERV INC FLEETCOR TECHNOLOGIES INC FORD MOTOR CO FOXTONS GROUP PLC FRANKLIN RESOURCES INC FREEPORT-MCMORAN INC FRESENIUS SE amp CO KGAA FTI CONSULTING INC FUJI MEDIA HOLDINGS INC FUJIFILM HOLDINGS CORP FUKUSHIMA INDUSTRIES CORP GALAPAGOS NV GARMIN LTD GEA GROUP AG

Overzicht beleggingen 2019 6

GEBERIT AG-REG GENERAL DYNAMICS CORP GENERAL MILLS INC GENERAL MOTORS CO GILEAD SCIENCES INC GLAXOSMITHKLINE PLC GLENCORE PLC GODADDY INC - CLASS A GOLDMAN SACHS GROUP INC GRACO INC GRAND KOREA LEISURE CO LTD GRANITE REAL ESTATE INVESTME GREAT-WEST LIFECO INC GRUPO TELEVISA SA-SPON ADR GUIDEWIRE SOFTWARE INC GULF KEYSTONE PETROLEUM LTD GUNZE LTD H LUNDBECK AS HAEMONETICS CORPMASS HALLIBURTON CO HAMMERSON PLC HANNOVER RUECK SE HARTFORD FINANCIAL SVCS GRP HCA HEALTHCARE INC HDFC BANK LIMITED HDFC BANK LTD-ADR HEINEKEN NV HENNES amp MAURITZ AB-B SHS HERSHEY COTHE HESS CORP HEWLETT PACKARD ENTERPRISE HIROSE ELECTRIC CO LTD HITACHI LTD HOCHTIEF AG HOLLYFRONTIER CORP HOLOGIC INC HOME DEPOT INC HONDA MOTOR CO LTD HONG KONG DOLLAR HONGKONG LAND HOLDINGS LTD HOSHIZAKI CORP HOST HOTELS amp RESORTS INC HOYA CORP HP INC HSBC HOLDINGS PLC HUNTING PLC HYUNDAI MOTOR CO IA FINANCIAL CORP INC ICOM INC IDEMITSU KOSAN CO LTD ILLINOIS TOOL WORKS ILUKA RESOURCES LTD IND amp COMM BK OF CHINA-H INDUSTRIA DE DISENO TEXTIL ING GROEP NV INSPERITY INC INSULET CORP INTACT FINANCIAL CORP INTEGER HOLDINGS CORP INTEL CORP INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL HOTELS GROU INTERNATIONAL PAPER CO INTERTEK GROUP PLC INTL BUSINESS MACHINES CORP INTUITIVE SURGICAL INC INVINCIBLE INVESTMENT CORP IQVIA HOLDINGS INC ITE GROUP PLC ITOCHU CORP ITOHAM YONEKYU HOLDINGS INC ITV PLC JACCS CO LTD JAPAN AIRLINES CO LTD JAPAN POST HOLDINGS CO LTD JARDINE MATHESON HLDGS LTD JERONIMO MARTINS JETBLUE AIRWAYS CORP JOHNSON amp JOHNSON JOHNSON CONTROLS INTERNATION JPMORGAN CHASE amp CO JXTG HOLDINGS INC KANGWON LAND INC KASIKORNBANK PCL-NVDR KATAKURA INDUSTRIES CO LTD KDDI CORP KEYENCE CORP KEYSIGHT TECHNOLOGIES IN KINDER MORGAN INC KINGFISHER PLC KINNEVIK AB - B KIRIN HOLDINGS CO LTD KIRKLAND LAKE GOLD LTD KONINKLIJKE AHOLD DELHAIZE N KORN FERRY KRAFT HEINZ COTHE KROGER CO KUEHNE + NAGEL INTL AG-REG KUMIAI CHEMICAL INDUSTRY CO KUREHA CORP L3HARRIS TECHNOLOGIES INC LABORATORY CRP OF AMER HLDGS LAFARGEHOLCIM LTD-REG LAM RESEARCH CORP LAMB WESTON HOLDINGS INC LEIDOS HOLDINGS INC LENNAR CORP - B SHS LENNAR CORP-A

Overzicht beleggingen 2019 7

LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 3: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 3

Tabel 2 Top 5 posities Aandelen Wereld op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

DIRECT LINE INSURANCE GROUP 223 094

VODAFONE GROUP PLC 109 046

LLOYDS BANKING GROUP PLC 099 042

CHINA CONSTRUCTION BANK-H 044 018

BARCLAYS PLC 040 017

Tabel 3 Overzicht beleggingen Aandelen Wereld op 31 december 2019

3I GROUP PLC 3M CO ABB LTD-REG ABBVIE INC ABERTIS INFRAESTRUCTURAS SA ACCENTURE PLC-CL A ACOM CO LTD ACUITY BRANDS INC ADECCO GROUP AG-REG ADIDAS AG ADMIRAL GROUP PLC ADOBE INC ADVANCED MICRO DEVICES AEON DELIGHT CO LTD AERCAP HOLDINGS NV AFLAC INC AGEAS AGGREKO PLC AGL ENERGY LTD AGNC INVESTMENT CORP AGRICULTURAL BANK OF CHINA-H AIA GROUP LTD AIR PRODUCTS amp CHEMICALS INC AIRBUS SE AJINOMOTO CO INC AKAMAI TECHNOLOGIES INC ALCON INC ALEXION PHARMACEUTICALS INC ALIBABA GROUP HOLDING-SP ADR ALIGN TECHNOLOGY INC ALLERGAN PLC ALLIANZ SE-REG ALLISON TRANSMISSION HOLDING ALLSTATE CORP ALLY FINANCIAL INC ALPHABET INC-CL A ALPHABET INC-CL C AMAZONCOM INC AMCOR PLC-CDI AMERICAN EXPRESS CO AMERICAN FINANCIAL GROUP INC AMERICAN HOMES 4 RENT- A AMERICAN TOWER CORP AMERIPRISE FINANCIAL INC AMGEN INC ANDRITZ AG ANGLO AMERICAN PLC ANTHEM INC APACHE CORP APPLE INC APPLIED MATERIALS INC ARCELORMITTAL ARCHER-DANIELS-MIDLAND CO ARISTOCRAT LEISURE LTD ARTHUR J GALLAGHER amp CO ASAHI DIAMOND INDUSTRIAL CO ASAHI GROUP HOLDINGS LTD ASAHI KASEI CORP ASR NEDERLAND NV ASSURED GUARANTY LTD ASTRAZENECA PLC-SPONS ADR ASX LTD ATampT INC

Overzicht beleggingen 2019 4

ATHENE HOLDING LTD-CLASS A AUD190918 AUSTEVOLL SEAFOOD ASA AUSTRALIAN DOLLAR AUTOMATIC DATA PROCESSING AUTOZONE INC AVALONBAY COMMUNITIES INC AVIVA PLC AXA EQUITABLE HOLDINGS INC AXA SA AXIS CAPITAL HOLDINGS LTD B2GOLD CORP BAE SYSTEMS PLC BAKER HUGHES A GE CO BANCO BILBAO VIZCAYA ARGENTA BANCO DE SABADELL SA BANCO SANTANDER SA BANK OF AMERICA CORP BANK OF IRELAND GROUP PLC BANK OF NEW YORK MELLON CORP BARCLAYS PLC BARRICK GOLD CORP BASF SE BAUSCH HEALTH COS INC BAYER AG-REG BAYERISCHE MOTOREN WERKE AG BBampT CORP BEACH ENERGY LTD BECTON DICKINSON AND CO BERKELEY GROUP HOLDINGSTHE BERKSHIRE HATHAWAY INC-CL B BERRY GLOBAL GROUP INC BEST BUY CO INC BHP GROUP LTD BHP GROUP PLC BIOGEN INC BLACKROCK INC BLUESCOPE STEEL LTD BML INC BNP PARIBAS BOEING COTHE BOLIDEN AB BOSTON SCIENTIFIC CORP BP PLC BP PLC-SPONS ADR BRAMBLES LTD BRANDYWINE REALTY TRUST BRIDGESTONE CORP BRINKER INTERNATIONAL INC BRISTOL-MYERS SQUIBB CO BROADLEAF CO LTD BRP INCCA- SUB VOTING BT GROUP PLC BUILDERS FIRSTSOURCE INC BUREAU VERITAS SA BURLINGTON STORES INC CH ROBINSON WORLDWIDE INC CABOT OIL amp GAS CORP CAC40 10 EURO FUT Sep19 CACI INTERNATIONAL INC -CL A CAD190918 CADENCE BANCORP CADENCE DESIGN SYS INC CALTEX AUSTRALIA LTD CAMDEN PROPERTY TRUST CAN IMPERIAL BK OF COMMERCE CANADIAN DOLLAR CANADIAN NATURAL RESOURCES CANON INC CAPCOM CO LTD CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC CARLSBERG AS-B CARNIVAL CORP Cash amp Cash Eq CATERPILLAR INC CATHAY PACIFIC AIRWAYS CBRE GROUP INC - A CELANESE CORP CELESTICA INC CELLNEX TELECOM SA CENTENE CORP CENTERPOINT ENERGY INC CENTERRA GOLD INC CENTRAL JAPAN RAILWAY CO CENTRICA PLC CENTURYLINK INC CERNER CORP CHEMRING GROUP PLC CHENIERE ENERGY INC CHEVRON CORP CHINA CONSTRUCTION BANK-H CHINA HONGXING SPORTS LTD CHINA OVERSEAS LAND amp INVEST CHINA RESOURCES POWER HOLDIN CHUBB LTD CIE FINANCIERE RICHEMONT-REG CIGNA CORP CIMIC GROUP LTD CINCINNATI FINANCIAL CORP CISCO SYSTEMS INC CITIGROUP INC CITRIX SYSTEMS INC CK ASSET HOLDINGS LTD CK HUTCHISON HOLDINGS LTD CK INFRASTRUCTURE HOLDINGS L CLIO COSMETICS CO LTD CLP HOLDINGS LTD

Overzicht beleggingen 2019 5

CME GROUP INC COCA-COLA COTHE COGNIZANT TECH SOLUTIONS-A COLGATE-PALMOLIVE CO COMCAST CORP-CLASS A COMMERZBANK AG COMMONWEALTH BANK OF AUSTRAL CONCHO RESOURCES INC CONOCOPHILLIPS CONSOLIDATED EDISON INC CONTINENTAL RESOURCES INCOK CONVATEC GROUP PLC COOPER COS INCTHE CORTEVA INC COSEL CO LTD COSTAR GROUP INC COUSINS PROPERTIES INC CREDIT SUISSE GROUP AG-REG CREST NICHOLSON HOLDINGS CRH PLC CROWN CASTLE INTL CORP CUMMINS INC CURTISS-WRIGHT CORP CVS HEALTH CORP DAI NIPPON PRINTING CO LTD DAIKIN INDUSTRIES LTD DAILY MAILampGENERAL TST-A NV DAIMLER AG-REGISTERED SHARES DAISEKI CO LTD DANISH KRONE DANONE DARDEN RESTAURANTS INC DASSAULT AVIATION SA DASSAULT SYSTEMES SA DBS GROUP HOLDINGS LTD DENA CO LTD DENSO CORP DENTSPLY SIRONA INC DETOUR GOLD CORP DEUTSCHE POST AG-REG DEUTSCHE TELEKOM AG-REG DEVON ENERGY CORP DEXUS DIAGEO PLC DIAMONDBACK ENERGY INC DIGITAL HEARTS HOLDINGS CO L DISCOVER FINANCIAL SERVICES DNB ASA DOLLAR TREE INC DOVER CORP DOW INC DR HORTON INC DRAX GROUP PLC DUKE REALTY CORP DUPONT DE NEMOURS INC DXC TECHNOLOGY CO EAST JAPAN RAILWAY CO EATON CORP PLC EBARA CORP EBAY INC EDISON INTERNATIONAL ELECTROCOMPONENTS PLC ELEMENTIS PLC ELI LILLY amp CO ELISA OYJ EMCOR GROUP INC EMPIRE CO LTD A EMPIRIC STUDENT PROPERTY PLC EMS-CHEMIE HOLDING AG-REG ENBRIDGE INC ENEL SPA ENGIE ENI SPA EOG RESOURCES INC EQUINOR ASA ESSENT GROUP LTD ESSENTRA PLC EUR190918 EURO EURO STOXX 50 Sep19 EUROMONEY INSTL INVESTOR PLC EVEREST RE GROUP LTD EXACT SCIENCES CORP EXELON CORP EXPEDIA GROUP INC EXXON MOBIL CORP FACEBOOK INC-CLASS A FANUC CORP FEDERAL REALTY INVS TRUST FEDEX CORP FERGUSON PLC FERREXPO PLC FIAT CHRYSLER AUTOMOBILES NV FIFTH THIRD BANCORP FISERV INC FLEETCOR TECHNOLOGIES INC FORD MOTOR CO FOXTONS GROUP PLC FRANKLIN RESOURCES INC FREEPORT-MCMORAN INC FRESENIUS SE amp CO KGAA FTI CONSULTING INC FUJI MEDIA HOLDINGS INC FUJIFILM HOLDINGS CORP FUKUSHIMA INDUSTRIES CORP GALAPAGOS NV GARMIN LTD GEA GROUP AG

Overzicht beleggingen 2019 6

GEBERIT AG-REG GENERAL DYNAMICS CORP GENERAL MILLS INC GENERAL MOTORS CO GILEAD SCIENCES INC GLAXOSMITHKLINE PLC GLENCORE PLC GODADDY INC - CLASS A GOLDMAN SACHS GROUP INC GRACO INC GRAND KOREA LEISURE CO LTD GRANITE REAL ESTATE INVESTME GREAT-WEST LIFECO INC GRUPO TELEVISA SA-SPON ADR GUIDEWIRE SOFTWARE INC GULF KEYSTONE PETROLEUM LTD GUNZE LTD H LUNDBECK AS HAEMONETICS CORPMASS HALLIBURTON CO HAMMERSON PLC HANNOVER RUECK SE HARTFORD FINANCIAL SVCS GRP HCA HEALTHCARE INC HDFC BANK LIMITED HDFC BANK LTD-ADR HEINEKEN NV HENNES amp MAURITZ AB-B SHS HERSHEY COTHE HESS CORP HEWLETT PACKARD ENTERPRISE HIROSE ELECTRIC CO LTD HITACHI LTD HOCHTIEF AG HOLLYFRONTIER CORP HOLOGIC INC HOME DEPOT INC HONDA MOTOR CO LTD HONG KONG DOLLAR HONGKONG LAND HOLDINGS LTD HOSHIZAKI CORP HOST HOTELS amp RESORTS INC HOYA CORP HP INC HSBC HOLDINGS PLC HUNTING PLC HYUNDAI MOTOR CO IA FINANCIAL CORP INC ICOM INC IDEMITSU KOSAN CO LTD ILLINOIS TOOL WORKS ILUKA RESOURCES LTD IND amp COMM BK OF CHINA-H INDUSTRIA DE DISENO TEXTIL ING GROEP NV INSPERITY INC INSULET CORP INTACT FINANCIAL CORP INTEGER HOLDINGS CORP INTEL CORP INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL HOTELS GROU INTERNATIONAL PAPER CO INTERTEK GROUP PLC INTL BUSINESS MACHINES CORP INTUITIVE SURGICAL INC INVINCIBLE INVESTMENT CORP IQVIA HOLDINGS INC ITE GROUP PLC ITOCHU CORP ITOHAM YONEKYU HOLDINGS INC ITV PLC JACCS CO LTD JAPAN AIRLINES CO LTD JAPAN POST HOLDINGS CO LTD JARDINE MATHESON HLDGS LTD JERONIMO MARTINS JETBLUE AIRWAYS CORP JOHNSON amp JOHNSON JOHNSON CONTROLS INTERNATION JPMORGAN CHASE amp CO JXTG HOLDINGS INC KANGWON LAND INC KASIKORNBANK PCL-NVDR KATAKURA INDUSTRIES CO LTD KDDI CORP KEYENCE CORP KEYSIGHT TECHNOLOGIES IN KINDER MORGAN INC KINGFISHER PLC KINNEVIK AB - B KIRIN HOLDINGS CO LTD KIRKLAND LAKE GOLD LTD KONINKLIJKE AHOLD DELHAIZE N KORN FERRY KRAFT HEINZ COTHE KROGER CO KUEHNE + NAGEL INTL AG-REG KUMIAI CHEMICAL INDUSTRY CO KUREHA CORP L3HARRIS TECHNOLOGIES INC LABORATORY CRP OF AMER HLDGS LAFARGEHOLCIM LTD-REG LAM RESEARCH CORP LAMB WESTON HOLDINGS INC LEIDOS HOLDINGS INC LENNAR CORP - B SHS LENNAR CORP-A

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LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

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PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

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SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

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WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

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GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

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BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

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IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 4: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 4

ATHENE HOLDING LTD-CLASS A AUD190918 AUSTEVOLL SEAFOOD ASA AUSTRALIAN DOLLAR AUTOMATIC DATA PROCESSING AUTOZONE INC AVALONBAY COMMUNITIES INC AVIVA PLC AXA EQUITABLE HOLDINGS INC AXA SA AXIS CAPITAL HOLDINGS LTD B2GOLD CORP BAE SYSTEMS PLC BAKER HUGHES A GE CO BANCO BILBAO VIZCAYA ARGENTA BANCO DE SABADELL SA BANCO SANTANDER SA BANK OF AMERICA CORP BANK OF IRELAND GROUP PLC BANK OF NEW YORK MELLON CORP BARCLAYS PLC BARRICK GOLD CORP BASF SE BAUSCH HEALTH COS INC BAYER AG-REG BAYERISCHE MOTOREN WERKE AG BBampT CORP BEACH ENERGY LTD BECTON DICKINSON AND CO BERKELEY GROUP HOLDINGSTHE BERKSHIRE HATHAWAY INC-CL B BERRY GLOBAL GROUP INC BEST BUY CO INC BHP GROUP LTD BHP GROUP PLC BIOGEN INC BLACKROCK INC BLUESCOPE STEEL LTD BML INC BNP PARIBAS BOEING COTHE BOLIDEN AB BOSTON SCIENTIFIC CORP BP PLC BP PLC-SPONS ADR BRAMBLES LTD BRANDYWINE REALTY TRUST BRIDGESTONE CORP BRINKER INTERNATIONAL INC BRISTOL-MYERS SQUIBB CO BROADLEAF CO LTD BRP INCCA- SUB VOTING BT GROUP PLC BUILDERS FIRSTSOURCE INC BUREAU VERITAS SA BURLINGTON STORES INC CH ROBINSON WORLDWIDE INC CABOT OIL amp GAS CORP CAC40 10 EURO FUT Sep19 CACI INTERNATIONAL INC -CL A CAD190918 CADENCE BANCORP CADENCE DESIGN SYS INC CALTEX AUSTRALIA LTD CAMDEN PROPERTY TRUST CAN IMPERIAL BK OF COMMERCE CANADIAN DOLLAR CANADIAN NATURAL RESOURCES CANON INC CAPCOM CO LTD CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC CARLSBERG AS-B CARNIVAL CORP Cash amp Cash Eq CATERPILLAR INC CATHAY PACIFIC AIRWAYS CBRE GROUP INC - A CELANESE CORP CELESTICA INC CELLNEX TELECOM SA CENTENE CORP CENTERPOINT ENERGY INC CENTERRA GOLD INC CENTRAL JAPAN RAILWAY CO CENTRICA PLC CENTURYLINK INC CERNER CORP CHEMRING GROUP PLC CHENIERE ENERGY INC CHEVRON CORP CHINA CONSTRUCTION BANK-H CHINA HONGXING SPORTS LTD CHINA OVERSEAS LAND amp INVEST CHINA RESOURCES POWER HOLDIN CHUBB LTD CIE FINANCIERE RICHEMONT-REG CIGNA CORP CIMIC GROUP LTD CINCINNATI FINANCIAL CORP CISCO SYSTEMS INC CITIGROUP INC CITRIX SYSTEMS INC CK ASSET HOLDINGS LTD CK HUTCHISON HOLDINGS LTD CK INFRASTRUCTURE HOLDINGS L CLIO COSMETICS CO LTD CLP HOLDINGS LTD

Overzicht beleggingen 2019 5

CME GROUP INC COCA-COLA COTHE COGNIZANT TECH SOLUTIONS-A COLGATE-PALMOLIVE CO COMCAST CORP-CLASS A COMMERZBANK AG COMMONWEALTH BANK OF AUSTRAL CONCHO RESOURCES INC CONOCOPHILLIPS CONSOLIDATED EDISON INC CONTINENTAL RESOURCES INCOK CONVATEC GROUP PLC COOPER COS INCTHE CORTEVA INC COSEL CO LTD COSTAR GROUP INC COUSINS PROPERTIES INC CREDIT SUISSE GROUP AG-REG CREST NICHOLSON HOLDINGS CRH PLC CROWN CASTLE INTL CORP CUMMINS INC CURTISS-WRIGHT CORP CVS HEALTH CORP DAI NIPPON PRINTING CO LTD DAIKIN INDUSTRIES LTD DAILY MAILampGENERAL TST-A NV DAIMLER AG-REGISTERED SHARES DAISEKI CO LTD DANISH KRONE DANONE DARDEN RESTAURANTS INC DASSAULT AVIATION SA DASSAULT SYSTEMES SA DBS GROUP HOLDINGS LTD DENA CO LTD DENSO CORP DENTSPLY SIRONA INC DETOUR GOLD CORP DEUTSCHE POST AG-REG DEUTSCHE TELEKOM AG-REG DEVON ENERGY CORP DEXUS DIAGEO PLC DIAMONDBACK ENERGY INC DIGITAL HEARTS HOLDINGS CO L DISCOVER FINANCIAL SERVICES DNB ASA DOLLAR TREE INC DOVER CORP DOW INC DR HORTON INC DRAX GROUP PLC DUKE REALTY CORP DUPONT DE NEMOURS INC DXC TECHNOLOGY CO EAST JAPAN RAILWAY CO EATON CORP PLC EBARA CORP EBAY INC EDISON INTERNATIONAL ELECTROCOMPONENTS PLC ELEMENTIS PLC ELI LILLY amp CO ELISA OYJ EMCOR GROUP INC EMPIRE CO LTD A EMPIRIC STUDENT PROPERTY PLC EMS-CHEMIE HOLDING AG-REG ENBRIDGE INC ENEL SPA ENGIE ENI SPA EOG RESOURCES INC EQUINOR ASA ESSENT GROUP LTD ESSENTRA PLC EUR190918 EURO EURO STOXX 50 Sep19 EUROMONEY INSTL INVESTOR PLC EVEREST RE GROUP LTD EXACT SCIENCES CORP EXELON CORP EXPEDIA GROUP INC EXXON MOBIL CORP FACEBOOK INC-CLASS A FANUC CORP FEDERAL REALTY INVS TRUST FEDEX CORP FERGUSON PLC FERREXPO PLC FIAT CHRYSLER AUTOMOBILES NV FIFTH THIRD BANCORP FISERV INC FLEETCOR TECHNOLOGIES INC FORD MOTOR CO FOXTONS GROUP PLC FRANKLIN RESOURCES INC FREEPORT-MCMORAN INC FRESENIUS SE amp CO KGAA FTI CONSULTING INC FUJI MEDIA HOLDINGS INC FUJIFILM HOLDINGS CORP FUKUSHIMA INDUSTRIES CORP GALAPAGOS NV GARMIN LTD GEA GROUP AG

Overzicht beleggingen 2019 6

GEBERIT AG-REG GENERAL DYNAMICS CORP GENERAL MILLS INC GENERAL MOTORS CO GILEAD SCIENCES INC GLAXOSMITHKLINE PLC GLENCORE PLC GODADDY INC - CLASS A GOLDMAN SACHS GROUP INC GRACO INC GRAND KOREA LEISURE CO LTD GRANITE REAL ESTATE INVESTME GREAT-WEST LIFECO INC GRUPO TELEVISA SA-SPON ADR GUIDEWIRE SOFTWARE INC GULF KEYSTONE PETROLEUM LTD GUNZE LTD H LUNDBECK AS HAEMONETICS CORPMASS HALLIBURTON CO HAMMERSON PLC HANNOVER RUECK SE HARTFORD FINANCIAL SVCS GRP HCA HEALTHCARE INC HDFC BANK LIMITED HDFC BANK LTD-ADR HEINEKEN NV HENNES amp MAURITZ AB-B SHS HERSHEY COTHE HESS CORP HEWLETT PACKARD ENTERPRISE HIROSE ELECTRIC CO LTD HITACHI LTD HOCHTIEF AG HOLLYFRONTIER CORP HOLOGIC INC HOME DEPOT INC HONDA MOTOR CO LTD HONG KONG DOLLAR HONGKONG LAND HOLDINGS LTD HOSHIZAKI CORP HOST HOTELS amp RESORTS INC HOYA CORP HP INC HSBC HOLDINGS PLC HUNTING PLC HYUNDAI MOTOR CO IA FINANCIAL CORP INC ICOM INC IDEMITSU KOSAN CO LTD ILLINOIS TOOL WORKS ILUKA RESOURCES LTD IND amp COMM BK OF CHINA-H INDUSTRIA DE DISENO TEXTIL ING GROEP NV INSPERITY INC INSULET CORP INTACT FINANCIAL CORP INTEGER HOLDINGS CORP INTEL CORP INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL HOTELS GROU INTERNATIONAL PAPER CO INTERTEK GROUP PLC INTL BUSINESS MACHINES CORP INTUITIVE SURGICAL INC INVINCIBLE INVESTMENT CORP IQVIA HOLDINGS INC ITE GROUP PLC ITOCHU CORP ITOHAM YONEKYU HOLDINGS INC ITV PLC JACCS CO LTD JAPAN AIRLINES CO LTD JAPAN POST HOLDINGS CO LTD JARDINE MATHESON HLDGS LTD JERONIMO MARTINS JETBLUE AIRWAYS CORP JOHNSON amp JOHNSON JOHNSON CONTROLS INTERNATION JPMORGAN CHASE amp CO JXTG HOLDINGS INC KANGWON LAND INC KASIKORNBANK PCL-NVDR KATAKURA INDUSTRIES CO LTD KDDI CORP KEYENCE CORP KEYSIGHT TECHNOLOGIES IN KINDER MORGAN INC KINGFISHER PLC KINNEVIK AB - B KIRIN HOLDINGS CO LTD KIRKLAND LAKE GOLD LTD KONINKLIJKE AHOLD DELHAIZE N KORN FERRY KRAFT HEINZ COTHE KROGER CO KUEHNE + NAGEL INTL AG-REG KUMIAI CHEMICAL INDUSTRY CO KUREHA CORP L3HARRIS TECHNOLOGIES INC LABORATORY CRP OF AMER HLDGS LAFARGEHOLCIM LTD-REG LAM RESEARCH CORP LAMB WESTON HOLDINGS INC LEIDOS HOLDINGS INC LENNAR CORP - B SHS LENNAR CORP-A

Overzicht beleggingen 2019 7

LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 5: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 5

CME GROUP INC COCA-COLA COTHE COGNIZANT TECH SOLUTIONS-A COLGATE-PALMOLIVE CO COMCAST CORP-CLASS A COMMERZBANK AG COMMONWEALTH BANK OF AUSTRAL CONCHO RESOURCES INC CONOCOPHILLIPS CONSOLIDATED EDISON INC CONTINENTAL RESOURCES INCOK CONVATEC GROUP PLC COOPER COS INCTHE CORTEVA INC COSEL CO LTD COSTAR GROUP INC COUSINS PROPERTIES INC CREDIT SUISSE GROUP AG-REG CREST NICHOLSON HOLDINGS CRH PLC CROWN CASTLE INTL CORP CUMMINS INC CURTISS-WRIGHT CORP CVS HEALTH CORP DAI NIPPON PRINTING CO LTD DAIKIN INDUSTRIES LTD DAILY MAILampGENERAL TST-A NV DAIMLER AG-REGISTERED SHARES DAISEKI CO LTD DANISH KRONE DANONE DARDEN RESTAURANTS INC DASSAULT AVIATION SA DASSAULT SYSTEMES SA DBS GROUP HOLDINGS LTD DENA CO LTD DENSO CORP DENTSPLY SIRONA INC DETOUR GOLD CORP DEUTSCHE POST AG-REG DEUTSCHE TELEKOM AG-REG DEVON ENERGY CORP DEXUS DIAGEO PLC DIAMONDBACK ENERGY INC DIGITAL HEARTS HOLDINGS CO L DISCOVER FINANCIAL SERVICES DNB ASA DOLLAR TREE INC DOVER CORP DOW INC DR HORTON INC DRAX GROUP PLC DUKE REALTY CORP DUPONT DE NEMOURS INC DXC TECHNOLOGY CO EAST JAPAN RAILWAY CO EATON CORP PLC EBARA CORP EBAY INC EDISON INTERNATIONAL ELECTROCOMPONENTS PLC ELEMENTIS PLC ELI LILLY amp CO ELISA OYJ EMCOR GROUP INC EMPIRE CO LTD A EMPIRIC STUDENT PROPERTY PLC EMS-CHEMIE HOLDING AG-REG ENBRIDGE INC ENEL SPA ENGIE ENI SPA EOG RESOURCES INC EQUINOR ASA ESSENT GROUP LTD ESSENTRA PLC EUR190918 EURO EURO STOXX 50 Sep19 EUROMONEY INSTL INVESTOR PLC EVEREST RE GROUP LTD EXACT SCIENCES CORP EXELON CORP EXPEDIA GROUP INC EXXON MOBIL CORP FACEBOOK INC-CLASS A FANUC CORP FEDERAL REALTY INVS TRUST FEDEX CORP FERGUSON PLC FERREXPO PLC FIAT CHRYSLER AUTOMOBILES NV FIFTH THIRD BANCORP FISERV INC FLEETCOR TECHNOLOGIES INC FORD MOTOR CO FOXTONS GROUP PLC FRANKLIN RESOURCES INC FREEPORT-MCMORAN INC FRESENIUS SE amp CO KGAA FTI CONSULTING INC FUJI MEDIA HOLDINGS INC FUJIFILM HOLDINGS CORP FUKUSHIMA INDUSTRIES CORP GALAPAGOS NV GARMIN LTD GEA GROUP AG

Overzicht beleggingen 2019 6

GEBERIT AG-REG GENERAL DYNAMICS CORP GENERAL MILLS INC GENERAL MOTORS CO GILEAD SCIENCES INC GLAXOSMITHKLINE PLC GLENCORE PLC GODADDY INC - CLASS A GOLDMAN SACHS GROUP INC GRACO INC GRAND KOREA LEISURE CO LTD GRANITE REAL ESTATE INVESTME GREAT-WEST LIFECO INC GRUPO TELEVISA SA-SPON ADR GUIDEWIRE SOFTWARE INC GULF KEYSTONE PETROLEUM LTD GUNZE LTD H LUNDBECK AS HAEMONETICS CORPMASS HALLIBURTON CO HAMMERSON PLC HANNOVER RUECK SE HARTFORD FINANCIAL SVCS GRP HCA HEALTHCARE INC HDFC BANK LIMITED HDFC BANK LTD-ADR HEINEKEN NV HENNES amp MAURITZ AB-B SHS HERSHEY COTHE HESS CORP HEWLETT PACKARD ENTERPRISE HIROSE ELECTRIC CO LTD HITACHI LTD HOCHTIEF AG HOLLYFRONTIER CORP HOLOGIC INC HOME DEPOT INC HONDA MOTOR CO LTD HONG KONG DOLLAR HONGKONG LAND HOLDINGS LTD HOSHIZAKI CORP HOST HOTELS amp RESORTS INC HOYA CORP HP INC HSBC HOLDINGS PLC HUNTING PLC HYUNDAI MOTOR CO IA FINANCIAL CORP INC ICOM INC IDEMITSU KOSAN CO LTD ILLINOIS TOOL WORKS ILUKA RESOURCES LTD IND amp COMM BK OF CHINA-H INDUSTRIA DE DISENO TEXTIL ING GROEP NV INSPERITY INC INSULET CORP INTACT FINANCIAL CORP INTEGER HOLDINGS CORP INTEL CORP INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL HOTELS GROU INTERNATIONAL PAPER CO INTERTEK GROUP PLC INTL BUSINESS MACHINES CORP INTUITIVE SURGICAL INC INVINCIBLE INVESTMENT CORP IQVIA HOLDINGS INC ITE GROUP PLC ITOCHU CORP ITOHAM YONEKYU HOLDINGS INC ITV PLC JACCS CO LTD JAPAN AIRLINES CO LTD JAPAN POST HOLDINGS CO LTD JARDINE MATHESON HLDGS LTD JERONIMO MARTINS JETBLUE AIRWAYS CORP JOHNSON amp JOHNSON JOHNSON CONTROLS INTERNATION JPMORGAN CHASE amp CO JXTG HOLDINGS INC KANGWON LAND INC KASIKORNBANK PCL-NVDR KATAKURA INDUSTRIES CO LTD KDDI CORP KEYENCE CORP KEYSIGHT TECHNOLOGIES IN KINDER MORGAN INC KINGFISHER PLC KINNEVIK AB - B KIRIN HOLDINGS CO LTD KIRKLAND LAKE GOLD LTD KONINKLIJKE AHOLD DELHAIZE N KORN FERRY KRAFT HEINZ COTHE KROGER CO KUEHNE + NAGEL INTL AG-REG KUMIAI CHEMICAL INDUSTRY CO KUREHA CORP L3HARRIS TECHNOLOGIES INC LABORATORY CRP OF AMER HLDGS LAFARGEHOLCIM LTD-REG LAM RESEARCH CORP LAMB WESTON HOLDINGS INC LEIDOS HOLDINGS INC LENNAR CORP - B SHS LENNAR CORP-A

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LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

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GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

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BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 6: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 6

GEBERIT AG-REG GENERAL DYNAMICS CORP GENERAL MILLS INC GENERAL MOTORS CO GILEAD SCIENCES INC GLAXOSMITHKLINE PLC GLENCORE PLC GODADDY INC - CLASS A GOLDMAN SACHS GROUP INC GRACO INC GRAND KOREA LEISURE CO LTD GRANITE REAL ESTATE INVESTME GREAT-WEST LIFECO INC GRUPO TELEVISA SA-SPON ADR GUIDEWIRE SOFTWARE INC GULF KEYSTONE PETROLEUM LTD GUNZE LTD H LUNDBECK AS HAEMONETICS CORPMASS HALLIBURTON CO HAMMERSON PLC HANNOVER RUECK SE HARTFORD FINANCIAL SVCS GRP HCA HEALTHCARE INC HDFC BANK LIMITED HDFC BANK LTD-ADR HEINEKEN NV HENNES amp MAURITZ AB-B SHS HERSHEY COTHE HESS CORP HEWLETT PACKARD ENTERPRISE HIROSE ELECTRIC CO LTD HITACHI LTD HOCHTIEF AG HOLLYFRONTIER CORP HOLOGIC INC HOME DEPOT INC HONDA MOTOR CO LTD HONG KONG DOLLAR HONGKONG LAND HOLDINGS LTD HOSHIZAKI CORP HOST HOTELS amp RESORTS INC HOYA CORP HP INC HSBC HOLDINGS PLC HUNTING PLC HYUNDAI MOTOR CO IA FINANCIAL CORP INC ICOM INC IDEMITSU KOSAN CO LTD ILLINOIS TOOL WORKS ILUKA RESOURCES LTD IND amp COMM BK OF CHINA-H INDUSTRIA DE DISENO TEXTIL ING GROEP NV INSPERITY INC INSULET CORP INTACT FINANCIAL CORP INTEGER HOLDINGS CORP INTEL CORP INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL HOTELS GROU INTERNATIONAL PAPER CO INTERTEK GROUP PLC INTL BUSINESS MACHINES CORP INTUITIVE SURGICAL INC INVINCIBLE INVESTMENT CORP IQVIA HOLDINGS INC ITE GROUP PLC ITOCHU CORP ITOHAM YONEKYU HOLDINGS INC ITV PLC JACCS CO LTD JAPAN AIRLINES CO LTD JAPAN POST HOLDINGS CO LTD JARDINE MATHESON HLDGS LTD JERONIMO MARTINS JETBLUE AIRWAYS CORP JOHNSON amp JOHNSON JOHNSON CONTROLS INTERNATION JPMORGAN CHASE amp CO JXTG HOLDINGS INC KANGWON LAND INC KASIKORNBANK PCL-NVDR KATAKURA INDUSTRIES CO LTD KDDI CORP KEYENCE CORP KEYSIGHT TECHNOLOGIES IN KINDER MORGAN INC KINGFISHER PLC KINNEVIK AB - B KIRIN HOLDINGS CO LTD KIRKLAND LAKE GOLD LTD KONINKLIJKE AHOLD DELHAIZE N KORN FERRY KRAFT HEINZ COTHE KROGER CO KUEHNE + NAGEL INTL AG-REG KUMIAI CHEMICAL INDUSTRY CO KUREHA CORP L3HARRIS TECHNOLOGIES INC LABORATORY CRP OF AMER HLDGS LAFARGEHOLCIM LTD-REG LAM RESEARCH CORP LAMB WESTON HOLDINGS INC LEIDOS HOLDINGS INC LENNAR CORP - B SHS LENNAR CORP-A

Overzicht beleggingen 2019 7

LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 7: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 7

LINCOLN NATIONAL CORP LINK REIT LITHIA MOTORS INC-CL A LLOYDS BANKING GROUP PLC LOEWS CORP LOGMEIN INC LONDON STOCK EXCHANGE GROUP LOOKERS PLC LOWES COS INC LSL PROPERTY SERVICES PLC LUNDIN PETROLEUM AB LYONDELLBASELL INDU-CL A M amp T BANK CORP MAGNA INTERNATIONAL INC MAN GROUP PLCJERSEY MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT VACATIONS WORLD MARUI GROUP CO LTD MARVELL TECHNOLOGY GROUP LTD MASCO CORP MASTERCARD INC - A MAXIM INTEGRATED PRODUCTS MAXIMUS INC MCBRIDE PLC MCCARTHY amp STONE PLC MCDONALDS CORP MCDONALDS HOLDINGS CO JAPAN MCKESSON CORP MEDIBANK PRIVATE LTD MEDTRONIC PLC MEGGITT PLC MELROSE INDUSTRIES PLC MERCK amp CO INC METLIFE INC METTLER-TOLEDO INTERNATIONAL MGIC INVESTMENT CORP MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MIDDLEBY CORP MITSUBISHI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI HEAVY INDUSTRIES MITSUI amp CO LTD MIZUHO FINANCIAL GROUP INC MODEC INC MONEYSUPERMARKETCOM MONSTER BEVERAGE CORP MOODYS CORP MORGAN STANLEY MOSAIC COTHE MOWI ASA MSCI EAFE Sep19 MSCI INC MTR CORP MUENCHENER RUECKVER AG-REG MURATA MANUFACTURING CO LTD MYLAN NV NATIONAL EXPRESS GROUP PLC NATIONAL GRID PLC NEC CORP NESTE OYJ NESTLE SA-REG NETFLIX INC NEW ZEALAND DOLLAR NEWCREST MINING LTD NEWMONT GOLDCORP CORP NEXON CO LTD NEXTERA ENERGY INC NGK SPARK PLUG CO LTD NIKE INC -CL B NIPPON SHINYAKU CO LTD NIPPON TELEGRAPH amp TELEPHONE NISSAN MOTOR CO LTD NOBLE ENERGY INC NOKIAN RENKAAT OYJ NOMURA RESEARCH INSTITUTE LT NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP GRUMMAN CORP NORWEGIAN KRONE NOVARTIS AG-REG NOVO NORDISK AS-B NRG ENERGY INC NTT DOCOMO INC NUCOR CORP NUMIS CORPORATION PLC NUTRIEN LTD NVR INC NWS HOLDINGS LTD NXP SEMICONDUCTORS NV OCCIDENTAL PETROLEUM CORP OGE ENERGY CORP OMNICOM GROUP OMV AG ONEOK INC OPEN TEXT CORP ORACLE CORP ORANGE ORIGIN ENERGY LTD ORION OYJ-CLASS B ORIX CORP ORKLA ASA OUTSOURCING INC OVERSEA-CHINESE BANKING CORP PACCAR INC PAGSEGURO DIGITAL LTD-CL A

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 8: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 8

PARAMOUNT GROUP INC PAREX RESOURCES INC PARSLEY ENERGY INC-CLASS A PARTNERS GROUP HOLDING AG PASONA GROUP INC PAYPAL HOLDINGS INC PEABODY ENERGY CORP PEMBINA PIPELINE CORP PENUMBRA INC PEPSICO INC PERSIMMON PLC PEUGEOT SA PFIZER INC PHILLIPS 66 PILGRIMS PRIDE CORP PING AN INSURANCE GROUP CO-H PINTEREST INC- CLASS A PIONEER NATURAL RESOURCES CO PLAINS GP HOLDINGS LP-CL A PNC FINANCIAL SERVICES GROUP POPULAR INC POST HOLDINGS INC PPL CORP PRINCIPAL FINANCIAL GROUP PROCTER amp GAMBLE COTHE PROGRESS SOFTWARE CORP PROGRESSIVE CORP PROLOGIS INC PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GP PUBLIC STORAGE PULTEGROUP INC QANTAS AIRWAYS LTD QINETIQ GROUP PLC QOL HOLDINGS CO LTD QORVO INC QUDIAN INC-SPON ADR QUEST DIAGNOSTICS INC RADIAN GROUP INC RAYTHEON COMPANY RECKITT BENCKISER GROUP PLC RECORDATI SPA RED ELECTRICA CORPORACION SA REGIONS FINANCIAL CORP RELX PLC RENAISSANCERE HOLDINGS LTD RENAULT SA REPSOL SA RESTAURANT GROUP PLC RIC III US DLR CASH II-RROLL RIO TINTO PLC ROCHE HOLDING AG-GENUSSCHEIN ROYAL BANK OF CANADA ROYAL BANK OF SCOTLAND GROUP ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC-A SHS ROYAL DUTCH SHELL PLC-B SHS RSA INSURANCE GROUP PLC RTL GROUP RUSSELL IC STR LIQ-R ROLL UP RWE AG SampP500 EMINI FUT Sep19 SAFRAN SA SAIPEM SPA SAMPO OYJ-A SHS SAMSUNG ELECTRONICS CO LTD SANDERSON FARMS INC SANKI ENGINEERING CO LTD SANOFI SANTOS LTD SCHINDLER HOLDING-PART CERT SCHLUMBERGER LTD SCHNEIDER ELECTRIC SE SCHRODERS PLC SDL PLC SEAGATE TECHNOLOGY SECOM JOSHINETSU CO LTD SEGRO PLC SEKISUI HOUSE REIT INC SERVICENOW INC SEVEN amp I HOLDINGS CO LTD SGS SA-REG SHAW COMMUNICATIONS INC-B SHEKEL ISRAEL SHERWIN-WILLIAMS COTHE SHINGAKUKAI HOLDINGS CO LTD SHINHAN FINANCIAL GROUP LTD SHOPIFY INC - CLASS A SHOWA DENKO K K SIAM COMMERCIAL BANK P-NVDR SIEMENS AG-REG SIG PLC SINGAPORE DOLLAR SINGAPORE TECH ENGINEERING SINGAPORE TELECOMMUNICATIONS SKYWORKS SOLUTIONS INC SMITH amp NEPHEW PLC SNAM SPA SOCIETE BIC SA SOFTBANK GROUP CORP SOMPO HOLDINGS INC SONY CORP SOUTH AFRICA RAND SOUTH KOREA WON SOUTH32 LTD SOUTHERN COTHE SPEEDY HIRE PLC SPIRAX-SARCO ENGINEERING PLC

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 9: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 9

SPIRIT AEROSYSTEMS HOLD-CL A SPLUNK INC SPOTIFY TECHNOLOGY SA ST JAMESS PLACE PLC ST MODWEN PROPERTIES PLC STARBUCKS CORP STATE STREET CORP STOCK SPIRITS GROUP PLC SUBARU CORP SUMITOMO CORP SUMITOMO METAL MINING CO LTD SUMITOMO MITSUI FINANCIAL GR SUN HUNG KAI PROPERTIES SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SUNTORY BEVERAGE amp FOOD LTD SUNTRUST BANKS INC SUSHIRO GLOBAL HOLDINGS LTD SWEDBANK AB - A SHARES SWEDISH KRONA SWISS FRANC SWISS LIFE HOLDING AG-REG SWISS RE AG SWISSCOM AG-REG SYNCHRONY FINANCIAL SYSCO CORP T ROWE PRICE GROUP INC TAIHEIYO CEMENT CORP TAIWAN SEMICONDUCTOR-SP ADR TARGA RESOURCES CORP TARGET CORP TAYLOR WIMPEY PLC TE CONNECTIVITY LTD TECHNIPFMC PLC TECK RESOURCES LTD-CLS B TELE2 AB-B SHS TELEFONICA SA TELENET GROUP HOLDING NV TELENOR ASA TELEVISION BROADCASTS LTD TELIA CO AB TENARIS SA TENCENT HOLDINGS LTD TESCO PLC TEVA PHARMACEUTICAL-SP ADR TEXAS INSTRUMENTS INC TEXTRON INC TFI INTERNATIONAL INC THERMO FISHER SCIENTIFIC INC THOMSON REUTERS CORP TIFFANY amp CO TIKKURILA OYJ TIS INC TJX COMPANIES INC TOHO HOLDINGS CO LTD TOKIO MARINE HOLDINGS INC TOKYO ELECTRON LTD TOLL BROTHERS INC TORONTO-DOMINION BANK TOTAL SA TOYOTA MOTOR CORP TRANSCOSMOS INC TRAVELERS COS INCTHE TRAVIS PERKINS PLC TSUKUI CORP TT ELECTRONICS PLC TWO HARBORS INVESTMENT CORP TYSON FOODS INC-CL A UBS GROUP AG-REG UDR INC UNDER ARMOUR INC-CLASS A UNDER ARMOUR INC-CLASS C UNIFIRST CORPMA UNILEVER NV UNION PACIFIC CORP UNITED AIRLINES HOLDINGS INC UNITED OVERSEAS BANK LTD UNITED RENTALS INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM GROUP UPM-KYMMENE OYJ URBAN amp CIVIC PLC US BANCORP US DOLLARS VALERO ENERGY CORP VARIAN MEDICAL SYSTEMS INC VENTURE CORP LTD VERIZON COMMUNICATIONS INC VERTU MOTORS PLC VICI PROPERTIES INC VINCI SA VMWARE INC-CLASS A VODAFONE GROUP PLC VOLKSWAGEN AG-PREF VOLVO AB-B SHS WALGREENS BOOTS ALLIANCE INC WALMART INC WALT DISNEY COTHE WASHINGTON H SOUL PATTINSON WASTE MANAGEMENT INC WEC ENERGY GROUP INC WELLS FARGO amp CO WESFARMERS LTD WEST JAPAN RAILWAY CO WESTERN DIGITAL CORP WHEELOCK amp CO LTD WHITEHAVEN COAL LTD

Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

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Overzicht beleggingen 2019 10

WILLIAMS COS INC WILLIS TOWERS WATSON PLC WM MORRISON SUPERMARKETS WOLTERS KLUWER WOODSIDE PETROLEUM LTD WORKDAY INC-CLASS A WORLDLINE SA WPP PLC XILINX INC YAHOO JAPAN CORP YAMATO KOGYO CO LTD YANDEX NV-A YEN JAPAN ZEBRA TECHNOLOGIES CORP-CL A ZIMMER BIOMET HOLDINGS INC ZURICH INSURANCE GROUP AG AG BARR PLC ABN AMRO BANK NV-CVA ADP AENA SME SA AIR LIQUIDE SA AKER BP ASA AKZO NOBEL NV AMADEUS IT GROUP SA AMS AG AMUNDI SA ANHEUSER-BUSCH INBEV SANV AP MOLLER-MAERSK AS-B ARKEMA AROUNDTOWN SA ARYZTA AG ASHMORE GROUP PLC ASHTEAD GROUP PLC ASM INTERNATIONAL NV ASML HOLDING NV ASSA ABLOY AB-B ASSICURAZIONI GENERALI ASTM SPA ASTRAZENECA PLC ATLAS COPCO AB-A SHS ATOS SE AVAST PLC AXEL SPRINGER SE BABCOCK INTL GROUP PLC BALFOUR BEATTY PLC BALOISE HOLDING AG - REG BANCA MEDIOLANUM SPA BANCO BPM SPA BANKIA SA BANQUE CANTONALE VAUDOIS-REG BARRATT DEVELOPMENTS PLC BEIERSDORF AG BOUYGUES SA BRITISH LAND CO PLC BRITISH POUNDS BUNZL PLC BURBERRY GROUP PLC CAIXABANK SA CAPGEMINI SE CARNIVAL PLC CARREFOUR SA CEMBRA MONEY BANK AG CEZ AS CHF190918 CHOCOLADEFABRIKEN LINDT-PC CHRISTIAN DIOR SE CIE AUTOMOTIVE SA CNP ASSURANCES COCA-COLA EUROPEAN PARTNERS COCA-COLA HBC AG-DI COMPAGNIE DE SAINT GOBAIN COMPASS GROUP PLC COVESTRO AG CREDIT AGRICOLE SA CRODA INTERNATIONAL PLC CZECH KORUNA DANIELI amp CO-RSP DANSKE BANK AS DELIVERY HERO SE DEUTSCHE BOERSE AG DEUTSCHE PFANDBRIEFBANK AG DEUTSCHE WOHNEN SE DEUTZ AG DIETEREN SANV DIPLOMA PLC DIRECT LINE INSURANCE GROUP DS SMITH PLC EASYJET PLC EDENRED EDP-ENERGIAS DE PORTUGAL SA EIFFAGE ELECTROLUX AB-SER B ENAGAS SA ENDESA SA EPIROC AB-A ERICSSON LM-B SHS ERSTE GROUP BANK AG ESSILORLUXOTTICA ESSITY AKTIEBOLAG-B EUROFINS SCIENTIFIC EVONIK INDUSTRIES AG EXPERIAN PLC FERROVIAL SA FORTERRA PLC GALP ENERGIA SGPS SA GAZTRANSPORT ET TECHNIGA SA GECINA SA GETINGE AB-B SHS

Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

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IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

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Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

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Overzicht beleggingen 2019 11

GIVAUDAN-REG GN STORE NORD AS GOLDEN OCEAN GROUP LTD GREGGS PLC GROUPE BRUXELLES LAMBERT SA HEIDELBERGCEMENT AG HEINEKEN HOLDING NV HELVETIA HOLDING AG-REG HERMES INTERNATIONAL IBERDROLA SA IMI PLC INFORMA PLC INTESA SANPAOLO INTL CONSOLIDATED AIRLINE-DI INVESTEC PLC INVESTOR AB-B SHS ISS AS JOHN WOOD GROUP PLC JULIUS BAER GROUP LTD KBC GROUP NV KERING KERRY GROUP PLC-A KLEPIERRE KONE OYJ-B KONINKLIJKE DSM NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS NV LAND SECURITIES GROUP PLC LEGAL amp GENERAL GROUP PLC LEGRAND SA LEONARDO SPA LONZA GROUP AG-REG LOREAL LVMH MOET HENNESSY LOUIS VUI MAPFRE SA MARKS amp SPENCER GROUP PLC MEDIASET ESPANA COMUNICACION MEDIOBANCA SPA MERLIN PROPERTIES SOCIMI SA MONCLER SPA MONDI PLC NATURGY ENERGY GROUP SA NAVIGATOR CO SATHE NEXT PLC NN GROUP NV NORSK HYDRO ASA ORPEA PEAB AB PERNOD RICARD SA PROXIMUS PUBLICIS GROUPE PUMA SE REXEL SA ROLLS-ROYCE HOLDINGS PLC ROYAL MAIL PLC ROYAL UNIBREW RUSSELL IC III-RI EUR LQ-REU RYANAIR HOLDINGS PLC SOITEC SAINSBURY (J) PLC SALZGITTER AG SANDVIK AB SAP SE SCOR SE SEADRILL LTD SEB SA SIGNIFY NV SILTRONIC AG SIMCORP AS SKANDINAVISKA ENSKILDA BAN-A SKANSKA AB-B SHS SKF AB-B SHARES SOCIETE GENERALE SA SODEXO SA SONAE SSAB AB - B SHARES STANDARD CHARTERED PLC STMICROELECTRONICS NV SUBSEA 7 SA SVENSKA HANDELSBANKEN-A SHS SWISS PRIME SITE-REG SYMRISE AG TAG IMMOBILIEN AG TALKTALK TELECOM GROUP TECHNOGYM SPA TELEFONICA DEUTSCHLAND HOLDI TEMENOS AG - REG TERNA SPA THALES SA TRYG AS UCB SA UNIBAIL-RODAMCO-WESTFIELD UNICREDIT SPA UNILEVER PLC UNITED UTILITIES GROUP PLC VALLOUREC SA VEOLIA ENVIRONNEMENT VESTAS WIND SYSTEMS AS VIVENDI VONOVIA SE WH SMITH PLC WILLIAM HILL PLC WIRECARD AG YARA INTERNATIONAL ASA ZARDOYA OTIS SA BANCA GENERALI SPA BANKINTER SA BARCO NV

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 12: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 12

BAYERISCHE MOTOREN WERKE-PRF BOSKALIS WESTMINSTER CHOCOLADEFABRIKEN LINDT-REG CHR HANSEN HOLDING AS CIA DE DISTRIBUCION INTEGRAL COLOPLAST-B CONSTRUCC Y AUX DE FERROCARR COVIVIO DANIELI amp CO DRAEGERWERK AG - PREF ECKERT amp ZIEGLER STRAHLEN UN EDP RENOVAVEIS SA ELKEM ASA ENTRA ASA EVOLUTION GAMING GROUP FAURECIA FIERA MILANO SPA FLUGHAFEN ZURICH AG-REG GETLINK SE HENKEL AG amp CO KGAA HENKEL AG amp CO KGAA VORZUG HUBER + SUHNER AG-REG INNOGY SE KBC ANCORA KION GROUP AG LAR ESPANA REAL ESTATE SOCIM LINDAB INTERNATIONAL AB PER AARSLEFF HOLDING AS QIAGEN NV RANDSTAD NV RESURS HOLDING AB ROTHSCHILD amp CO SARTORIUS STEDIM BIOTECH SECURITAS AB-B SHS SMURFIT KAPPA GROUP PLC SNS REAAL SONOVA HOLDING AG-REG SSAB AB-A SHARES SUEZ TELECOM ITALIA-RSP TETHYS OIL AB UNIEURO SPA UNIPER SE VIENNA INSURANCE GROUP AG VOLKSWAGEN AG ZEAL NETWORK SE 4IMPRINT GROUP PLC 888 HOLDINGS PLC ABCAM PLC AJ BELL PLC ASCENTIAL PLC ASOS PLC AUTO TRADER GROUP PLC AVEVA GROUP PLC BampM EUROPEAN VALUE RETAIL SA BANK OF GEORGIA GROUP PLC BBA AVIATION PLC BEAZLEY PLC BELLWAY PLC BIG YELLOW GROUP PLC BODYCOTE PLC BREWIN DOLPHIN HOLDINGS PLC BRITISH AMERICAN TOBACCO PLC BRITVIC PLC BROWN (N) GROUP PLC CAIRN HOMES PLC CAPITA PLC CARPETRIGHT PLC CINEWORLD GROUP PLC CLOSE BROTHERS GROUP PLC COBHAM PLC COEUR MINING INC COUNTRYWIDE PLC CREO MEDICAL GROUP PLC CYBG PLC DALATA HOTEL GROUP PLC DCC PLC DELPHI TECHNOLOGIES PLC DERWENT LONDON PLC DIXONS CARPHONE PLC DUNELM GROUP PLC ENTERTAINMENT ONE LTD EVRAZ PLC FTSE 100 IDX FUT Sep19 GAMES WORKSHOP GROUP PLC GENUS PLC GO-AHEAD GROUP PLC GRAFTON GROUP PLC-UTS GREAT PORTLAND ESTATES PLC GREEN REIT PLC GREENE KING PLC GVC HOLDINGS PLC GYM GROUP PLCTHE HALFORDS GROUP PLC HALMA PLC HARGREAVES LANSDOWN PLC HAYS PLC HEADLAM GROUP PLC HILL amp SMITH HOLDINGS PLC HIPGNOSIS SONGS FUND LTD HISCOX LTD HOCHSCHILD MINING PLC HOMESERVE PLC HOWDEN JOINERY GROUP PLC IFR CAPITAL PLC IMPALA PLATINUM HOLDINGS LTD IMPERIAL BRANDS PLC INTERMEDIATE CAPITAL GROUP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 13: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 13

IP GROUP PLC JOHN LAING GROUP PLC JOHNSON MATTHEY PLC JUDGES SCIENTIFIC PLC JUPITER FUND MANAGEMENT KELLER GROUP PLC KINGSPAN GROUP PLC LANCASHIRE HOLDINGS LTD LONZA GROUP AG-UNSPON ADR NORTHGATE PLC NOVARTIS AG-SPONSORED ADR OCADO GROUP PLC ON THE BEACH GROUP PLC OXFORD INSTRUMENTS PLC PAGEGROUP PLC PAN AMERICAN SILVER CORP PARAGON BANKING GROUP PLC PAYPOINT PLC PENNON GROUP PLC PHOENIX GROUP HOLDINGS PLC PLAYTECH PLC POLYMETAL INTERNATIONAL PLC PRUDENTIAL PLC PURETECH HEALTH PLC QUILTER PLC RATHBONE BROTHERS PLC RENISHAW PLC RENTOKIL INITIAL PLC RIGHTMOVE PLC ROTORK PLC SAGA PLC SCHRODERS PLC-NON VOTING SERCO GROUP PLC SEVERFIELD PLC SEVERN TRENT PLC SHAFTESBURY PLC SMART METERING SYSTEMS PLC SPECTRIS PLC SSE PLC SSP GROUP PLC SSR MINING INC SUPERDRY PLC SYNTHOMER PLC TATE amp LYLE PLC TELECOM PLUS PLC TOPPS TILES PLC TP ICAP PLC TRAINLINE PLC TRITAX BIG BOX REIT PLC UDG HEALTHCARE PLC ULTRA ELECTRONICS HLDGS PLC UNITE GROUP PLC USD190918 WEIR GROUP PLCTHE WETHERSPOON (JD) PLC WHITBREAD PLC WIZZ AIR HOLDINGS PLC XL TECHGROUP INC YELLOW CAKE PLC

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 14: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 14

Tabel 4 Top 5 posities Staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van het vermogen

Netherlands Government 0 15012024 227 067

Netherlands Government 2000 15072024 199 059

Netherlands Government 2750 15012047 178 052

Netherlands Government 5000 15072026 177 052

Netherlands Government 0 15012022 149 044

Tabel 5 Overzicht beleggingen Staatsobligaties op 31 december 2019

Austria Government Bond 35 15092021 Austria Government Bond 3650 20042022 Austria Government Bond 415 15032037 Austria Government Bond 625 15072027 Belgium Kingdom 2000 22102023 Belgium Kingdom 5000 22102024 Belgium Kingdom 8000 22062025 Belgium Kingdom 8000 22062027 Belgium Kingdom 8000 22062028 Belgium Kingdom 9000 22062029 Belgium Kingdom 1000 22062026 Belgium Kingdom 1000 22062031 Belgium Kingdom 1250 22042033 Belgium Kingdom 1450 22062037 Belgium Kingdom 1600 22062047 Belgium kingdom 1700 22062050 Belgium Kingdom 1900 22062038 Belgium Kingdom 2150 22062066 Belgium Kingdom 2250 22062057 Belgium Kingdom 3750 22062045 Belgium Kingdom 425 28032041 Belgium Kingdom 4250 28092021 Belgium Kingdom 4250 28092022 Belgium Kingdom 4500 28032026 Belgium Kingdom 55 28032028 Belgium Kingdom of 2600 22062024 Bonos Y Oblig Del Estado 3500 30072023 Bonos Y Oblig Del Estado 4000 30042022 Bonos Y Oblig Del Estado 1300 31102026 Bonos Y Oblig Del Estado 1400 30042028 Bonos y Oblig del Estado 1400 30072028 Bonos y Oblig del Estado 1400 31012020 Bonos Y Oblig Del Estado 1450 30042029 Bonos y Oblig del Estado 1500 30042027 Bonos y oblig del estado 1850 30072035 Bonos Y Oblig Del Estado 1950 30042026 Bonos y Oblig Del Estado 1950 30072030 Bonos y Oblig Del Estado 2150 31102025 Bonos Y Oblig Del Estado 2350 30072033 Bonos y oblig del estado 2700 31102048 Bonos y Oblig del Estado 2750 31102024 Bonos Y Oblig Del Estado 2900 31102046 Bonos y Oblig del Estado 3450 30072066 Bonos y Oblig del Estado 3800 30042024 Bonos Y Oblig Del Estado 5150 31102044 Bonos Y Oblig Del Estado 5400 31012023 Bundesobligation 0 08102021 Bundesobligation 0 08102021 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesobligation 0 17042020 Bundesrepub Deutschland 2500 15022027 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub deutschland 2500 15022029 Bundesrepub Deutschland 5000 15022025 Bundesrepub Deutschland 5000 15022026

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 15: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 15

Bundesrepub Deutschland 5000 15022026 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15022028 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 5000 15082027 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub Deutschland 0 15082026 Bundesrepub deutschland 0 15082050 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082024 Bundesrepub Deutschland 1000 15082025 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 1250 15082048 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 04072044 Bundesrepub Deutschland 2500 15082046 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 225 04092020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 3 04072020 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 325 04072042 Bundesrepublik Deutschland 4 04012037 Bundesrepublik Deutschland 425 04072039 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072028 Bundesrepublik Deutschland 475 04072034 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 475 04072040 Bundesrepublik Deutschland 55 04012031 Bundesrepublik Deutschland 625 04012030 Buoni poliennali del tes 1000 15072022 Buoni Poliennali Del Tes 1200 01042022 Buoni Poliennali Del Tes 1350 15042022 Buoni Poliennali Del Tes 1450 15052025 Buoni Poliennali Del Tes 1450 15092022 Buoni Poliennali Del Tes 1650 01032032 Buoni poliennali del tes 1750 01072024 Buoni Poliennali Del Tes 2200 01062027 Buoni Poliennali Del Tes 2450 01092033 Buoni Poliennali Del Tes 2500 15112025 Buoni Poliennali Del Tes 2700 01032047 Buoni Poliennali Del Tes 2800 01032067 Buoni poliennali del tes 2800 01122028 Buoni Poliennali Del Tes 2950 01092038 Buoni poliennali del tes 3000 01082029 Buoni Poliennali Del Tes 3250 01092046 Buoni poliennali del tes 3350 01032035 Buoni Poliennali Del Tes 3450 01032048 Buoni Poliennali Del Tes 3500 01032030 Buoni Poliennali Del Tes 3750 01092024 Buoni poliennali del tes 3850 01092049 Buoni Poliennali Del Tes 4500 01032024 Finland Government Bond 3500 15042021 Finland Government Bond 4 04072025 Finnish Government 3750 15092020 Finnish Government 5000 15042026 Finnish Government 5000 15092027 Finnish government 5000 15092028 Finnish government 5000 15092029 Finnish Government 7500 15042031 Finnish government 0 15092024 Finnish Government 1125 15042034 Finnish Government 1375 15042047 Finnish Government 2625 04072042 France (govt of) 5000 25052026 France (govt of) 5000 25052026 France (Govt Of) 7500 25052028 France (govt of) 7500 25112028 France (govt of) 7500 25112028 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (Govt Of) 0 25022021 France (govt of) 0 25022022 France (Govt Of) 0 25032023 France (govt of) 0 25032024 France (govt of) 0 25112029 France (Govt Of) 1000 25052027 France (govt of) 1000 25112025 France (govt of) 1250 25052034 France (govt of) 1500 25052031 France (govt of) 1500 25052050 France (govt of) 1750 25052066 France (govt of) 1750 25062039 France (govt of) 1750 25062039 France (govt of) 2000 25052048 France (govt of) 2500 25052030 France (govt of) 2500 25052030 France (Govt Of) 2750 25102027 France (Govt of) 3250 25052045 France Government Bond OAT 25 25102020

France Government Bond OAT 35 25042026 France Government Bond OAT 375 25042021

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 16: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 16

France Government Bond OAT 375 25042021

France Government Bond OAT 4 25042055 France Government Bond OAT 4 25042060

France Government Bond OAT 4 25102038 France Government Bond OAT 45 25042041 France Government Bond OAT 475 25042035

France Government Bond OAT 55 25042029

France Government Bond OAT 55 25042029 France Government Bond OAT 6 25102025

Irish Tsy 1 2026 1000 15052026 Irish Tsy 135 2031 1350 18032031 Irish tsy 15 2050 1500 15052050 Irish Tsy 17 2037 1700 15052037 Irish Tsy 2 2045 2000 18022045 Irish Tsy 34 2024 3400 18032024 Italy Buoni Poliennali Del Tesoro 45 01032026

Italy Buoni Poliennali Del Tesoro 450 01052023

Italy Buoni Poliennali Del Tesoro 5 01092040

Italy Buoni Poliennali Del Tesoro 500 01032022

Italy Buoni Poliennali Del Tesoro 550 01092022

Kingdom of Spain 5850 31012022

Netherlands Government 2500 15072025 Netherlands government 2500 15072029 Netherlands government 5000 15012040 Netherlands Government 5000 15072026 Netherlands Government 7500 15072027 Netherlands Government 7500 15072028 Netherlands Government 0 15012022 Netherlands Government 0 15012024 Netherlands Government 1750 15072023 Netherlands Government 2000 15072024 Netherlands Government 2750 15012047 Netherlands Government Bond 2250

15072022 Netherlands Government Bond 2500 15012033

Netherlands Government Bond 375 15012023

Netherlands Government Bond 375 15012042

Netherlands Government Bond 3250 15072021

Netherlands Government Bond 4 15012037 Netherlands Government Bond 55 15012028

Republic of austria 5000 20022029 Republic Of Austria 7500 20022028 Republic of Austria 7500 20102026 Republic of Austria 0 15072023 Republic of austria 0 15072024 Republic Of Austria 1200 20102025 Republic Of Austria 1500 02112086 Republic of Austria 1500 20022047 Republic of Austria 1650 21102024 Republic Of Austria 2100 20092117 Republic of Austria 2400 23052034 Republic of Austria 3150 20062044 Republic of Austria 3800 26012062 Spain Government Bond 42 31012037 Spain Government Bond 47 30072041 Spain Government Bond 48 31012024 Spain Government Bond 485 31102020 Spain Government Bond 49 30072040 Spain Government Bond 575 30072032 Spain Government Bond 5500 30042021

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 17: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 17

Tabel 6 Top 5 posities Niet-staatsobligaties op 31 december 2019

Positie Percentage binnen beleggingscategorie

Percentage van totaal vermogen

Efsf 0500 17102029 195 024

Kfw 0100 05052027 167 021

Euro stability mechanism 0 14032025 165 021

Abn amro bank nv 2500 03122021 145 018

Netherlands Government 0 15012022 140 018

Tabel 7 Overzicht beleggingen Niet-staatsobligaties op 31 december 2019

1MDB Global Investments 4400 09032023 Abbey Natl Treasury Serv 2500 21042022 Abbey Natl Treasury Serv 8750 13012020 Abbott Ireland Financing 0 27092020 Abbvie inc 1250 18112031 Abertis infraestructuras 6250 15072025 Abertis infraestructuras 1875 26032032 Abertis infraestructuras 3000 27032031 Abn amro bank nv 2500 03122021 Abn amro bank nv 5000 15042026 Abn amro bank nv 1125 23042039 ABN Amro Bank NV 4125 28032022 Abu dhabi govt intl 3125 30092049 Abu dhabi national energ 4000 03102049 Abu Dhabi National Energ 4375 22062026 Adif - Alta Velocidad 9500 30042027 Aegea Finance Sarl 5750 10102024 Aegon Bank 2500 01122020 African Development Bank 8750 24052028 Ageas finance nv VAR Agence Francaise Develop 2500 21072026 Agence francaise develop 2500 29062029 Agence francaise develop 5000 31052035 Agence Francaise Develop 1000 31012028 Aib group plc 1250 28052024 Allergan Funding Scs 2625 15112028 Allianz Finance II BV Var 08072041 Anheuser-Busch Inbev NV 1950 30092021 Anheuser-busch inbev nv 2750 17032036 Anheuser-busch inbev sa 1650 28032031 Ap Moller-Maersk AS 1750 16032026 Apt Pipelines Ltd 2000 22032027 Arab republic of egypt 4550 20112023 Arab republic of egypt 4750 11042025 Arab Republic Of Egypt 4750 16042026 Arab Republic Of Egypt 5625 16042030 Arab republic of egypt 6375 11042031 Arab Republic of Egypt 7500 31012027 Arab republic of egypt 7600 01032029 Arab Republic Of Egypt 7903 21022048 Arab Republic of Egypt 8500 31012047 Arab republic of egypt 8700 01032049 Arabian centres sukuk 5375 26112024 Argenta spaarbank 1000 06022024 Argenta Spaarbank 3875 24052026 Argentum Givaudan 1125 17092025 Aroundtown SA 1625 31012028 Asb Finance Ltd 5000 10062022 Assicurazioni Generali VAR 08062048 Assicurazioni Generali VAR 27102047 Astrazeneca Plc 2500 12052021 ATampT 13 05092023 Atampt Inc 1450 01062022 AtampT Inc 2350 05092029 ATampT Inc 2450 15032035 AtampT Inc 3150 04092036 Auckland council 1250 26092029

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 18: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 18

Ausgrid Finance Pty Ltd 1250 30072025 Aust amp nz banking group 2500 29112022 Autostrade Per Litalia 1750 26062026 Aviva Plc 1875 13112027 Aviva Plc VAR 03072044 Aviva Plc VAR 04122045 Aviva Plc VAR 05072043 Axa Bank Europe Scf 1250 14032022 Axa home loan sfh 0500 05072027 Axa sa VAR 3941 29-11-2049 AyT Cedul Caj X Fondo Tituliz 375 30062025 Banco bpi sa 2500 22032024 Banco de Sabadell SA 6250 03112020 Banco Nal Costa Rica 6250 01112023 Banco Popular Espanol Sa 8750 28092021 Banco Popular Espanol Sa 1000 03032022 Banco santander sa 1250 04062030 Banco santander sa 2500 10072029 Banco Santander Totta Sa 8750 27102020 Bank of America Corp 2500 27072020 Bank of America Corp VAR 07022022 Bank of ireland group VAR 08072024 Bank of ireland group VAR 25112025 Bank of queensland ltd 1250 04062024 Bank of Scotland PLC 475 08062022 Bankinter Sa 6250 09102020 Banque Cent de Tunisie 5750 30012025 Banque fed cred mutuel 1250 05022024 Banque Fed Cred Mutuel 3750 13012022 Banque Fed Cred Mutuel 7500 15062023 Bayer ag VAR 12052079 Bayer Capital Corp bv 2125 15122029 Bayerische landesbank 7500 05022029 Bbva bancomer sa texas VAR 13092034 Becton Dickinson and Co 1900 15122026 Becton dickinson euro 1740 04062021 Becton dickinson euro 6320 04062023 Belfius bank sanv 0 28082026 Berlin hyp ag 0000 10102022 Berlin hyp ag 0100 19072027 Berlin Hyp Ag 2500 30052023 Berlin hyp ag 6250 22102025 Berlin Hyp Ag 0 29112021 Bg Energy Capital Plc 1250 21112022 Bg Energy Capital Plc 2250 21112029 Bk Nederlandse Gemeenten 5000 16042025

Bmw Finance Nv 1250 29112021 Bnp Paribas 1125 11062026

Bnp Paribas 1125 28082024 Bnp paribas VAR 04062026 Bnq cen tunisia int bond 5625 17022024 Bolivarian Rep Of Vzla 9000 07052023 Bolivarian Rep Of Vzla 9250 07052028 BP Capital Markets Plc 8300 19092024 Bp capital markets plc 8310 08112027 Bp Capital Markets Plc 1077 26062025 Bp capital markets plc 1231 08052031 BP Capital Markets Plc 1573 16022027 Bp Capital Markets Plc 1953 03032025 Bpce sa 1250 04122024 Bpce Sa 6250 26092023 Bpce sa 6250 26092024 Bpce sfh - societe de fi 0100 08112026 Bpce sfh - societe de fi 6250 22092027 Bpce sfh - societe de fi 6250 29052031 Bpifrance financement sa 0500 26092029 Bpifrance Financement Sa 1250 25112023 Bpifrance Financement Sa 1000 25052027 Braskem netherlands 5875 31012050 British Sky Broadcasting 1500 15092021 British telecommunicatio 1125 12092029 British Telecommunication 6250 10032021 Caisse damort dette soc 1250 25102023 Caisse Des Depots Et Con 7500 18092028 Caisse Francaise De Fin 5000 19022027 Caisse refinance lhabit 0100 08102029 Caixabank Sa VAR 14072028 Canadian imperial bank 3750 03052024 Capital one financial co 1650 12062029 Carlsberg breweries as 8750 01072029 Carnival plc 1000 28102029 Cassa Depositi E Prestit 1500 21062024 Cemex sab de cv 5450 19112029 Cemex Sab de CV 7750 16042026 Chorus Ltd 1125 18102023 Chubb ina holdings inc 3000 15122024 Chubb Ina Holdings Inc 1400 15062031 Chubb Ina Holdings Inc 2500 15032038 Citigroup Inc 5000 29012022 Citigroup inc VAR 08102027 Ck Hutchison Eur Fin 18 1250 13042025 Ck Hutchison Finance 16 8750 03102024 Ck Hutchison Finance 16 2000 06042028 Cnac hk finbridge co ltd 3875 19062029 Cnac Hk Finbridge Co Ltd 4125 19072027 Cnac Hk Finbridge Co Ltd 4875 14032025 Cnooc finance 2013 ltd 3300 30092049 Coca-cola hbc finance bv 6250 21112029 Codelco Inc 4875 04112044

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 19: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 19

Codelco Inc 5625 18102043 Codelco Inc 4250 17072042 Comision Fed De Electric 5750 14022042 Commonwealth Bank Aust 3750 10022021 Commonwealth Bank Aust 8750 19022029 Costa Rica Government 4375 30042025 Costa Rica Government 5625 30042043 Council of europe 6250 30012029 Country garden hldgs 8000 27012024 Cppib capital inc 7500 15072049 Cppib capital inc 8750 06022029 Cred Mutuel- Cic Home Lo 2500 30042024 Cred Mutuel- Cic Home Lo 1000 30012029 Credit Agricole Home Loan 3750 21102021 Credit agricole sa 1000 03072029 Credit Agricole Sa 4000 29062021 Credit Agricole SA 4250 04022023 Credit mutuel arkea 3750 03102028 Credit mutuel arkea 1125 23052029 Credit mutuel arkea 1625 15042026 Credit mutuel arkea 3375 11032031 Credit Mutuel Arkea 3500 09022029 Credit Mutuel Arkea VAR 25102029 Credit Suisse Guernsey 1750 15012021 Daimler ag 7500 08022030 Daimler intl finance bv 2500 06112023 Danske bank as 1625 15032024 Danske bank as VAR 12022030 Danske bank as VAR 21062029 Danske bank as VAR 27082025 Dassault systemes 3750 16092029 Dassault systemes 0 16092022 Dbs Bank Ltd 3750 21112024 De Volksbank Nv 1250 28092020 Delta Lloyd NV VAR Deutsche Bank Ag 5000 22012026 Deutsche Bank Ag 1500 20012022 Deutsche Bank Ag 1625 12022021 Deutsche Genossen-Hypobk 8750

21072021 Deutsche telekom ag 5000 05072027 Deutsche telekom ag 1750 09122049 Deutsche Telekom Int Fin 6250 03042023 Deutsche Telekom Int Fin 1500 03042028 Deutsche Telekom Int Fin 2125 18012021 Development bank belarus 6750 02052024 Devt Bank Of Mongolia 7250 23102023 Dexia Credit Local 6250 03022024 Dexia Municipal Agency SA 4875 02062021 Dh europe finance 7500 18092031 Diageo finance plc 2500 22102021 Dnb bank asa 0500 14112023 Dnb bank asa 2500 09042024 Dominican Republic 5500 27012025 Dominican Republic 5950 25012027 Dominican Republic 6000 19072028 Dominican Republic 6850 27012045 Dominican Republic 7450 30042044 Dover corp 7500 04112027 Dubai Govt Intl Bonds 5250 30012043 Dz Hyp Ag 5000 13112025 Dz hyp ag 8750 17042034 Dz Hyp Ag 8750 30012029 EOn Se 3750 23082021 Eon se 0 24102022 Eon se 0 29092022 EDF SA 5625 21022033 Efsf 0500 17102029 Efsf 8750 10042035 Efsf 0 19042024 Efsf 1450 05092040 Efsf 1700 13022043 Efsf 1750 17072053 Efsf 2350 29072044 Electricite de france sa 2000 09122049 Eli lilly amp co 6250 01112031 Emirates Telecom Corp 1750 18062021 Enbw VAR 05082079 Enbw VAR 05112079 Enexis Holding NV 1875 13112020 Engie sa 1375 21062039 Eni Spa 1500 02022026 Erste Group Bank Ag 2500 26062024 Eskom Holdings Limited 5750 26012021 Eskom Holdings Limited 6750 06082023 Eskom holdings soc ltd 6350 10082028 Eskom Holdings Soc Ltd 7125 11022025 Eskom Holdings Soc Ltd 7125 11022025 Eskom holdings soc ltd 8450 10082028 Essilorluxottica 3750 27112027 Euro Stability Mechanism 7500 15032027 Euro stability mechanism 0 14032025 Euro Stability Mechanism 1000 23092025 Euro Stability Mechanism 1625 17112036 Euro Stability Mechanism 1800 02112046 Eurofima 2500 09022024 Eurogrid GMBH 3875 22102020 European investment bank 0500 13102034 European Investment Bank 1250 20062029 European Investment Bank 3750 15032022

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 20: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 20

European investment bank 3750 16072025 European Investment Bank 5000 13112037 European investment bank 1000 14112042 European Union 5000 04042025 European union 7500 04042031 European Union 1250 04042033 Export Credit Bank of Tu 5000 23092021 Export Credit Bank Of Tu 5375 08022021 Export Credit Bank Of Tu 5375 24102023 Export Credit Bank Of Tu 6125 03052024 Export Credit Bank Of Tu 8250 24012024 Export-Import Bk India 3375 05082026 Fairfax Finl Hldgs Ltd 2750 29032028 Fca bank spa ireland 6250 24112022 Fcc Aqualia Sa 1413 08062022 Fed Republic Of Brazil 5000 27012045 Fed Republic of Brazil 5625 07012041 Fed Republic of Brazil 7125 20012037 Fed Republic of Brazil 8250 20012034 Federal Rep Of Ethiopia 6625 11122024 Fidelity National Inform 4000 15012021 Fidelity natl info serv 1250 21052021 Fidelity natl info serv 7500 21052023 Fidelity natl info serv 1500 21052027 Flemish community 1500 12072038 Fomento Economico Mex 1750 20032023 Fonterra Cooperative Grp 7500 08112024 France Telecom SA 3875 09042020 Gabonese Republic 6950 16062025 Gazprom (Gaz Capital SA) 7288 16082037 Gazprom (Gaz Capital SA) 8625 28042034 GE Capital Euro Funding 2250 20072020 GE Capital European Funding 6025

01032038 General Electric Co 8750 17052025 Glencore Finance Europe 1750 17032025 Glencore Finance Europe 1875 13092023 Glencore Finance Europe 2750 01042021 Gmr Hyderabad Internatio 4250 27102027 Government Of Jamaica 7875 28072045 Gtlk europe capital dac 4949 18022026 Gtlk europe dac 5950 17042025 Heineken NV 2125 04082020 Hidrovias Int Fin Sarl 5950 24012025 Honduras Government 6250 19012027 Hsbc france 1000 03092027 Hsh Nordbank AG 3750 12072023 Hypo Alpe-Adria Intl AG 2375 13122022 Ibm Corp 1250 29012027 Ibm Corp 1750 31012031 Illinois Tool Works Inc 2125 22052030 Ind amp comm bk chinasg 2500 25042022 Indonesia Asahan Alumini 5710 15112023 Indonesia Asahan Alumini 6530 15112028 Ing Bank Nv 3750 26112021 ING Bank NV 4500 21022022 Ing bank nv ZC 08042022 Ing groep nv VAR 13112030 Ing Groep Nv VAR 26092029 Ing-diba ag 1250 23052027 ING-Diba AG 2500 09102023 Innogy Finance Bv 7500 30112022 Institut Credito Oficial 0500 30072020 Intesa sanpaolo spa 7500 04122024 Intesa sanpaolo spa 1000 19112026 Intesa Sanpaolo Spa 1375 18012024 Intesa sanpaolo spa 1750 04072029 Intesa Sanpaolo Spa 1750 20032028 Intl Flavor amp Fragrances 1800 25092026 IPIC Gmtn Ltd 3625 30052023 Islamic Rep of Pakistan 6875 05122027 Islamic Rep of Pakistan 8250 15042024 Islandsbanki VAR 19012024 Ivory Coast 5125 15062025 Jpmorgan chase amp co VAR 04112032 JSC Georgian Railway 7750 11072022 Kazakhstan Temir Zholy 6950 10072042 Kazmunaygas National Co 4750 19042027 Kazmunaygas National Co 5375 24042030 Kazmunaygas National Co 5750 19042047 Kazmunaygas National Co 6375 24102048 Kfw 0100 05052027 Kfw 2500 15092025 Kfw 0 30092026 Kingdom Of Bahrain 6750 20092029 Kingdom Of Bahrain 7000 12102028 Kingdom Of Bahrain 7000 26012026 Kingdom Of Bahrain 7500 20092047 Kingdom of Jordan 5750 31012027 Kingdom Of Jordan 7375 10102047 Kingdom Of Morocco 5500 11122042 Kommunekredit 6250 21112039 Kommunekredit 0 27082030 Kondor finance plc (nak) 7125 19072024 Kondor finance plc (nak) 7375 19072022 Korea Housing Finance Co 7500 30102023 Kuwait projects co spc l 4229 29102026 La banque post home loan 0100 22102029 La Banque Post Home Loan 5000 30012026 La poste 2750 26112024

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 21: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 21

Land brandenburg 7000 22052034 Land niedersachsen 1250 07032025 Land nordrhein-westfalen 2500 13032026 Land nordrhein-westfalen 1100 13032034 Land Nordrhein-Westfalen 1550 16062048 Land schleswig-holstein 3750 30102024 Landbk Hessen-Thueringen 8750 20032028 Landbk hessen-thueringen 0 03072024 Landsbankinn hf 1375 14032022 Landsbankinn hf 1625 15032021 Landsbankinn hf VAR 06092028 Lb baden-wuerttemberg 0100 18092028 LB Baden-Wuerttemberg 0500 11112021 Lb baden-wuerttemberg 2200 09052029 Leaseplan Corporation Nv 7500 03102022 Leaseplan Corporation Nv 1000 02052023 Leaseplan Corporation NV 1000 08042020 Lehman Brothers Holdings 4250 0916

Default Lg chem ltd 5000 15042023 Listrindo Capital Bv 4950 14092026 Lloyds bank plc 1250 23092029 Lloyds Banking Group Plc VAR 15012024 Lloyds bk corp mkts plc 2500 04102022 Logan property holdings 7500 27082021 Malaysia Sovereign Sukuk 4236 22042045 Medtronic global hldings 2500 02072025 Medtronic global hldings 1125 07032027 Medtronic global hldings 1750 02072049 Medtronic global hldings ZC 07032021 Merck fin services gmbh 8750 05072031 Met life glob funding i 0 23092022 Mexichem sab de cv 5500 15012048 Mexico City Arpt Trust 5500 31072047 Millicom Intl Cellular 6625 15102026 Mitsubishi ufj fin grp 3390 19072024 Mizuho financial group 5230 10062024 Mms usa financing inc 1750 13062031 Mongolia Intl Bond 1087 06042021 Mongolia Intl Bond 5125 05122022 Mongolia Intl Bond 8750 09032024 Morgan stanley VAR 26072024 Mtn Mauritius Invstments 6500 13102026 Muenchener hypothekenbnk 0100 05092023

National Australia Bank 2500 28032022 National Australia Bank 1375 28052021

Nationwide bldg society 0500 03062024 Nationwide Bldg Society 1250 25012021 Nationwide Bldg Society Var 25072029 Naturgy finance bv 7500 28112029 Neder Financierings-Maat VAR 08122025 Neder waterschapsbank 1250 28052027 Neder waterschapsbank 0 02102034 Neder waterschapsbank 0 16112026 Neder Waterschapsbank 1000 01032028 Neerg energy ltd 6000 13022022 Nemak sab de cv 4750 23012025 Nestle Finance Intl Ltd 3750 18012024 Netherlands Government 0 15012022 Netherlands Government Bond 35 15072020 Nexa Resources Sa 5375 04052027 Nibc bank nv 5000 19032027 Nibc bank nv 8750 08072025 Nn bank nv netherlands 1250 24092029 Nn bank nv netherlands 2500 27022024 NN Group NV VAR NN Group NV VAR 08042044 NN Group NV VAR 13012048 Nordea Bank Ab 3000 30062022 Nordea Bank Ab 3250 05072022 Nordea bank abp 3750 28052026 Nortegas Energia Distri 9180 28092022 Nrwbank 6250 02022029 Oebb Infrastruktur Ag 1000 18112024 OeBB Infrastruktur AG 3500 19102026 Oil amp Gas Holding 7500 25102027 Oil amp Gas Holding 7625 07112024 Oman Gov Interntl Bond 4750 15062026 Oman Gov Interntl Bond 5625 17012028 Oman Gov Interntl Bond 6500 08032047 Oman Gov Interntl Bond 6750 17012048 OMV AG 4250 12102021 Omv Ag Var Omv ag VAR Op mortgage bank 0100 19112026 Orange sa 1000 12092025 Orange Sa 1125 15072024 Orange sa 1375 04092049 Orange Sa 2000 15012029 Oversea-Chinese Banking 6250 18042025 Pemex Proj Fdg Master Tr 6625 15062035 Pepsico inc 8750 16102039 Perkinelmer Inc 6000 09042021 Pernod ricard sa 8750 24102031 Pertamina Persero PT 4300 20052023 Pertamina Persero Pt 6500 07112048 Pertamina Pt 6500 27052041

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 22: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 22

Perusahaan Gas Negara 5125 16052024 Perusahaan Listrik Negar 6150 21052048 Petrobras global finance 5093 15012030 Petrobras global finance 5999 27012028 Petrobras global finance 6900 19032049 Petrobras Global Finance 7375 17012027 Petrobras Global Finance 8750 23052026 Petroleos Del Peru SA 4750 19062032 Petroleos Del Peru Sa 5625 19062047 Petroleos Mexicanos 23012029 Petroleos Mexicanos 4750 26022029 Petroleos mexicanos 4875 21022028 Petroleos Mexicanos 6375 23012045 Petroleos mexicanos 6490 23012027 Petroleos Mexicanos 6500 02062041 Petroleos Mexicanos 6500 13032027 Petroleos mexicanos 6625 15062038 Petroleos Mexicanos 6875 04082026 Petroleos mexicanos 7690 23012050 Pfizer Inc 2500 06032022 Pko Bank Hipoteczny 1250 24062022 Pko Bank Hipoteczny 6250 24012023 Png Govt Intl Bond 8375 04102028 Power finance corp ltd 6150 06122028 Procter amp Gamble CoThe 4875 11052027 Prologis euro finance 1500 10092049 Prologis LP 1375 13052021 Prologis lp 3000 18012022 Province of quebec 0 15102029 Psa Banque France 6250 21062024 Pt pertamina (persero) 4700 30072049 Raiffeisen bank intl VAR 12032030 Raizen fuels finance 5300 20012027 Rci banque sa 2500 08032023 Rci Banque Sa 2500 12072021 Rci Banque SA 5000 15092023 Rci Banque Sa 7500 10042023 Rec Limited 5250 13112023 Renault sa 1125 04102027 Renew power ltd 6450 27092022 Republic of angola 8000 26112029 Republic Of Angola 8250 09052028 Republic of angola 9125 26112049 Republic Of Angola 9375 08052048 Republic Of Angola 9500 12112025 Republic Of Argentina 4625 11012023 Republic of Argentina 5625 26012022 Republic Of Argentina 6875 11012048 Republic of Argentina 6875 22042021 Republic of Argentina 7125 28062117 Republic of Argentina 7500 22042026 Republic of Armenia 7150 26032025 Republic Of Belarus 6875 28022023 Republic Of Belarus 7625 29062027 Republic of chile 8300 02072031 Republic Of Chile 1440 01022029 Republic Of Colombia 6125 18012041 Republic Of Colombia 7375 18092037 Republic of Costa Rica 4250 26012023 Republic of Costa Rica 7000 04042044 Republic of Ecuador 1050 24032020 Republic Of Ecuador 1075 28032022 Republic of Ecuador 7950 20062024 Republic of Ecuador 8750 02062023 Republic Of Ecuador 8875 23102027 Republic Of Ecuador 9625 02062027 Republic Of Ecuador 9650 13122026 Republic of el Salvador 5875 30012025 Republic Of El Salvador 6375 18012027 Republic Of El Salvador 7625 01022041 Republic Of El Salvador 7650 15062035 Republic Of El Salvador 7750 24012023 Republic Of El Salvador 8250 10042032 Republic of El Salvador 8625 28022029 Republic of Ghana 7875 07082023 Republic of Guatemala 4875 13022028 Republic Of Guatemala 5750 06062022 Republic of Hungary 7625 29032041 Republic Of Indonesia 1750 24042025 Republic of indonesia 2150 18072024 Republic Of Indonesia 3375 30072025 Republic Of Indonesia 4350 08012027 Republic Of Indonesia 4750 08012026 Republic Of Indonesia 5250 17012042 Republic Of Indonesia 5350 11022049 Republic Of Indonesia 6625 17022037 Republic Of Indonesia 7750 17012038 Republic Of Indonesia 8500 12102035 Republic Of Iraq 6752 09032023 Republic Of Kazakhstan 6500 21072045 Republic Of Kenya 6875 24062024 Republic of Kenya 6875 24062024 Republic Of Kenya 7250 28022028 Republic Of Kenya 8250 28022048 Republic of namibia 5250 29102025 Republic Of Nigeria 7143 23022030 Republic Of Nigeria 7625 21112025 Republic Of Nigeria 7696 23022038 Republic Of Nigeria 7875 16022032 Republic Of Nigeria 8747 21012031 Republic of Panama 9375 01042029 Republic Of Paraguay 5000 15042026

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 23: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 23

Republic Of Paraguay 6100 11082044 Republic of Peru 5625 18112050 Republic Of Peru 8750 21112033 Republic of Philippines 3950 20012040 Republic of Philippines 9500 02022030 Republic Of Poland 1375 22102027 Republic of Poland 1500 09092025 Republic of Poland 3375 09072024 Republic Of South Africa 4850 27092027 Republic Of South Africa 4875 14042026 Republic of south africa 5750 30092049 Republic Of South Africa 5875 22062030 Republic Of South Africa 6250 08032041 Republic Of South Africa 6300 22062048 Republic Of Sri Lanka 5750 18012022 Republic Of Sri Lanka 5750 18042023 Republic of Sri lanka 6200 11052027 Republic Of Sri Lanka 6250 27072021 Republic of sri lanka 6350 28062024 Republic Of Sri Lanka 6825 18072026 Republic Of Sri Lanka 6850 03112025 Republic of sri lanka 6850 14032024 Republic of sri lanka 7550 28032030 Republic of sri lanka 7850 14032029 Republic of Turkey 4875 09102026 Republic Of Turkey 5750 11052047 Republic Of Turkey 6000 14012041 Republic Of Turkey 6000 25032027 Republic of turkey 6350 10082024 Republic Of Turkey 6875 17032036 Republic Of Turkey 7250 23122023 Republic Of Turkey 7375 05022025 Republic Of Turkey 7625 26042029 Republic Of Turkey 8000 14022034 Republic Of Uruguay 15012033 Republic Of Venezuela 9250 15092027 Republic Of Zambia 5375 20092022 Republic of Zambia 8500 14042024 Richemont International 2000 26032038 Romania 2000 08122026 Romania 2500 08022030 Romania 2875 28102024 Romania 3625 24042024 Romania 4125 11032039 Romania 4625 03042049 Romania 5125 15062048 Romania 6125 22012044 Romania 6125 22012044 Royal bank of canada 0500 19062026 Royal Bank Of Canada 1250 11032021 Royal Bk Of Scotland Plc 5000 15052024 RTE Reseau de Transport 1625 08102024 Russia Foreign Bond 1275 24062028 Russian Federation 4250 23062027 Russian Federation 5100 28032035 Russian Federation 5875 16092043 RWE AG 575 14022033 Sabic Capital I BV 2750 20112020 Sanofi 000 13012020 Sanofi ZC 21032020 Santan Consumer Finance 1000 26052021 Santan Consumer Finance 1500 12112020 Santander consumer bank 1250 11092024 Santander consumer bank 2500 05122024 Santander Consumer Finance 9000

18022020 Santander uk plc 1000 12052024

Santander Uk Plc 3750 20092023 Sasol financing usa llc 5875 27032024 Sasol financing usa llc 6500 27092028 Saudi arabian oil co 4250 16042039 Saudi international bond 4000 17042025 Saudi International Bond 4500 17042030 Saudi International Bond 4500 26102046 Saudi International Bond 4625 04102047 Saudi International Bond 5000 17042049 Saudi International Bond 5250 16012050 Selp Finance Sarl 1500 20112025 Selp finance sarl 1500 20122026 Servicios medio ambiente 1661 04122026 Siemens financieringsmat 1250 05092029 Siemens Financieringsmat 1000 06092027 Sinopec Group Oversea 2013 2625 17102020

Sinopec grp dev 2018 3680 08082049 Sinopec Grp Oversea 2012 4875 17052042

Sinopec Grp Oversea 2013 5375 17102043 Sinopec GRP Oversea 2015 3250 28042025 Skandinaviska enskilda 0500 01072024 Snam Spa ZC 25102020 Sncf Reseau Epic 2250 20122047 Sns Bank Nv VAR 05112025 Societe Du Grand Paris 1125 22102028 Societe Generale 2500 18012022 Societe Generale 5000 13012023 Societe Generale 1250 15022024 Societe Generale 2625 27022025 Societe generale sfh 2500 11092023

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 24: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 24

Societe Generale Sfh 5000 30012025 Southern Gas Corridor 6875 24032026 Sparebank 1 boligkreditt 1250 05112029 Standard Chartered Plc 1625 13062021 Standard Chartered Plc Var 03102023 Standard Chartered Plc VAR 21102025 State Of Qatar 4500 23042028 State of qatar 4817 14032049 State of qatar 5103 23042048 State Oil Co of The Azer 6950 18032030 Statoil ASA 8750 17022023 Statoil ASA 1250 17022027 Statoil Asa 2875 10092025 Stockland trust 1625 27042026 Stryker corp 2500 03122024 Sumitomo mitsui banking 4090 07112029 Sumitomo mitsui finl grp 6320 23102029 Sunac china holdings ltd 7875 15022022 Suriname Republic of 9250 26102026 Svenska handelsbanken ab 1250 18062024 Taqa Abu Dhabi Natl Ener 6500 27102036 Telefonica emisiones sau 1788 12032029 Telenor asa 7500 31052026 Telfonica Deutsch Finan 2375 10022021 Telia Co Ab 2125 20022034 Telia Co AB VAR 04042078 Telstra Corp Ltd 425 23032020 Tennet holding bv 1500 03062039 Thermo fisher scientific 1875 01102049 Third Pkstan Intl Sukuk 5500 13102021 Toronto-dominion bank 1000 19072027 Toronto-Dominion Bank 2500 27042022 Total capital intl sa 1491 04092030 Total Sa VAR 29122049 Total SA VAR 29122049 Toyota finance australia 0 09042021 Transurban finance co 1450 16052029 Transurban Finance Co 2500 08102020 Turkiye Garanti Bankasi 5875 16032023 Turkiye Is Bankasi AS 6125 25042024 Ubs Ag London 2500 10012022 UBS AGLondon 4 08042022 Ukraine government 6750 20062026 Ukraine Government 7750 01092023 Ukraine Government 7750 01092024 Ukraine Government 7750 01092025 Ukraine Government 7750 01092026 Ukraine Government 7750 01092027 Ukraine government 8994 01022024 Ukraine government 9750 01112028 Ukraine Government Var 31052040 Ukraine rail (rail capl) 8250 09072024 Unedic 5000 20032029 Unedic 6250 03032026 Unedic 8750 25052028 Unibail-Rodamco Se 1250 14052021 Unibail-rodamco se 1750 01072049 Unicredit bank ag 0100 10092024 Unicredit bank ag 0100 19112027 Unicredit Bank Ag 6250 20112025 Unicredit bank ag 8500 22052034 Unicredit bk austria ag 6250 16012026 United Mexican States 1375 15012025 United Mexican States 1625 06032024 United Mexican States 4000 15032115 United Mexican States 5750 12102110 United Mexican States 6050 11012040 United Overseas Bank Ltd 1250 02032022 Vattenfall AB 625 17032021 Veolia Environnement Sa 6720 30032022 Veolia Environnement Sa 8920 14012024 Verizon communications 1250 08042030 Verizon Communications 2875 15012038 Vesteda finance bv 1500 24052027 Vicinity centres trust 1125 07112029 Vnesheconombank(Veb) 5942 21112023 Vnesheconombank(Veb) 6800 22112025 Vodafone Group Plc 3750 22112021 Vodafone group plc 2500 24052039 Vodafone Group PLC 465 20012022 Volkswagen bank gmbh 3750 05072022 Volkswagen Bank Gmbh 2500 31072026 Volkswagen fin serv ag 2250 16102026 Volkswagen leasing gmbh 2500 16022021 Volkswagen Leasing Gmbh 5000 20062022 Vonovia finance bv 1625 07102039 VTB Bank (VTB Capital Sa 6950 17102022 Wells Fargo amp Company 1375 26102026 Wells Fargo amp Company 2250 03092020 Westlake chemical corp 1625 17072029 Westpac banking corp 5000 04122023 Wintershall dea finance 1823 25092031 Yorkshire Building Soc 1250 08052024 Yorkshire Building Soc 5000 19062020 Ypf Sociedad Anonima 8500 23032021 Zf europe finance bv 2000 23022026

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 25: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 25

Opsomming Externe managers en fondsbeleggingen

Via fondsen en een tweetal discretionaire mandaten belegt Stichting Pensioenfonds voor Fysiotherapeuten (SPF) in aandelen wereld ontwikkelde markten

Russell is aangesteld als manager met de volgende fondsen Russell Investment Company II World Equity Fund B (WEF) UK Equity Fund A Continental

European Equity Fund A en het Pan European Equity Fund B Voor wereldwijd factorbeleggen heeft SPF Robeco Global Multi-Factor geselecteerd dit wordt

ingevuld middels een separaat mandaat Voor aandelen Japan is eveneens sprake van een separaat mandaat bij Numeric

Er wordt deelgenomen in twee indexvolgende fondsen van de manager BlackRock het BlackRock Europe Equity Index ESG Screened Fund B en het

BlackRock Aandelen Verenigde Staten ESG Screened Fund B De doelstelling van deze fondsen is het repliceren van de risico- en rendements-

karakteristieken van de index De fondsbeheerder hanteert het proces van fysieke replicatie om deze doelstelling te realiseren Deze fondsen van

BlackRock sluiten controversieumlle wapens uit De bedrijven die de index vormen worden daarnaast gescreend en beoordeeld op de wijze waarop met

mensenrechten arbeidsomstandigheden milieu en anti-corruptie wordt omgegaan Deze screening vindt plaats door ISS ESG op grond van de 10 Global

Compact Principes van de Verenigde Naties Via het Russell Investment Company Emerging Markets Equity Fund A belegt SPF in aandelen opkomende

markten

Er wordt deelgenomen in het Achmea IM Green Bond fonds Het fonds belegt wereldwijd in kwalitatief hoogwaardige Green Bonds Dit zijn obligaties

waarvan de opbrengsten uitsluitend gebruikt worden om projecten of activiteiten met een aantoonbaar positief effect op het milieu of klimaat te

financieren

SPF belegt in staatsobligaties uit opkomende markten (EMD) Binnen de beleggingscategorie maakt SPF enerzijds onderscheid in schuldpapier uitgegeven

in harde valuta (hard currency HC) voornamelijk de Amerikaanse dollar en in lokale valuta (local currency LC) SPF belegt actief in de categorie EMD HC

via een discretionair mandaat bij de manager PGIM De EMD LC beleggingen van SPF worden per ultimo 2018 beheerd door Stone Harbor en Investec

Begin 2019 is de passieve manager Legal amp General (ldquoLampGrdquo) aangesteld als vervanger van de manager Stone Harbor De positie in het Stone Harbor

Emerging Markets Debt Local Currency Fund werd in begin 2019 afgebouwd en gelijktijdig werd een positie in het LampG Emerging Markets Government

Bond (Local Currency) Index Fund opgebouwd Via een participatie in de Achmea IM Wereldwijd High Yield Fonds belegt SPF in hoogrentende

bedrijfsobligaties Het betreft een multimanager pool (fonds voor gemene rekening) Er zijn momenteel 4 US managers en 1 Europese manager aangesteld

De combinatie van managers wordt geselecteerd en gemonitord door Achmea IM Externe Managers Het vermogen wordt actief beheerd en voornamelijk

belegd in Europese enof Noord-Amerikaanse High Yield instrumenten met een kredietwaardigheid van BB of lager

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 26: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 26

SPF belegt in hypotheken Dit via een participatie in het PVF Particuliere Hypothekenfonds van Syntrus Achmea Real Estate amp Finance en het Dutch

Mortgage Fund van Dynamic Credit Het PVF Particuliere Hypotheken fonds (SAREF) betreft een institutioneel fonds voor gemene rekening (FGR) waarin

wordt belegt in woninghypotheken in Nederland voor particuliere bewoning Het vermogen wordt actief beheerd Het Dynamic Credit Dutch Mortgage

Fund betreft eveneens een institutioneel fonds voor gemene rekening (FGR) waarin SPF belegt Het vermogen wordt actief beheerd

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in niet-beursgenoteerde vastgoedfondsen SPF belegt in vastgoed via fondsen

Altera Vastgoed Woningen Achmea Dutch Retail Fund Amvest Residential Core Fund ASR Dutch Core Residential Fund ASR Dutch Prime Retail Fund BNP

Paribas Shopping Property Fund I Bouwfonds European Real Estate Parking Fund Bouwinvest Dutch Institutional Residential Fund Bouwinvest Dutch

Institutional Retail Fund CBRE Dutch Residential Fund CBRE Dutch Retail Fund CBRE Logistics Property Fund Europe CBRE Pan European Core Fund CBRE

RE Nordics Property Fund CIM Fund III CIM Urban REIT Clarion Lion Industrial Trust Clarion Lion Properties Fund Gotham City Residential Partnership II

HUH US Real Estate Income Fund Prologis European Logistics Fund Class D Vesteda en CMCT

Sweco Capital Consultants (Sweco CC) beheert de beleggingen van SPF in infrastructuur SPF belegt in infrastructuur via fondsen Aquila Capital European

Hydropower AXA Infrastructure III DIF Infrastructure First State EDI Fund IFM Global Infrastructure InfraVia European Fund IV Maquarie European II

Macquarie Super Core Infra Fund

Achmea IM is aangesteld als selecteur en beheerder van de Private Equity portefeuille De portefeuille bestaat uit directe PE fondsbeleggingen Co-

investeringen en fund of funds De beleggingen in de beleggingscategorie private equity zijn ondergebracht bij de volgende managers fondsen Advent

Intern Global Pri Eq VIII Advent Intern Global Pri Eq IX Alpha Private Equity Fund VII Apollo Investment Fund IX Harbourvest Gilde Buy-out Fund VI

Pantheon Global Sec Fund IV NB Rembrandt -2018 Series Platinum Equity Cap Partners IV Platinum Equity Small Cap Robeco Inst Eur Priv Eq Robeco

Responsible Private Equity II Vitruvian Invest Partnerschip III Warburg Pincus Global Growth en Warburg Pincus Private Equity XII

De beleggingen in de beleggingscategorie Alternativeshedgefunds zijn ondergebracht bij de volgende managers fondsen Bridgewater Pure Alpha Fund

IPM Systematic Macro Fund en het Transtrend Omnitrend Fund Na een strategische evaluatie door SPF is besloten is de hedgefund portefeuille geheel af

te bouwen in het eerste kwartaal van 2020 is dit doorgevoerd

Voor het beheren van de dagelijkse liquiditeiten maakt SPF gebruik van het Achmea IM Lagere Overheden Kasgeldstortingen Fonds

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209

Page 27: Stichting Pensioenfonds voor Fysiotherapeuten is ... · Hedgefunds Bridgewater Transtrend IPM Informed Portfolio Management AB 49 53 25 . ... NORDEA BANK ABP NORTHERN TRUST CORP NORTHROP

Overzicht beleggingen 2019 27

Disclaimer

Achmea Investment Management BV heeft de hier getoonde informatie met zorg samengesteld De informatie is vertrouwelijk en uitsluitend bestemd voor degene aan wie deze persoonlijk is gericht Dit document is of bevat (i) geen aanbod of uitnodiging om financieumlle instrumenten te kopen te verkopen of te verhandelen (ii) geen beleggingsaanbeveling of beleggingsadvies (iii) geen juridisch fiscaal of ander advies Achmea IM raadt u af een (beleggings)beslissing uitsluitend te baseren op de informatie in dit document Achmea IM is niet aansprakelijk voor schade die het gevolg is van zorsquon (beleggings)beslissing

De informatie in dit document is (mede) gebaseerd op informatie die Achmea IM van betrouwbaar geachte informatiebronnen heeft verkregen Achmea IM garandeert niet de betrouwbaarheid van die bronnen en de juistheid en volledigheid van de van die bronnen verkregen informatie De informatie in dit document is puur informatief en u kunt daaraan geen rechten ontlenen Alle informatie is een momentopname Achmea IM heeft het recht om deze informatie zonder aankondiging te wijzigen Het noemen van rendementen op beleggingen in dit document dient uitsluitend als uitleg en toelichting Achmea IM spreekt daarmee geen verwachting uit over het rendement of koersverloop van die beleggingen De waarde van uw belegging kan fluctueren en in het verleden behaalde resultaten bieden geen garantie voor de toekomst

U mag de informatie in dit document alleen voor eigen persoonlijk gebruik kopieumlren U mag de informatie niet overnemen vermenigvuldigen distribueren of openbaren zonder schriftelijke toestemming van Achmea IM Alle informatie (teksten foto1048758s illustraties grafisch materiaal handelsnamen logo1048758s woord- en beeldmerken) blijft eigendom van of in licentie bij Achmea IM en wordt beschermd door auteursrecht merkenrecht enof intellectueel eigendomsrecht Er worden geen rechten of licenties overgedragen bij gebruik van of toegang tot deze informatie

Achmea Investment Management BV statutair gevestigd te Zeist (KvK 18059537) beschikt over een vergunning als beheerder van beleggingsinstellingen zoals bedoeld in de Wet op het financieel toezicht Achmea Investment Management BV is ingeschreven in het register van de Stichting Autoriteit Financieumlle Markten onder nummer 15001209