2025 - 03
This preface was originally written in Dutch. This is an English translation.
Being meanigful to others.
In the second Trump era, the investment world seems to be realising more than ever that we want to be less dependent on US dominance. This applies both to economic dependence and to the influence of the US stock markets, which together still account for two-thirds of the world index.
We see that European and emerging markets are performing relatively well.
Europe, led by Germany, is trying to stimulate growth by, among other things, relaxing budget rules and investing in the arms industry. Emerging markets are interesting because of their still higher growth, improving governance and relatively attractive valuations. Emerging markets have lagged behind the US stock market in recent years.
Countries such as India offered some hope, but many investors are talking about a lost decade for the entire asset class. Will the tide turn? Do low valuations in China and Latin America, among other places, present a good entry point? What opportunities do these markets offer?
During the roundtable discussions on Emerging Market Debt and Emerging Market Equity, a number of experts shared their views and insights.
This edition also features interviews with Joanne Kellerman, Chair of the Board of PFZW, who emphasises the need to leave the world in a better state. Dirk Schoenmaker, Professor of Finance at the Rotterdam School of Management, has a mission: to encourage investors to make a fundamental shift from a focus on short-term profits to long-term value. Finally, Mike Berners-Lee, Professor at Lancaster University, points out that fund managers have a crucial role to play in preventing an environmental disaster. “It would help them if they were given the fiduciary duty to take our planet and future generations into account.”
The interviews with Joanne Kellerman, Dirk Schoenmaker and Mike Berners-Lee share a common message: the financial sector bears a great responsibility for the future of our planet and our society. They call for a fundamental shift from short-term thinking to long-term value, with sustainability, social impact and the well-being of future generations at its core. Fund managers and investors should not only strive for financial returns, but also actively contribute to a more just and sustainable world.
Rarely has an interview touched me as much as the one with Ingrid Reichmann a few weeks ago. Despite her serious illness, Ingrid radiated enormous strength, zest for life and optimism. What a powerful woman! Sadly, she passed away on 29 April. However, her message remains alive and inspiring: at its core, life is about being meaningful to others. With this valuable thought in mind, I would like to conclude this preface.
I wish you a wonderful spring!
Jolanda de Groot, Editor-in-Chief
