Overzicht columns

Ortec Finance: Measuring what really drives private market performance

Tue, 27 Oct 2026 08:01:15 +0100

Elske van de Burgt, Managing Director, Investment Performance, Ortec Finance

Private market allocations have grown from a niche strategy into a core driver of portfolio returns. Yet many performance frameworks still treat them as an exception. As private markets become a larger component of portfolios, they can no longer sit outside mainstream performance processes.

Han Dieperink: AI and the world of finance

Tue, 27 Oct 2026 09:00:16 +0100

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

Essentially, AI is a labour-saving technology. Companies are producing more with fewer people. Over the past four years, the US business sector has employed roughly the same number of people, yet its profits – when adjusted for inflation – are around 20% higher. In the US IT sector, the workforce is even shrinking slightly, whilst profits have more than tripled since 2023.

CFA Society Netherlands: Risk managers are too slow to embrace AI

Thu, 22 Oct 2026 10:03:36 +0200

^{This column was originally written in Dutch. This is an English translation.}

The conventional approach to cyber risk management is under pressure. Time pressure, that is. After all, how do you protect yourself against the latest generation of AI models, which are able to identify and exploit vulnerabilities at an ever-increasing rate?

By Can Yilmaz, Regulatory & Compliance Consultant and member of the Advocacy Committee of the CFA Society Netherlands

Harry Geels: The ‘we’re doing so well’ fallacy

Tue, 20 Oct 2026 15:33:46 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

There is a curious stock phrase in Dutch public debate. As soon as someone complains about the high tax burden, the problems in the housing market, or the cost of additional defence spending, it isn’t long before someone else says: ‘But we’ve got it incredibly good here, haven’t we?’

Danny Dieleman: Is Private Credit’s NAV the whole truth, or only half the truth?

Tue, 20 Oct 2026 10:31:59 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Danny Dieleman, Founder of D-Squared Capital

Can the Net Asset Value (NAV) of a listed fund holding private loans differ from the market price? And if so, is the NAV incorrect, or is the market wrong?

Pim Poppe: Are you managing the risks identified by the IMF?

Tue, 20 Oct 2026 10:52:12 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Pim Poppe, Managing Partner, Probability & Partners

The IMF’s latest Global Financial Stability Report provides an in-depth overview of developments in the global economy and financial markets. A report well worth reading in these turbulent times.

Han Dieperink: The Donkey and the Stone

Fri, 16 Oct 2026 06:04:56 +0200

^{This column was originally written in Dutch. This is an English translation.}

For the third time in its history, the ECB is tightening policy at the wrong moment. A temporary energy shock is masking the underlying slowdown, whilst Europe is in fact sliding towards a recession.

By Han Dieperink, writing in a personal capacity

Han Dieperink: It won’t be long before we're all French

Wed, 14 Oct 2026 09:03:23 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, writing in a personal capacity

France is caught between debt, political fragmentation and street protests. Why does there seem to be no way out? And what does that mean for investors?

Bob Homan: The 60/40 portfolio is set for a comeback

Wed, 14 Oct 2026 09:03:24 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Bob Homan, Head of the ING Investment Office

The 60/40 portfolio has been repeatedly declared dead in recent years. But now that bonds are becoming more attractive again, the question arises as to whether the classic combination of shares and bonds was written off too soon.

Harry Geels: Tackling ageism with a negative income tax

Wed, 14 Oct 2026 09:02:55 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Discrimination against older people in the labour market is a well-known phenomenon. At the same time, many people want to remain active in society for longer. The debate on raising the state pension age highlights how difficult the current system finds it to deal with this issue. The negative income tax I proposed earlier could help resolve both challenges at the same time.

Harry Geels: Three hard-hitting final conclusions on the Box 3 debacle

Tue, 06 Oct 2026 12:20:02 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

The debate surrounding Box 3 reveals a country that is highly polarised, is struggling enormously with an outdated and overly complicated tax system, and is collectively suffering from the ‘money illusion’.

EDHEC: How accurate are private asset valuations?

Tue, 06 Oct 2026 08:04:13 +0200

By Evan Clark, Senior Private Market Analyst, EDHEC Infrastructure & Private Assets Research Institute

In a recent EDHEC Infra & Private Assets (EIPA) publication, ‘The Exit Test: What a Decade of Realisations Reveals About Valuation Accuracy,’ we explore the accuracy of private asset valuations by examining realised private equity and infrastructure equity exits across UK listed investment trusts.

Edward Roozenburg: How much risk are the efficiency gains from AI worth?

Tue, 06 Oct 2026 10:20:56 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Edward Roozenburg, Senior Risk Management Consultant, Probability & Partners

Financial institutions use AI to operate more efficiently. AI can process large amounts of information, recognise patterns and take over tasks that currently require a great deal of human effort.

Harry Geels: The myth of unearned wealth

Tue, 29 Sep 2026 12:17:25 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Terms such as ‘unearned wealth’ or ‘taxable windfalls’ are appearing with increasing frequency in economic and tax debates. However, these are not standard analytical concepts from the field of economics, but rather normative and political-philosophical concepts used to justify certain forms of taxation.

Dick Kamp: Towards an agile, relevant pensions sector

Tue, 29 Sep 2026 08:02:34 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Dick Kamp, Director of Pension Investment & Risk at Milliman Benelux

Rapid, coordinated innovation via a sectoral hub could be a powerful way of ensuring that the Dutch pension sector remains relevant and future-proof under the Wtp.

Han Dieperink: Interest rates and share prices are rising in tandem

Tue, 29 Sep 2026 06:02:13 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

The US 10-year yield is a full percentage point higher this year. Last week, it reached 5.23 per cent. Over the same period, the S&P 500 rose by over 10 per cent. In theory, these figures do not add up.

IVBN: Investing in housing is investing in care

Fri, 25 Sep 2026 10:23:38 +0200

^{This column was originally written in Dutch. This is an English translation}

An ageing population is often seen as a healthcare issue. But without suitable housing, the healthcare system will grind to a halt. That is why investing in housing is also investing in a future-proof healthcare system.

By Simon van der Gaast, Senior Policy Adviser, IVBN

Valentijn van Nieuwenhuijzen: Is the bond market panicking, or are we?

Wed, 23 Sep 2026 09:38:09 +0200

By Valentijn van Nieuwenhuijzen, Investment Manager and former CIO NN Investment Partners/Goldman Sachs Asset Management

I started my career as a professional investor in the 1990s, working in the Global Fixed Income team at ING Investment Management. Neither the team nor the asset manager exists anymore, but the lessons I learned there about bond markets have stayed with me ever since.

Harry Geels: Put an end to the left-right framework – part 2

Wed, 23 Sep 2026 09:48:56 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Last week, I argued that the current left-right framework falls seriously short. This week, I’m focusing on the left-hand side of my political axis. There, too, the differences appear to be much greater than is often assumed.

Gerd-Jan van Wiggen: Is the banking rally ‘too good to be true’ or ‘here to stay’?

Wed, 23 Sep 2026 09:36:08 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Gerd-Jan van Wiggen, Partner at Probability & Partners

Fifteen years ago, whilst attending a banking conference, one of the participants remarked that investing in a bank was the same as donating to a charity: the benefits were social, but there was nothing in it for the investor.

Joeri de Wilde: Don’t expect climate action from universal ownership

Tue, 22 Sep 2026 11:47:41 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Joeri de Wilde, Senior Economist at Triodos Investment Management

With government climate policy falling short, one would hope that the private sector would step up its efforts. But even those whose interests supposedly align with the global economy are doing virtually nothing.

Rik Albrecht: The protection portfolio does not protect everyone

Fri, 18 Sep 2026 10:10:05 +0200

^{This column was originally written in Dutch. This is an English translation}

There is no shortage of creative solutions amongst asset managers for the optimal hedging portfolio. However, one question that is often overlooked by directors is: who receives the risk premium and who ultimately bears the risk?

By Rik Albrecht, CFA, director and chair of the investment committee at various pension funds and asset manager at Roccade.

Danny Dieleman: Private markets do not need to be shackled

Fri, 18 Sep 2026 06:02:05 +0200

^{This column was originally written in Dutch. This is an English translation}

The ECB, DNB and the Bank of England are currently delving deep into private markets. They are examining growth, interconnectedness and hidden risks. What does this mean for investors?

By Danny Dieleman, Founder of D-Squared Capital

Harry Geels: Put an end to the left-right framework (part 1)

Tue, 22 Sep 2026 10:39:29 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

I have repeatedly argued that the current left-right framework is intellectually shallow and unnecessarily polarising. This time, I shall support this argument by describing the diversity on the ‘right’.

Guido Veul: System-level engagement requires tough decisions

Tue, 15 Sep 2026 08:03:03 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Guido Veul, Director at AF Advisors

Engagement with companies has now become an integral part of sustainable and responsible investment. However, systemic risks such as climate change and biodiversity loss cannot be addressed at company level alone.