Protect permanent capital against erosion of purchasing power
A family office does not win through one good year — it loses through a lost decade. Eroded purchasing power does not return. A direct, liquid and tax-efficient mandate with a measurable real objective.
Why traditional models fall short
- Private banks — Closet indexing under the guise of active management; all-in 75–200 bp in layered fees
- Multi-family offices — Manager-of-managers stacks fees; consensus allocation converges toward 60/40 with PE focus
- OCIO's — Often conflict of interest because the person is tied to a bank
- PE / Private Debt — 7–12 year lock-ups, mark-to-model hides drawdowns, vintage risk in a changed regime
The WorldView approach
- CPI as the only benchmark — No 60/40, no relative comparison with other managers
- Fully transparent cost structure — No performance fee, no carried interest, no hidden costs in underlying funds
- Liquid segregated mandate — Repositioneerbaar in 1–3 dagen, makkelijk aan te passen
- Tax-efficient — Withholding tax reclaim via direct replication instead of ETFs
Benefits of direct investment
For a Dutch family office structure, tax-efficient management matters. Direct investment rather than pooled vehicles delivers concrete benefits.
Withholding tax reclaim
Through direct investment you claim treaty benefits directly. In pooled funds and ETFs this dividend tax is structurally lost — with direct replication you reclaim it.
Direct ownership instead of fund units
With direct investment you own the underlying positions — not a unit in a fund. You have full control, can vote at shareholder meetings and apply screens at position level. That is not possible in pooled vehicles or ETFs.
Securities lending revenue to you
With direct investment, securities lending income goes to you as owner. In pooled funds and ETFs it disappears in the manager's TER — you never see it again.
Fewer cost layers, more transparency
With direct investment, fund costs and hidden mark-ups standard in pooled vehicles fall away. Fewer intermediaries, fewer cost layers and full transparency on what you pay.
Three phases to an operational mandate
Diagnosis
Review of your current portfolio against CPI+ scenarios and your chosen spending rule. Output: failure probabilities and preservation of purchasing power under diverse inflation scenarios.
Design
Proposal with client-calibrated weights, risk budget, spending rule and governance. Including a due diligence session with your investment committee and consultant.
Mandate
Segregated managed account. ISDA, custodian, investment policy, weekly reporting cadence. Live within 12 weeks of principle decision.
Let's talk
We start with a diagnosis of your current portfolio. No obligation, quantitative and confidential.