Asset management on a real-return basis

Protect your capital against structurally higher inflation

WorldView optimises not against a nominal benchmark but against loss of purchasing power. Two solutions for pension funds, family offices and ANBI's: the Real Return Mandate and a portfolio with an integrated inflation objective — with a CPI+ target and full independence.

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22%
Cumulative inflation Netherlands 2022–2025 (CBS)
−23%
Real loss of purchasing power for bond investors 2021–2025
CPI+
Mandate objective: preserving purchasing power as the starting point, not a nominal benchmark
Solutions per doelgroep

One discipline. Two mandates.

Preserving purchasing power is the core. The application differs by audience — in CPI+ target, risk budget, governance and cost structure.

Pension funds

Preserving purchasing power under the WTP. A CPI+ mandate built from the real target pension pot, not from a nominal benchmark.

  • CPI+ target
  • CVaR as operational guideline
  • Portfolio with integrated inflation objective available
More on pension funds

Family Offices

Protect permanent capital against erosion of purchasing power. A direct, liquid and tax-efficient mandate with a measurable real objective.

  • CPI+ net as mandate objective
  • Liquid segregated account
  • Own custodian bank
  • Tax-efficient
More on family offices

ANBI's & endowment funds

Preserve purchasing power, spend annually and meet the tightened ANBI rules. One mandate integrating return, costs and accountability.

  • CPI+ target per schaalgrootte
  • Annual spending justification included
  • Management fees as % of spending budget
  • Segregated account or fund structure
More on ANBI's
Why now

This is a regime change, not a temporary episode

Four structural forces are converging. The portfolio that worked over the past decade does not protect your purchasing power in this regime. The 60/40 hedge mechanism no longer works with sustained inflation above the ECB target.

5,1%
Average annual inflation Netherlands 2022–2025
01

High government debt

Tolerating inflation is politically more attractive than austerity. Financial repression erodes the real debt burden without visible cuts.

02

Energy & commodities

The energy transition and geopolitical fragmentation raise the structural cost level. Commodity-intensive investment is inflationary.

03

Defence spending

Structurally higher defence budgets are debt-financed and do not directly raise productivity. Additional pressure on debt and prices.

04

Monetary accommodation

Central banks can keep rates below inflation. Historical precedent: US 1942–1951 and Japan 2022–2024 (yield curve control).

What sets us apart

Five features that make our mandate fundamentally different

One objective — preserving purchasing power — translated into one integrated mandate. No layered structure, no hidden costs, no opaque models.

1

Purchasing power as the benchmark, not nominal return

The portfolio is optimised relative to inflation. Not relative to a nominal index, not relative to other managers.

2

Actuarial and financial models combined

Mean-CVaR optimisation plus Weighted Risk Metric. Reproducible models available for your fiduciary adviser or consultant.

3

30+ years of experience per founder

Former Managing Directors at Morgan Stanley, Head of Equities at PVF, two mathematics PhDs. Portfolio managers at First Sentier (Singapore, 2012–2023).

4

The lowest possible costs at every layer

Implementation via index products and direct equities. No house funds, no distribution fees, no performance fees.

5

One integrated mandate

SAA, TAA, risk management and reporting in one place. No fund-of-funds, no outsourcing to external sub-managers. Simple, auditable governance.

6

Fully independent

Not a bank, broker or fund distributor. No house funds, no distribution fees, no performance incentives. One interest, aligned with your board.

The team

Experienced specialists

Founders with 30+ years of institutional experience each. Two mathematics PhDs lead portfolio construction.

FF

Frits Fiene

CEO / CIO

Ex-Head of Equities PVF (3e grootste NL pensioenfonds). Executive Director Morgan Stanley, European pension reorganization. RBA.

EL

Epco van der Lende

Quant Algorithms

Ex Managing Director Morgan Stanley. PhD Wiskunde. ALM, kwantitatief risicomanagement. Portfolio manager First Sentier Singapore (2012–2023).

JB

Jan Baars

Quant Solutions

Ex Executive Director Morgan Stanley. PhD Mathematics / Actuary AG. Multi-asset solutions, ALM. Portfolio manager First Sentier Singapore (2012–2023).

JP

Joost Pielage

COO

Founder Amstel Securities. MSc macroeconomics. Compliance, legal, organisation and administration.

RB

Rob Beemster

Commercial Officer

Former Director ING — 32 years FX trading and institutional sales to central banks, sovereigns and interbank. Owner Barcelona Valuta Experts.

Documentation

Papers by audience

Download the detailed paper for your audience. Including mandate structure, cost justification, methodology and governance information.

Pension funds

CPI+ mandate, portfolio with integrated inflation objective, WTP positioning, Mean-CVaR methodology and institutional governance.

Download paper

Family Offices

Real return mandate, segregated account, spending rule modelling, tax optimisation and cost comparison.

Download paper

ANBI's & Foundations

Preserving purchasing power, spending justification, ANBI rules compliance, scale-specific mandates and cost structure.

Download paper
Contact

Let's talk

We are available for a no-obligation introductory meeting with your board, investment committee or executive team. Contact us to discuss the options.

Schedule an introduction