The Dutch pension giant is moving away from public markets priced for perfection while adapting to an era where government bonds no longer adequately hedge equity risk during inflationary periods.
Despite fiscal strains in developed markets, Asian investors continue to favour sovereign debt. Managers say allocations remain stable, though yield dynamics and sector fundamentals show where flows could shift if preferences change.
US Treasuries now carry a visible fiscal risk premium, skewing comparisons with corporates. In Asia, healthier fiscal anchors keep spreads more grounded, according to investors.