Investment policy
The Heineken Pension Fund (HPF) manages pension assets of approximately 4.8 billion euros (end of 2025) for its participants employed by Heineken Group BV and its affiliated companies.
The Heineken Pension Fund pursues a prudent and socially responsible investment policy for the benefit of HEINEKEN's solidarity-based contribution scheme.
We invest the pension funds as profitably as possible for the long term, taking into account the risk attitude, which is partly based on the results of the Risk Preference Survey. In doing so, we connect to the risks that the participants (groups) are able and willing to run and to participant characteristics and scientific insights. To this end, we invest the pension funds in a socially responsible and prudent manner. Every year, we assess whether the investment policy is appropriate to the established risk appetite.
The drafting and implementation of the investment policy can be divided into a number of steps. We call these steps the investment cycle. The fund has established a strategic investment policy for the longer term (5 years) that is in line with the risk attitude of the participants and the strategic objectives, policy principles and investment beliefs of the fund and which is based on thorough research, such as an Asset Liability Management (ALM) and Strategic Asset Allocation (SAA) study.
The fund invests the premiums in shares, bonds, and other investment categories that are expected to generate an adequate return. Such investments also carry the risk that the expected returns will not be achieved during some periods. The investments are sufficiently diversified and invested across the various regions in the world. A carefully diversified investment portfolio should lead to the long-term objective of the fund being achieved.
Operational implementation of the investment policy
The operational implementation of the investment policy is subject to an "automatic rebalancing policy, unless..." applicable. This means that every quarter it is determined whether upper and/or lower limits have been reached. If this is the case, the investments will be rebalanced according to established rules. A number of unless's apply to the rebalancing rules. The implementation of the rebalancing policy has been delegated by the Board to the Investment Committee. The executive body has received an implementation mandate from the board.
In principle, the investments are outsourced to external asset managers, with the exception of the operational tasks that the board has explicitly mandated to the implementing organisation. For the appointment and implementation of an external asset manager, the fund has a procedure established by the board. The investment portfolios are periodically checked for compliance with the specified investment guidelines and evaluations are carried out for the purpose of risk management.
The investment policy is outlined in the Statement of Investment Principles (only available in Dutch).
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