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This preface was originally written in Dutch. This is an English translation.
A positive outlook in an uncertain world
The financial markets are once again proving resilient. Following the unrest in the Middle East and the sharp rise in oil prices, a recovery set in as soon as prospects emerged for a truce between the United States and Iran. At the same time, the volatility makes it clear that the geopolitical risk premium is by no means gone.
For investors, it is not just about the scale of the shock, but above all about how long it will last. Higher energy prices are weighing on consumption, margins and sentiment, whilst economic growth is slowing but has not yet derailed. It is precisely this combination that makes the current climate complex.
Against this backdrop, private & alternative credit, one of the central themes of this edition, is more relevant than ever. The contributions from various authors paint a picture of an asset class that can offer greater control over risk and return in an environment of higher volatility and moderate growth, and which provides greater compensation for persistent uncertainty.
Emerging markets also deserve special attention, not least because of the significant differences in sensitivity to energy prices and geopolitical tensions. That this leads to divergent risk and return prospects is evident from various articles in this edition. The general tone, however, is positive. As one of the authors observes: ‘Emerging markets have not looked this promising in years.’
This positivity is also reflected in the report on the panel discussions during the Financial Investigator seminar on the future of investment policy under the Wtp. Yes, there are challenges, particularly in the area of communication, but the Wtp also offers opportunities, as is highlighted in several other articles in this edition.
The cover interview also focuses on opportunities. Dick Gort of a.s.r. real estate reflects on a number of investment opportunities that most investors do not immediately consider, such as science parks, offices and agricultural land. He sees the latter as an excellent diversifier.
Thus, amidst an environment where geopolitical tensions and economic uncertainties continue to influence sentiment, and where flexibility and risk diversification are key, we look constructively to the future with this edition.
I hope you enjoy reading!
Jolanda de Groot, Editor-in-Chief
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