Asset allocation


The distribution of assets among different categories varies over time, depending on market conditions and the management team's expectations of future trends.

This is a matter of allocating assets among, first, the various asset types and, second, different markets. At year-end 1988, the portfolio was 100% composed of interest-bearing securities. Since then the proportions invested in shares but also properties and alternative investments have risen. In the past ten-year period, RJ has had an average of 55% of its assets invested in shares.

Asset allocation since 1989

Assets 1989-2020

Allocation at 31 Dec. 2020


 Asset allocation 2020



 Allocation within shares


Shares (55% of portfolio)


Exposure by region



Shares portfolio 2020


Shares per region 2020


Allocation within shares (cont.)


Allocation, interest-bearing portfolio

Exposure by sector    

(24% of portfolio)


Shares exposure by sector 2020


 Allocation 2020




List of assets 13 Dec. 2020 (pdf)


List of all assets

List of all assets

Assets per categories


Real estate Fixed income
Equities Alternative investments Real estate Fixed income