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

Graph asset allocation since 1989


Allocation at 31 Dec. 2019


 Assets Dec 31 2019



 Allocation within shares


Shares (53,6% of portfolio)


Exposure by region


Exposure by sector

Graph shares 2019


Graph Exposure by region 2019

  Graph Exposure by sector 2019


Allocation, interest-bearing portfolio and other investments 

(24.8% of portfolio)

  Real estate and other 
Graph Interest-bearing portfoli 2019


  Graph real estate and other 2019