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

Asset allocation1989-2020

Allocation at 31 Dec. 2021


Asset allocation 31Dec 2020 



 Allocation within shares


Shares (55% of portfolio)


Exposure by region



Graph shares 2020


Exposure by region



Allocation within shares (cont.)


Allocation, interest-bearing portfolio

Exposure by sector    

(24% of portfolio)


Exposure by sector


Allocation, interest-bearing portfolio




List of assets 31 Dec. 2021