The target asset structure consists of low-risk investments, with investments predominantly in euro bonds and covered bonds with high credit ratings and secure government bonds worldwide (as a liquid investment), as well as risk-bearing investments, such as corporate bonds, bonds from emerging markets and equities worldwide, which are to be allocated to the liquid part of the portfolio. The illiquid facility - i.e. Investments that are not listed on the stock exchange, such as private equity and infrastructure funds, as well as corporate investments, complete the return profile. Illiquid investments have a long lead-time, which means that these investments are only gradually beginning.

With regard to these long-term commitments, a robust portfolio that is broadly diversified across various asset classes has been developed and has already proven successful even during the start-up phase, which took place in a very challenging investment environment. The portfolio is invested in liquid and illiquid investment forms in developed markets and emerging markets. The foreign currency risk is kept low. In addition to a broad country spread, diversification across sectors, issuers, asset and liability instruments, and also ratings is ensured.

Reporting date of the portfolio data published here is 30 December 2019.