Our investment approach

Long-term investment horizon

Long-term investment horizon

The KENFO is a long-term investor, operating over a long investment horizon of 80 years.

Global and broad diversification

Global and broad diversification

KENFO invests in various liquid and illiquid asset classes that are broadly diversified across different regions, sectors, credit ratings and investment styles

Active management

Active management

Certain asset classes and markets have characteristics that allow active management to generate excess returns over a benchmark. The KENFO portfolio therefore uses active investment strategies as well as passive ones.

Sustainability

Sustainability

The integration of environmental, social and governance criteria supports KENFO's return objective and is an integral part of its investments.

Achieving returns

Achieving returns

KENFO must orient its investments to generate returns in order to ensure the financing of nuclear waste management.

Key Figures 2021

24,1 BILLION EUR
Paid-in foundation capital
2,4 BILLION EUR
Disposal costs paid to date
10,4%
Return achieved on invested assets in 2021
40
Employees are taking care of KENFO and its portfolio
90
KENFO is currently invested in more than 90 countries
9.000
KENFO assets are currently invested in over 9,000 individual positions
2050
the KENFO portfolio is climate neutral at the latest

Our Portfolio

Equities

KENFO invests 35% of its portfolio in exchange-traded equities. Active allocation strategies and management of the portfolio contribute to the achievement of returns.

35%
 
Risky bonds

KENFO invests 25% of its portfolio in risky corporate bonds and emerging market government bonds. Currently, KENFO is invested in more than 90 companies worldwide and in various industries. Active strategies and varying credit ratings help to generate returns. 

25%
 
Low-risk government bonds

Investments in low-risk government bonds take into account bonds issued by industrialized countries, developing countries as well as bonds issued by development banks (agencies) and so-called supranationals. KENFO is invested to 10% in these investments.

10%
 
Illiquid investments

Under illiquid investments, KENFO combines its investments in the asset classes private equity, private debt, infrastructure as well as real estate. These investments allow KENFO to tap sources of return outside the traditional capital markets and to diversify the portfolio more broadly. In total, 30% of KENFO's total investments are allocated to these asset classes.

30%
 

Investments

KENFO is currently invested in more than 90 countries

33%

of the assets are invested in North America

41%

of the investments are in the European market

3%

are invested in South America

16%

of assets are invested in Asia

7%

are invested in the rest of the world

Our Porfolio

Inventory information KENFO-Portfolio 2021

dated 31 December 2021

Inventory information KENFO-Portfolio 2019

dated 31 December 2019

Inventory information KENFO-Portfolio 2020

dated 31 December 2020