A stable and value-retaining return
Investment policy
The bridging scheme should offer the professional athlete as much security and stability as possible after his/her professional career. This requires an investment policy with a low risk profile. The CFK's investment objective is a stable and value-retaining return where the aim is to achieve a return higher than (average) inflation over a longer period.
The CFC manages the Main Fund. About 97% is invested in corporate and government (related) bonds (Euro Investment Grade) in the Main Fund. The portfolio has a buy-and-hold nature and bonds are valued on an amortised cost basis. This ensures stable returns over a longer period. A small portion (about 3%) is invested real estate.
Total assets amount to around €525 million.
What is the investment objective?
CFK's investment objective is to distribute a stable and value-based return to participants. We aim to achieve returns higher than average inflation over a longer period.
Why is value retention important?
A stable and value-based return means financial security for participants. As a result, bridging benefits are predictable and, on average, rise in line with inflation.
How does CFK invest?
CFK's investment portfolio consists mainly of corporate bonds. A bond is loan to a company or country. Each loan has a certain maturity and end date. At the end of the term, the loan is repaid. In the meantime, the CFK receives interest every year.
In principle, the bonds remain in the portfolio for their entire maturity. During the term, bonds do change in value but because CFK values the bonds at book value, and not market value, these fluctuations do not affect the return. This creates a stable return.
CFK's bond portfolio consists only of loans of good quality and issued by financially sound companies, in investment language: ‘Euro Investment Grade Credits’. The portfolio consists of about 160 bonds. The minimum rating is BBB, the average rating is higher: A.
Is the return guaranteed?
No, it does not. The bond portfolio consists of bonds of many different companies and state-related companies and institutions. The bonds are of good quality (Investment Grade) and are held in the portfolio until maturity.
Based on careful selection, the purchased bond portfolio is expected to generate gross returns between 3.7% and 4% every year. After deducting costs, a net return of between 3.3% and 3.6% remains. If the company, whose bond CFK holds, ends up in (imminent) bankruptcy, this obviously has a negative impact on the return. To minimise this, the companies are monitored very closely so that, if necessary, CFK can intervene in time.
Bonds are also purchased in the future, for instance when a bond matures. They must then be reinvested. At the moment, it is not certain at what interest rate these bonds can be bought. If interest rates rise, those bonds will yield a higher return and vice versa. These reinvestments affect the final return of the bond portfolio.
Currently, about 3% of assets still consist of so-called illiquid investments (real estate). The return on this part of the portfolio is uncertain and may cause undesirable fluctuations in the coming period. As CFK aims for stable returns, the illiquid portfolio will be sold as soon as possible.
What does the portfolio look like?
The portfolio is set up according to established guidelines.
The distribution among the various ratings is as follows (2026):
- Rating class AAA : 5.4%
- Rating class AA : 10.6%
- Rating class A : 58.5%
- Rating class BBB : 23.2%
- Liquidity : 2.3%
There are bonds in the portfolio sourced from companies in both the industrial, utilities and financial sectors. All bonds are quoted in Euro and over 10% of the bonds are from state-related companies (provinces, European institutions, etc.).
How can I track investments?
An update on the portfolio is provided every month on this website. The fact sheet provides monthly insights into the portfolio and the (monthly) returns achieved. For more information on the investments, CFK can of course be contacted.
Return and Indexation
The return achieved is determined annually over the period
from 1 July to 30 June (CFK's financial year).
The return is then added to individual participants' funds on 1 July.
The return ensures that both the participant funds and the bridging benefits remain value stable (over the longer term).