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Report of the Board of Directors

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Market developments and trends

The Dutch economy continued to perform strongly in 2018, although momentum did weaken in the second half of the year. Private consumption was the primary driver of this economic performance, while the growth of exports flattened.

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The Fund’s strategy

The Fund’s aim is to achieve a stable portfolio that can profit from the changing retail market, mainly due to its well-distributed portfolio of high-quality assets that is sufficiently resilient and future-proof to withstand the future risks in the

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Financial performance in 2018

The Fund realised a total return of 5.6% in 2018 (plan: 7.7%; 2017: 7.8%) consisting of 3.6% income return (plan: 4.4%; 2017: 4.5%) and 2.0% in capital growth (plan: 3.2%; 2017: 3.3%).

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The overall growth in retail spending has resulted in a further improvement of market conditions in the retail sector. Competitive chains are once again expanding, while we are also seeing new entrants to the market.

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