1.0Stichting Pensioenfonds IBM Nederlandhttps://spin.nl/en/Hanny Broerehttps://spin.nl/en/author/hanny-broere/rich600338<blockquote class="wp-embedded-content" data-secret="Uc4Fr2fgar"><a href="https://spin.nl/en/page/market-developments-february-2023/">Market Developments February 2023</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://spin.nl/en/page/market-developments-february-2023/embed/#?secret=Uc4Fr2fgar" width="600" height="338" title="“Market Developments February 2023” — Stichting Pensioenfonds IBM Nederland" data-secret="Uc4Fr2fgar" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://spin.nl/wp-includes/js/wp-embed.min.js </script> https://spin.nl/wp-content/uploads/2022/12/619652f74626b7860f8b7243_Aandelen-tech-e1542284144902.jpg572330Unfortunately, after a good start in January, returns for all cohorts were negative in February. Inflation was again the dominant theme and the latest figures showed that inflation remains stubbornly high after all. As a result, government bond yields went up along with it. This raises expectations that central banks will want to keep policy...