Rethinking equity investing at the National Bank of Austria post-2020

Equities are, in the main, relatively new to reserve management. They are not new to reserve managers, of course, as they have been analysing them as part of their work to better understand markets for decades, and also in some cases through their involvement with their central bank’s pension fund. That was the case in Austria, where we started to introduce equities into our pension funds at the National Bank of Austria around 25 years ago. Then, in the light of the 2008 crisis and with the need for further diversification, we introduced equities into our reserve portfolios. We gradually