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27 October 2025

Passive by default: is euro credit sleepwalking through a shifting landscape?

Euro credit is often treated as the quiet corner of institutional portfolios – stable, low maintenance, and easy to overlook. But that assumption is under pressure. Structural biases and shifting market dynamics are making passive exposure harder to justify.

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Disclaimer: Investing in euro credit involves risks, including interest rate risk, credit risk (including downgrade and default risk), liquidity risk and general market risk. The value of investments may fluctuate and investors may not get back the amount originally invested. Past performance is no guarantee of future results.

Van Lanschot Kempen Investment Management NV (VLK Investment Management) is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. This document is for information purposes only and provides insufficient information for an investment decision. It does not contain investment advice, investment recommendation, research, or an invitation to buy or sell any financial instruments, and should not be interpreted as such. Opinions expressed are as of the date of publication and may change without notice.

Past performance is no guarantee of future results. The value of investments may fluctuate and investors may not get back the amount originally invested.

Sustainability-related statements are for information only and do not guarantee improved performance or reduced risk.

Il y a un dicton en néerlandais, Kom verder, qui ui signifie beaucoup de choses, et c'est notre philosophie d'entreprise. Il reflète la façon dont nous travaillons avec nos clients, mais aussi la manière dont nous dirigeons nos entreprises participantes pour créer de la valeur pour les actionnaires grâce à un engagement actif.

Risque de perte en capital. La valeur des investissements et des revenus qui en découlent peut évoluer à la hausse comme à la baisse. Les investisseurs sont susceptibles de ne pas récupérer l’intégralité de leur investissement initial. Les performances passées ne présagent pas des performances futures et ne sont pas constantes dans le temps.