Who is HAL Trust?
A Rotterdam holding company that takes large stakes in businesses and keeps them with no set holding period.
Value and financial structure
17.6 Bn € of published net assets1 129 M € of published net cashthe share price 165.00 € against 195.16 € of net asset value per share (gap computed by Opulion −15.5 %)
What you own
Reporting date|Out of total assets of17 626 M €
By type
Listed or unlisted, and in what form.
Published net assets
17.6 Bn €
at Jun 30, 2026
Pick a part to see what it holds.
Inside: or . Outside: the type of asset.
What the company owes
3 826 M €Borrowings on recordat Jun 30, 2026
Consolidated group borrowings
Net cash published by the company: 1 129 M €.
How this figure is calculated
These borrowings are the consolidated group's, carried mostly by operating subsidiaries rather than by the investment company. They do not cover the same perimeter as the gross assets the chart divides, so no share is computed here: dividing one by the other would compare two different things.
Source: Hal report on the first half year 2026 · Aug 27, 2026
By theme
What the companies held do, in fifteen themes.
Sorted by theme
65 %
of gross assets
Pick a theme to see its companies.
As a share of gross assets, on the lines whose weight the company publishes. Themes defined by Opulion, the same on every page, not by the company.
Company by company
Names as published, as of Jun 30, 2026 unless another date is shown.
51 named holdings: 7 with a weight, 7 listed.
With their weight7
Boskalis divisions
- Dredging & Inland Infra
- Offshore Energy
- Towage & Salvage
Safilo's holding
- Inspecs Group Plc29.99 % of capital
17
business press and radio in the Netherlands
100.0 %of capital- Heartwood Afforested Land ehf.100.0 %of capital
offshore foundation installation equipment
100.0 %of capitaloptical store chain in Chile
100.0 %of capitalresidential construction and development
100.0 %of capitalpractice software and healthcare billing processing
99.3 %of capitaloffice furniture and fit-out
98.0 %of capitaldecorative laminate panels and surfaces (Trespa, Arpa)
97.4 %of capitalcertification of employers' HR practices (Top Employers Institute)
95.7 %of capitaltimber and building materials trading
93.8 %of capitalturnkey horticultural greenhouses and installations
74.6 %of capitalGreenV companies
liquefied gas shipping
62.9 %of capitalonline sales of electronics and household appliances
56.4 %of capitalsupply of medical devices and aids (Germany)
53.8 %of capitalhigh-tech electronics and mechatronics
47.4 %of capitalmortgage origination and servicing (Netherlands)
28.5 %of capitalbiological crop protection and pollination
27.3 %of capital
2
real estate development and management
100.0 %of capital- SB Real Estate B.V.
shopping center management and redevelopment
90.0 %of capital
2
- BVGO
construction and real estate development in the Netherlands
- InfraNL
3
trading of energy certificates and carbon credits
36.5 %of capitalESG accounting and reporting software
25.0 %of capitalmycoprotein production (alternative protein)
10.3 %of capital
Legal structure · 2 entities
Intermediate holding companies and holding vehicles. They are not investments: they are not counted in the names above.
Sub-holdings and vehicles
HAL Investments B.V. · 280ppm B.V.
The news feed
Up to date as of
Our latest articles on this company
The whole journalHAL now owns 20.01% of Technip Energies shares
The 21 September AFM filing supersedes the distinction in our original article: the threshold has now been crossed in actual shares and votes, with no further potential interest reported.
HAL: According to MEED, Technip Energies gains five years of access from Aramco - not five years of orders.
HAL holds 18.3% of Technip Energies. According to MEED, two framework agreements strengthen Saudi Arabia's position in its stake, without any guaranteed amount or volume. That's the crucial distinction.
At HAL, TKH becomes a real-world test of value creation
The Dutch holding company owns 10.2% of TKH. Shareholders have approved the separation of Electrification - but neither the form, the price nor the final timetable is yet known.
Upcoming publications
- Nov 26, 2026Press releaseQ3 2026 update
- Jan 28, 2027DividendProposed dividend 2026
- Mar 25, 2027Annual reportAnnual results 2026
- May 24, 2027Annual general meetingShareholders' meeting and Q1 2027 update
- Aug 25, 2027 to Aug 30, 2027Half-year reportHalf-year report 2027date estimated from the usual schedule
What it has returned
Reporting date
Against the same world benchmark for all.
Published performance,
World index in euro, EUR, per year
Company figures as of Jun 30, 2026 · world index as of Jun 30, 2026
The company does not publish a return over one, three, five or ten years.
Method and sources
Each panel carries its own scale: lengths compare within a panel, never from one panel to the next.
A return is never converted from one currency to another: that would take the exchange rate move over the whole period, not the rate on one reporting date. The company's series are served in the issuer's currency only.
Every company covered is compared with the same benchmark, never with the index their own manager picked: a manager who picks his index also picks the bar he had to clear. This benchmark is not the MSCI ACWI itself, which belongs to MSCI and may not be redistributed. It is the median, recomputed by Opulion, of the net asset values published by three ETFs from three different managers tracking that index: iShares (IE00B6R52259), State Street SPDR (IE00B44Z5B48) and Amundi (LU1829220133). A single fund is never served on its own. Convention: last net asset value on a date at or before the reporting date, within a seven calendar day window; geometric annualisation over the nominal horizon; conversion at the European Central Bank reference rate of the day of the net asset value actually retained, a cross rate being an Opulion computation that is declared as such. The recomputation reproduces the performance each manager publishes for its own fund, to the second decimal, fifteen times out of twenty, and never departs from it by more than 0.04 point. Funds used: BlackRock, State Street and Amundi.
Converted at the reference rate of Jun 30, 2026, published by the European Central Bank.
What is it worth on the market?
Reporting date
The share price against net asset value per share.
Values shown in euro, EUR
195.16 €
the company's calculation
Share price
165.00 €
stock exchange close that day, not a price used by the company
Price to net asset value gap
−15.5 %
computed by Opulion: the stock exchange close against the same-day net asset value per share. HAL carries its unlisted holdings in it at book value.
Latest discount published by the company: 5.0 % as at Mar 31, 2026, on its own method.
Performance over time
Long termFigures published by the company, over 5, 10 or 15 years, rebased to 100 at the start. Each point keeps its date and source; a missing year stays visible.
Rebased to 100 at the first year
Chart rendered with Lightweight Charts, created by TradingView
- Shareholder return, dividends reinvestedannual approximation14 published points out of 14
- MSCI ACWI world index, for market contextexact series157 published points out of 157
- Net asset value, total returnannual approximation27 published points out of 27
Method and limits
Method: distributions within a calendar year are added up and reinvested at the 31 December closing price. With no ex-dates or intra-year prices available, the result is an annual approximation.
Series not shown
- Investable benchmarkinvestable benchmark not yet legally available
View as a table
The same content as the figure, reachable by keyboard and without hovering.
| Year-end | Series | Index, base 100 | Published level | Source |
|---|---|---|---|---|
| Dec 31, 2012 | Shareholder return, dividends reinvested | 100.0 | 96.95 | Computed by Opulion |
| Dec 31, 2013 | Shareholder return, dividends reinvested | 110.8 | 107.40 | Computed by Opulion |
| Dec 31, 2014 | Shareholder return, dividends reinvested | 139.0 | 134.74 | Computed by Opulion |
| Dec 31, 2015 | Shareholder return, dividends reinvested | 187.7 | 182.01 | Computed by Opulion |
| Dec 31, 2016 | Shareholder return, dividends reinvested | 212.3 | 205.84 | Computed by Opulion |
| Dec 31, 2017 | Shareholder return, dividends reinvested | 189.9 | 184.11 | Computed by Opulion |
| Dec 31, 2018 | Shareholder return, dividends reinvested | 172.1 | 166.87 | Computed by Opulion |
| Dec 31, 2019 | Shareholder return, dividends reinvested | 192.9 | 187.04 | Computed by Opulion |
| Dec 31, 2020 | Shareholder return, dividends reinvested | 164.5 | 159.51 | Computed by Opulion |
| Dec 31, 2021 | Shareholder return, dividends reinvested | 211.6 | 205.18 | Computed by Opulion |
| Dec 31, 2022 | Shareholder return, dividends reinvested | 182.5 | 176.89 | Computed by Opulion |
| Dec 31, 2023 | Shareholder return, dividends reinvested | 180.6 | 175.12 | Computed by Opulion |
| Dec 31, 2024 | Shareholder return, dividends reinvested | 187.7 | 181.97 | Computed by Opulion |
| Dec 31, 2025 | Shareholder return, dividends reinvested | 234.7 | 227.54 | Computed by Opulion |
| Dec 31, 2012 | MSCI ACWI world index, for market context | 100.0 | 47.69 | Published by iShares, a fund tracking the index |
| Jan 31, 2013 | MSCI ACWI world index, for market context | 104.6 | 49.89 | Published by iShares, a fund tracking the index |
| Feb 28, 2013 | MSCI ACWI world index, for market context | 104.6 | 49.88 | Published by iShares, a fund tracking the index |
| Mar 28, 2013 | MSCI ACWI world index, for market context | 106.5 | 50.78 | Published by iShares, a fund tracking the index |
| Apr 30, 2013 | MSCI ACWI world index, for market context | 109.5 | 52.22 | Published by iShares, a fund tracking the index |
| May 31, 2013 | MSCI ACWI world index, for market context | 109.3 | 52.12 | Published by iShares, a fund tracking the index |
| Jun 30, 2013 | MSCI ACWI world index, for market context | 104.8 | 49.96 | Published by iShares, a fund tracking the index |
| Jul 31, 2013 | MSCI ACWI world index, for market context | 109.7 | 52.33 | Published by iShares, a fund tracking the index |
| Aug 31, 2013 | MSCI ACWI world index, for market context | 107.4 | 51.22 | Published by iShares, a fund tracking the index |
| Sep 30, 2013 | MSCI ACWI world index, for market context | 112.9 | 53.86 | Published by iShares, a fund tracking the index |
| Oct 31, 2013 | MSCI ACWI world index, for market context | 117.6 | 56.06 | Published by iShares, a fund tracking the index |
| Nov 30, 2013 | MSCI ACWI world index, for market context | 119.3 | 56.91 | Published by iShares, a fund tracking the index |
| Dec 31, 2013 | MSCI ACWI world index, for market context | 120.4 | 57.41 | Published by iShares, a fund tracking the index |
| Jan 31, 2014 | MSCI ACWI world index, for market context | 115.5 | 55.08 | Published by iShares, a fund tracking the index |
| Feb 28, 2014 | MSCI ACWI world index, for market context | 121.2 | 57.79 | Published by iShares, a fund tracking the index |
| Mar 31, 2014 | MSCI ACWI world index, for market context | 121.8 | 58.08 | Published by iShares, a fund tracking the index |
| Apr 30, 2014 | MSCI ACWI world index, for market context | 123.0 | 58.68 | Published by iShares, a fund tracking the index |
| May 30, 2014 | MSCI ACWI world index, for market context | 125.7 | 59.97 | Published by iShares, a fund tracking the index |
| Jun 30, 2014 | MSCI ACWI world index, for market context | 126.4 | 60.28 | Published by iShares, a fund tracking the index |
| Jul 31, 2014 | MSCI ACWI world index, for market context | 124.8 | 59.53 | Published by iShares, a fund tracking the index |
| Aug 29, 2014 | MSCI ACWI world index, for market context | 127.6 | 60.85 | Published by iShares, a fund tracking the index |
| Sep 30, 2014 | MSCI ACWI world index, for market context | 123.5 | 58.92 | Published by iShares, a fund tracking the index |
| Oct 31, 2014 | MSCI ACWI world index, for market context | 124.5 | 59.37 | Published by iShares, a fund tracking the index |
| Nov 28, 2014 | MSCI ACWI world index, for market context | 126.7 | 60.41 | Published by iShares, a fund tracking the index |
| Dec 31, 2014 | MSCI ACWI world index, for market context | 123.2 | 58.75 | Published by iShares, a fund tracking the index |
| Jan 30, 2015 | MSCI ACWI world index, for market context | 121.3 | 57.87 | Published by iShares, a fund tracking the index |
| Feb 27, 2015 | MSCI ACWI world index, for market context | 128.0 | 61.05 | Published by iShares, a fund tracking the index |
| Mar 31, 2015 | MSCI ACWI world index, for market context | 126.0 | 60.11 | Published by iShares, a fund tracking the index |
| Apr 30, 2015 | MSCI ACWI world index, for market context | 129.6 | 61.82 | Published by iShares, a fund tracking the index |
| May 29, 2015 | MSCI ACWI world index, for market context | 129.3 | 61.68 | Published by iShares, a fund tracking the index |
| Jun 30, 2015 | MSCI ACWI world index, for market context | 124.8 | 59.53 | Published by iShares, a fund tracking the index |
| Jul 31, 2015 | MSCI ACWI world index, for market context | 125.9 | 60.04 | Published by iShares, a fund tracking the index |
| Aug 31, 2015 | MSCI ACWI world index, for market context | 117.2 | 55.87 | Published by iShares, a fund tracking the index |
| Sep 30, 2015 | MSCI ACWI world index, for market context | 113.0 | 53.89 | Published by iShares, a fund tracking the index |
| Oct 30, 2015 | MSCI ACWI world index, for market context | 122.1 | 58.21 | Published by iShares, a fund tracking the index |
| Nov 30, 2015 | MSCI ACWI world index, for market context | 121.1 | 57.73 | Published by iShares, a fund tracking the index |
| Dec 31, 2015 | MSCI ACWI world index, for market context | 117.3 | 55.96 | Published by iShares, a fund tracking the index |
| Jan 29, 2016 | MSCI ACWI world index, for market context | 110.5 | 52.69 | Published by iShares, a fund tracking the index |
| Feb 29, 2016 | MSCI ACWI world index, for market context | 109.8 | 52.34 | Published by iShares, a fund tracking the index |
| Mar 31, 2016 | MSCI ACWI world index, for market context | 117.8 | 56.20 | Published by iShares, a fund tracking the index |
| Apr 29, 2016 | MSCI ACWI world index, for market context | 119.6 | 57.04 | Published by iShares, a fund tracking the index |
| May 31, 2016 | MSCI ACWI world index, for market context | 119.7 | 57.09 | Published by iShares, a fund tracking the index |
| Jun 30, 2016 | MSCI ACWI world index, for market context | 117.6 | 56.07 | Published by iShares, a fund tracking the index |
| Jul 29, 2016 | MSCI ACWI world index, for market context | 122.5 | 58.43 | Published by iShares, a fund tracking the index |
| Aug 31, 2016 | MSCI ACWI world index, for market context | 122.9 | 58.63 | Published by iShares, a fund tracking the index |
| Sep 30, 2016 | MSCI ACWI world index, for market context | 123.7 | 58.98 | Published by iShares, a fund tracking the index |
| Oct 31, 2016 | MSCI ACWI world index, for market context | 121.6 | 58.00 | Published by iShares, a fund tracking the index |
| Nov 30, 2016 | MSCI ACWI world index, for market context | 122.7 | 58.50 | Published by iShares, a fund tracking the index |
| Dec 30, 2016 | MSCI ACWI world index, for market context | 124.2 | 59.22 | Published by iShares, a fund tracking the index |
| Jan 31, 2017 | MSCI ACWI world index, for market context | 127.5 | 60.81 | Published by iShares, a fund tracking the index |
| Feb 28, 2017 | MSCI ACWI world index, for market context | 131.1 | 62.50 | Published by iShares, a fund tracking the index |
| Mar 31, 2017 | MSCI ACWI world index, for market context | 132.7 | 63.27 | Published by iShares, a fund tracking the index |
| Apr 28, 2017 | MSCI ACWI world index, for market context | 134.7 | 64.26 | Published by iShares, a fund tracking the index |
| May 31, 2017 | MSCI ACWI world index, for market context | 137.9 | 65.77 | Published by iShares, a fund tracking the index |
| Jun 30, 2017 | MSCI ACWI world index, for market context | 137.0 | 65.34 | Published by iShares, a fund tracking the index |
| Jul 31, 2017 | MSCI ACWI world index, for market context | 140.8 | 67.16 | Published by iShares, a fund tracking the index |
| Aug 31, 2017 | MSCI ACWI world index, for market context | 141.4 | 67.43 | Published by iShares, a fund tracking the index |
| Sep 29, 2017 | MSCI ACWI world index, for market context | 144.2 | 68.78 | Published by iShares, a fund tracking the index |
| Oct 31, 2017 | MSCI ACWI world index, for market context | 147.2 | 70.22 | Published by iShares, a fund tracking the index |
| Nov 30, 2017 | MSCI ACWI world index, for market context | 150.2 | 71.62 | Published by iShares, a fund tracking the index |
| Dec 29, 2017 | MSCI ACWI world index, for market context | 151.3 | 72.15 | Published by iShares, a fund tracking the index |
| Jan 31, 2018 | MSCI ACWI world index, for market context | 159.8 | 76.23 | Published by iShares, a fund tracking the index |
| Feb 28, 2018 | MSCI ACWI world index, for market context | 153.2 | 73.08 | Published by iShares, a fund tracking the index |
| Mar 29, 2018 | MSCI ACWI world index, for market context | 149.8 | 71.43 | Published by iShares, a fund tracking the index |
| Apr 30, 2018 | MSCI ACWI world index, for market context | 151.3 | 72.17 | Published by iShares, a fund tracking the index |
| May 31, 2018 | MSCI ACWI world index, for market context | 151.6 | 72.32 | Published by iShares, a fund tracking the index |
| Jun 29, 2018 | MSCI ACWI world index, for market context | 149.2 | 71.16 | Published by iShares, a fund tracking the index |
| Jul 31, 2018 | MSCI ACWI world index, for market context | 153.7 | 73.31 | Published by iShares, a fund tracking the index |
| Aug 31, 2018 | MSCI ACWI world index, for market context | 155.0 | 73.93 | Published by iShares, a fund tracking the index |
| Sep 28, 2018 | MSCI ACWI world index, for market context | 155.8 | 74.28 | Published by iShares, a fund tracking the index |
| Oct 31, 2018 | MSCI ACWI world index, for market context | 144.2 | 68.75 | Published by iShares, a fund tracking the index |
| Nov 30, 2018 | MSCI ACWI world index, for market context | 146.2 | 69.74 | Published by iShares, a fund tracking the index |
| Dec 31, 2018 | MSCI ACWI world index, for market context | 134.6 | 64.19 | Published by iShares, a fund tracking the index |
| Jan 31, 2019 | MSCI ACWI world index, for market context | 145.3 | 69.30 | Published by iShares, a fund tracking the index |
| Feb 28, 2019 | MSCI ACWI world index, for market context | 149.2 | 71.15 | Published by iShares, a fund tracking the index |
| Mar 29, 2019 | MSCI ACWI world index, for market context | 151.1 | 72.05 | Published by iShares, a fund tracking the index |
| Apr 30, 2019 | MSCI ACWI world index, for market context | 156.2 | 74.49 | Published by iShares, a fund tracking the index |
| May 31, 2019 | MSCI ACWI world index, for market context | 146.9 | 70.06 | Published by iShares, a fund tracking the index |
| Jun 28, 2019 | MSCI ACWI world index, for market context | 154.6 | 73.71 | Published by iShares, a fund tracking the index |
| Jul 31, 2019 | MSCI ACWI world index, for market context | 155.0 | 73.94 | Published by iShares, a fund tracking the index |
| Aug 30, 2019 | MSCI ACWI world index, for market context | 151.4 | 72.22 | Published by iShares, a fund tracking the index |
| Sep 30, 2019 | MSCI ACWI world index, for market context | 154.6 | 73.73 | Published by iShares, a fund tracking the index |
| Oct 31, 2019 | MSCI ACWI world index, for market context | 158.8 | 75.75 | Published by iShares, a fund tracking the index |
| Nov 29, 2019 | MSCI ACWI world index, for market context | 162.7 | 77.58 | Published by iShares, a fund tracking the index |
| Dec 31, 2019 | MSCI ACWI world index, for market context | 166.4 | 79.36 | Published by iShares, a fund tracking the index |
| Jan 31, 2020 | MSCI ACWI world index, for market context | 164.5 | 78.46 | Published by iShares, a fund tracking the index |
| Feb 28, 2020 | MSCI ACWI world index, for market context | 151.2 | 72.13 | Published by iShares, a fund tracking the index |
| Mar 31, 2020 | MSCI ACWI world index, for market context | 130.8 | 62.40 | Published by iShares, a fund tracking the index |
| Apr 30, 2020 | MSCI ACWI world index, for market context | 144.7 | 69.03 | Published by iShares, a fund tracking the index |
| May 29, 2020 | MSCI ACWI world index, for market context | 151.3 | 72.16 | Published by iShares, a fund tracking the index |
| Jun 30, 2020 | MSCI ACWI world index, for market context | 154.8 | 73.83 | Published by iShares, a fund tracking the index |
| Jul 31, 2020 | MSCI ACWI world index, for market context | 163.0 | 77.73 | Published by iShares, a fund tracking the index |
| Aug 31, 2020 | MSCI ACWI world index, for market context | 173.0 | 82.50 | Published by iShares, a fund tracking the index |
| Sep 30, 2020 | MSCI ACWI world index, for market context | 167.4 | 79.84 | Published by iShares, a fund tracking the index |
| Oct 30, 2020 | MSCI ACWI world index, for market context | 163.3 | 77.90 | Published by iShares, a fund tracking the index |
| Nov 30, 2020 | MSCI ACWI world index, for market context | 183.5 | 87.52 | Published by iShares, a fund tracking the index |
| Dec 31, 2020 | MSCI ACWI world index, for market context | 190.6 | 90.88 | Published by iShares, a fund tracking the index |
| Jan 29, 2021 | MSCI ACWI world index, for market context | 189.7 | 90.47 | Published by iShares, a fund tracking the index |
| Feb 26, 2021 | MSCI ACWI world index, for market context | 194.0 | 92.54 | Published by iShares, a fund tracking the index |
| Mar 31, 2021 | MSCI ACWI world index, for market context | 199.3 | 95.04 | Published by iShares, a fund tracking the index |
| Apr 30, 2021 | MSCI ACWI world index, for market context | 207.9 | 99.16 | Published by iShares, a fund tracking the index |
| May 28, 2021 | MSCI ACWI world index, for market context | 211.1 | 100.66 | Published by iShares, a fund tracking the index |
| Jun 30, 2021 | MSCI ACWI world index, for market context | 212.4 | 101.29 | Published by iShares, a fund tracking the index |
| Jul 30, 2021 | MSCI ACWI world index, for market context | 213.8 | 101.96 | Published by iShares, a fund tracking the index |
| Aug 31, 2021 | MSCI ACWI world index, for market context | 218.9 | 104.40 | Published by iShares, a fund tracking the index |
| Sep 30, 2021 | MSCI ACWI world index, for market context | 209.6 | 99.98 | Published by iShares, a fund tracking the index |
| Oct 29, 2021 | MSCI ACWI world index, for market context | 220.7 | 105.27 | Published by iShares, a fund tracking the index |
| Nov 30, 2021 | MSCI ACWI world index, for market context | 215.5 | 102.79 | Published by iShares, a fund tracking the index |
| Dec 31, 2021 | MSCI ACWI world index, for market context | 221.7 | 105.71 | Published by iShares, a fund tracking the index |
| Jan 31, 2022 | MSCI ACWI world index, for market context | 211.7 | 100.98 | Published by iShares, a fund tracking the index |
| Feb 28, 2022 | MSCI ACWI world index, for market context | 205.1 | 97.82 | Published by iShares, a fund tracking the index |
| Mar 31, 2022 | MSCI ACWI world index, for market context | 209.1 | 99.74 | Published by iShares, a fund tracking the index |
| Apr 29, 2022 | MSCI ACWI world index, for market context | 192.4 | 91.76 | Published by iShares, a fund tracking the index |
| May 31, 2022 | MSCI ACWI world index, for market context | 193.4 | 92.21 | Published by iShares, a fund tracking the index |
| Jun 30, 2022 | MSCI ACWI world index, for market context | 175.7 | 83.81 | Published by iShares, a fund tracking the index |
| Jul 29, 2022 | MSCI ACWI world index, for market context | 188.0 | 89.65 | Published by iShares, a fund tracking the index |
| Aug 31, 2022 | MSCI ACWI world index, for market context | 180.4 | 86.02 | Published by iShares, a fund tracking the index |
| Sep 30, 2022 | MSCI ACWI world index, for market context | 163.2 | 77.81 | Published by iShares, a fund tracking the index |
| Oct 31, 2022 | MSCI ACWI world index, for market context | 173.2 | 82.62 | Published by iShares, a fund tracking the index |
| Nov 30, 2022 | MSCI ACWI world index, for market context | 188.0 | 89.65 | Published by iShares, a fund tracking the index |
| Dec 30, 2022 | MSCI ACWI world index, for market context | 178.1 | 84.93 | Published by iShares, a fund tracking the index |
| Jan 31, 2023 | MSCI ACWI world index, for market context | 191.2 | 91.20 | Published by iShares, a fund tracking the index |
| Feb 28, 2023 | MSCI ACWI world index, for market context | 185.2 | 88.32 | Published by iShares, a fund tracking the index |
| Mar 31, 2023 | MSCI ACWI world index, for market context | 191.3 | 91.22 | Published by iShares, a fund tracking the index |
| Apr 28, 2023 | MSCI ACWI world index, for market context | 194.1 | 92.57 | Published by iShares, a fund tracking the index |
| May 31, 2023 | MSCI ACWI world index, for market context | 192.1 | 91.59 | Published by iShares, a fund tracking the index |
| Jun 30, 2023 | MSCI ACWI world index, for market context | 201.1 | 95.92 | Published by iShares, a fund tracking the index |
| Jul 31, 2023 | MSCI ACWI world index, for market context | 208.2 | 99.30 | Published by iShares, a fund tracking the index |
| Aug 31, 2023 | MSCI ACWI world index, for market context | 202.3 | 96.48 | Published by iShares, a fund tracking the index |
| Sep 29, 2023 | MSCI ACWI world index, for market context | 193.8 | 92.44 | Published by iShares, a fund tracking the index |
| Oct 31, 2023 | MSCI ACWI world index, for market context | 188.6 | 89.93 | Published by iShares, a fund tracking the index |
| Nov 30, 2023 | MSCI ACWI world index, for market context | 205.6 | 98.05 | Published by iShares, a fund tracking the index |
| Dec 29, 2023 | MSCI ACWI world index, for market context | 213.4 | 101.77 | Published by iShares, a fund tracking the index |
| Jan 31, 2024 | MSCI ACWI world index, for market context | 214.1 | 102.11 | Published by iShares, a fund tracking the index |
| Feb 29, 2024 | MSCI ACWI world index, for market context | 223.9 | 106.76 | Published by iShares, a fund tracking the index |
| Mar 31, 2024 | MSCI ACWI world index, for market context | 230.9 | 110.12 | Published by iShares, a fund tracking the index |
| Apr 30, 2024 | MSCI ACWI world index, for market context | 222.8 | 106.24 | Published by iShares, a fund tracking the index |
| May 31, 2024 | MSCI ACWI world index, for market context | 232.8 | 111.01 | Published by iShares, a fund tracking the index |
| Jun 28, 2024 | MSCI ACWI world index, for market context | 235.5 | 112.31 | Published by iShares, a fund tracking the index |
| Jul 31, 2024 | MSCI ACWI world index, for market context | 239.4 | 114.16 | Published by iShares, a fund tracking the index |
| Aug 30, 2024 | MSCI ACWI world index, for market context | 245.4 | 117.05 | Published by iShares, a fund tracking the index |
| Sep 30, 2024 | MSCI ACWI world index, for market context | 250.8 | 119.61 | Published by iShares, a fund tracking the index |
| Oct 31, 2024 | MSCI ACWI world index, for market context | 245.4 | 117.01 | Published by iShares, a fund tracking the index |
| Nov 29, 2024 | MSCI ACWI world index, for market context | 255.0 | 121.62 | Published by iShares, a fund tracking the index |
| Dec 31, 2024 | MSCI ACWI world index, for market context | 246.3 | 117.45 | Published by iShares, a fund tracking the index |
| Jan 31, 2025 | MSCI ACWI world index, for market context | 254.4 | 121.31 | Published by iShares, a fund tracking the index |
| Feb 28, 2025 | MSCI ACWI world index, for market context | 253.5 | 120.88 | Published by iShares, a fund tracking the index |
| Mar 31, 2025 | MSCI ACWI world index, for market context | 243.8 | 116.28 | Published by iShares, a fund tracking the index |
| Apr 30, 2025 | MSCI ACWI world index, for market context | 245.7 | 117.16 | Published by iShares, a fund tracking the index |
| May 30, 2025 | MSCI ACWI world index, for market context | 259.7 | 123.86 | Published by iShares, a fund tracking the index |
| Jun 30, 2025 | MSCI ACWI world index, for market context | 269.7 | 128.62 | Published by iShares, a fund tracking the index |
| Jul 31, 2025 | MSCI ACWI world index, for market context | 272.4 | 129.93 | Published by iShares, a fund tracking the index |
| Aug 29, 2025 | MSCI ACWI world index, for market context | 279.7 | 133.41 | Published by iShares, a fund tracking the index |
| Sep 30, 2025 | MSCI ACWI world index, for market context | 290.1 | 138.36 | Published by iShares, a fund tracking the index |
| Oct 31, 2025 | MSCI ACWI world index, for market context | 296.3 | 141.31 | Published by iShares, a fund tracking the index |
| Nov 28, 2025 | MSCI ACWI world index, for market context | 296.4 | 141.37 | Published by iShares, a fund tracking the index |
| Dec 31, 2025 | MSCI ACWI world index, for market context | 296.6 | 141.45 | Published by iShares, a fund tracking the index |
| Dec 31, 2012 | Net asset value, total return | 100.0 | 104.35 | Computed by Opulion |
| Jun 30, 2013 | Net asset value, total return | 92.6 | 96.67 | Computed by Opulion |
| Dec 31, 2013 | Net asset value, total return | 101.8 | 106.28 | Computed by Opulion |
| Jun 30, 2014 | Net asset value, total return | 96.0 | 100.16 | Computed by Opulion |
| Dec 31, 2014 | Net asset value, total return | 107.3 | 111.92 | Computed by Opulion |
| Jun 30, 2015 | Net asset value, total return | 171.3 | 178.78 | Computed by Opulion |
| Dec 31, 2015 | Net asset value, total return | 183.9 | 191.92 | Computed by Opulion |
| Jun 30, 2016 | Net asset value, total return | 167.4 | 174.71 | Computed by Opulion |
| Dec 31, 2016 | Net asset value, total return | 179.8 | 187.66 | Computed by Opulion |
| Jun 30, 2017 | Net asset value, total return | 174.8 | 182.36 | Computed by Opulion |
| Dec 31, 2017 | Net asset value, total return | 175.5 | 183.14 | Computed by Opulion |
| Jun 30, 2018 | Net asset value, total return | 163.9 | 171.06 | Computed by Opulion |
| Dec 31, 2018 | Net asset value, total return | 166.6 | 173.86 | Computed by Opulion |
| Jun 30, 2019 | Net asset value, total return | 169.4 | 176.74 | Computed by Opulion |
| Dec 31, 2019 | Net asset value, total return | 205.3 | 214.21 | Computed by Opulion |
| Jun 30, 2020 | Net asset value, total return | 190.3 | 198.62 | Computed by Opulion |
| Dec 31, 2020 | Net asset value, total return | 194.7 | 203.16 | Computed by Opulion |
| Jun 30, 2021 | Net asset value, total return | 201.7 | 210.47 | Computed by Opulion |
| Dec 31, 2021 | Net asset value, total return | 202.5 | 211.27 | Computed by Opulion |
| Jun 30, 2022 | Net asset value, total return | 193.6 | 202.02 | Computed by Opulion |
| Dec 31, 2022 | Net asset value, total return | 205.4 | 214.35 | Computed by Opulion |
| Jun 30, 2023 | Net asset value, total return | 208.2 | 217.25 | Computed by Opulion |
| Dec 31, 2023 | Net asset value, total return | 215.7 | 225.09 | Computed by Opulion |
| Jun 30, 2024 | Net asset value, total return | 230.1 | 240.15 | Computed by Opulion |
| Dec 31, 2024 | Net asset value, total return | 250.7 | 261.58 | Computed by Opulion |
| Jun 30, 2025 | Net asset value, total return | 260.0 | 271.34 | Computed by Opulion |
| Dec 31, 2025 | Net asset value, total return | 269.9 | 281.59 | Computed by Opulion |
Cases covered
- Share splits and reverse splitsnot yet covered
- Special dividendshandled
- Distributions in sharesnot yet covered
- Subscription rightsnot yet covered
- Share buybacks and cancellationshandled
- Spin-offsnot yet covered
- Change of listing currencyexcluded
- Change of share classnot yet covered
- Change in the share count used as denominatorhandled
- Withholding tax, fees, gross versus netexcluded
Series source: HAL Trust annual and half-year reports, 2013 to 2025
Latest reporting date: Dec 31, 2025.
The share price
MarketThe share price, to read against the published net asset value above.
Getting to know HAL
Each answer links to its source.
Who decides?
Unitholders vote at a general meeting, by a majority of the votes cast. The trustee, the trust's legal custodian, then votes all HAL Holding shares as a single block accordingly. The largest declared shareholder holds 39.2 % of the votes.
Sourcehalholding.comWhat does it hold?
Mostly unlisted companies, 47.1 % of net asset value, what its holdings are worth once debts are deducted, including the dredging group Boskalis, wholly owned. Then listed stakes, 34.5 %, such as Vopak, plus property and bonds.
Sourcehalholding.comHow does it choose its investments?
Beyond the expected return, it looks for companies where it can play an active role, as a shareholder or on the board. The holding period is left open: the company says it has "no predetermined investment horizon".
Sourcehalholding.comHow does it make money?
It consolidates, meaning it brings into its own accounts, the profits of the companies it controls, led by Boskalis. On top come the contribution of its listed stakes and the return on its bond portfolio. Net income for the last half-year: 856 M €.
Sourcehalholding.comHow are shareholders paid?
Through an annual cash dividend, tied to the share price rather than to profits: a fixed percentage of the volume-weighted average December price, provided enough liquid assets are available. That average, 139.90 €, produced 3.50 € per unit.
Sourcehalholding.comWhat sets it apart
Its net asset value mixes market prices and book values: listed stakes and the bond portfolio at the day's price, unlisted companies at the amount carried in its accounts. 49.3 % of net asset value thus rests on a book value, not a price.
Sourcehalholding.com
Who runs it, and since when?
Management and what it costs
- −13.5 M €
- 0.1 %
Who controls the capital
- Controlling shareholder's capital
- Not published at this reporting date
- Controlling shareholder's voting rights
- 39.2 %
How long they have been there
Tenure on the board and in management
- G.J. Wijers· Chair of the Supervisory Board2014
- C.O. van der Vorm· Vice Chair of the Supervisory Board2015
- M.E. Harris· Member of the Supervisory Board2020
- L.J. Hijmans van den Bergh· Member of the Supervisory Board2013
- B.M. van der Vorm· Member of the Supervisory Board2025
- J.N. van Wiechen· Chair of the Executive Board1997
- R.L. de Visser· Member of the Executive Board2006
- M.J. van Kouwen· Chief Financial Officer (CFO)2025
Company facts
Value and financial structure
- Not published at this reporting dateMarket capitalisation, at Jun 30, 2026
- 16 277M €at Jun 30, 2026
- 1 129M €Published consolidated net cash: marketable securities and cash, less bank debt, at Jun 30, 2026
- 195.16 €at Jun 30, 2026
- Assets under management
- 35 000M €DMFCO (28.5%), at Dec 31, 2025 (not the reporting date of this page)
- Founded in
- 1873
Tested against the figures
- 0.1 %Dec 31, 2025 (not the reporting date of this page)
- 2.5 %Dec 31, 2025 (not the reporting date of this page)


