The article looks at how Dutch pension funds make money by studying their investment choices from 2007 to 2016. They found that where the funds put their money (asset allocation) is the biggest factor in how much they earn, explaining 39% of the returns. Choosing the right benchmark is also crucial, explaining 33% of the differences in returns between funds. Market timing and picking the right investments play smaller roles. Overall, asset allocation only explains 19% of the differences in returns between funds, while benchmark selection is a bigger factor. This shows that picking the right benchmark is key to how well pension funds do.