Publication date: Sept. 25, 2025
The AEX Index had a composition of 25 funds from 1989 until September 22, 2025. Internationally, the AEX lagged behind major indices such as the German DAX40, the French CAC40 and the British FTSE100. Moreover, the AEX has a heavy reliance on the five largest participants. ASML, Shell, Unilever, RELX and Prosus together determine about 60% of the index.
With the expansion to 30 funds, Euronext, the publisher of the AEX, wants the index to better reflect the breadth of the Dutch stock market and reduce its dependence on a few mega-companies. The weighting of the new participants has not yet been published, but is expected to be modest. In determining the weighting, Euronext looks only at the freely tradable part of the stock market value, combined with the trading volume. This prevents large but illiquid stocks from dominating the index.
The full composition and weighting of the AEX Index for the expansion can be found HERE. To this will be added the five new participants with a modest weighting, but there is no official list of these yet. The link does give a good idea of the proportions within the AEX-Index.
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In this article, we focus on the largest newcomer, CVC Capital Partners and the innovative InPost. The other new funds are:
CVC Capital Partners PLC.
CVC is a major global investment and private equity manager and the largest of the five newcomers with a market capitalization of approximately €16 billion. It originally originated as Citicorp Venture Capital in 1981. Around 1993, the arm was separated from Citibank and became an independent private equity firm under the name CVC Capital Partners. In 2024, CVC reached a milestone: it went public on Euronext Amsterdam.
CVC operates with about 1,250 employees worldwide, with a network of dozens of offices in Europe, Asia and the Americas, and manages about €200 billion. CVC bought Unilever's tea division (Lipton Teas & Infusions) in 2021, including multiple brands, factories and plantations, and it took a stake in Spain's top soccer league LaLiga in that year. In addition, CVC invests in technology companies, healthcare, retail, services and infrastructure.
Below is CVC's stock price chart as of its April 2024 introduction.
The chart shows that the first months after the IPO were difficult, but then confidence increased and the stock price rose by tens of percent. From March 2025, however, the stock price set a clear downward trend, which was further reinforced in April by U.S. import tariffs. The summer's recovery lost much strength again last month. Analysts from major banks are nonetheless positive and have an average price target of €19.32.
Our algorithm paints a much bleaker picture for the coming year and arrives at a price target of €11.50, with a possible run to €9.00, versus a current price of €14.50.
Newcomer CVC does not yet get applause from us. We are less keen on a private equity firm headquartered in the UK. Our expectation of the share price is considerably lower for now, which will further reduce the already modest impact on the AEX Index.
InPost
The strong growth of online shopping is creating logistics challenges worldwide. Missed deliveries, long waiting times and awkward delivery appointments are a source of frustration for both consumers and couriers. InPost offers an alternative to this with a network of parcel lockers and pickup points in several European countries. The company was founded in Poland and is currently headquartered in Luxembourg. With over 10,000 employees, it operates in Poland, Italy, the United Kingdom, France, Spain, Portugal and the Benelux countries, among others. An expansion into the United States is also underway.
InPost is constantly expanding its services through strategic collaborations and acquisitions. One example is the recent agreement with online marketplace Vinted, through which the company will provide parcel delivery services in eight countries until 2027. Thanks to such initiatives, InPost is strengthening its position as an innovative player responding to changing consumer preferences: less home delivery and more flexibility through lockers and pickup points.
Below is InPost's price chart as of January 2021.
Striking are the large percentage price jumps. In the first year of trading, the stock lost about 80% of its value, only to recover by over 450% in a year and a half. The recent drop from €18 to the current level around €11 represents a 40% correction. This makes InPost especially suitable for investors willing to accept significant interim price fluctuations in exchange for potentially high returns. Analysts from major banks foresee a rise above €18 and count on a return potential of around 60%. Our algorithm confirms this view with a price target in the €16.50 to €17.50 range.
We therefore consider InPost to be a welcome addition to the AEX. It combines innovation and international growth ambition with strong return prospects, although this is inevitably accompanied by high volatility.
Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.