Pensioenfonds Metaal OFP demonstrates how a smaller fund can deliver a distinctive and high-conviction indirect infrastructure strategy with real impact. Its 15% allocation to infrastructure is bold, underpinned by a clear rationale and the discipline of regular ALM studies. The approach combines diversification across listed and unlisted assets with a deliberate focus on maintaining low correlation to equities, offering resilience and balance to the broader portfolio. Strong ESG integration is evident throughout, with the fund taking activist governance roles through committee and board participation, ensuring oversight and influence in mandates. Returns have remained positive over three years, supported by selective partnerships and stringent project evaluation. What sets Metaal apart is its ability to use scale intelligently, achieving an edge through conviction, collaboration and an opportunistic mindset. This is a carefully crafted and well-executed indirect strategy that stands out as a model of prudent yet forward-looking investment management.