Swiss boutique Fisch Asset Management has transferred the CHF20m (€16.3m) in the Pensionskasse for its employees to a new fund that it is now opening for other pension funds.The multi-asset fund will start with investments in convertibles – which will comprise 50% of its portfolio to begin with – money market instruments, government bonds, corporate bonds (both investment grade and high yield) and managed futures, according to Patrick Gügi, chief executive at Fisch.Equities will “mainly be avoided”, as Gügi said he was convinced investors were “insufficiently compensated for the high volatility” in this asset class.He cited studies such as the ‘Equity Premium Puzzle’ and ‘Triumph of the Optimists’ on the return of equities since 1900 for his caution. Similarly, commodities and currency exposure were “not part of the strategic asset allocation”, as again, investors were “not sufficiently compensated for the risk in these asset classes over the long term”, he said.However, equities, commodities and currency exposure can be added on a tactical level to the Fisch MultiAsset Manta Plus fund, which seeks a return of 4% above money market annually over the long-term and a positive return over each three-year period, Gügi said.“For example, it can make sense for a euro-investor to have a tactical exposure to Swiss francs over certain periods,” he added.Gügi said Fisch would not consider real estate or infrastructure at the moment, as the risk premium with these asset classes such as liquidity and economic growth could be “invested cheaper via other asset classes”.He confirmed the fund, which is to be launched at the beginning of June for Swiss and foreign investors, will start with around CHF30m.The Fisch Pensionskasse, launched in 2007, is currently 108% funded and was so far “invested using a similar approach” to that of the fund.However, Fisch noted it did not have “clean return statistics” for the Pensionskasse to correctly depict flows in the pension fund.
Share Sharing is caring! Tweet Share Share NewsRegional Jamaica and Cuba sign agreements to fight drug trafficking by: – October 4, 2011 17 Views no discussions Cross pinned flags of Cuba and Jamaica. Image via: crossed-flag-pins.comKINGSTON, Jamaica (JIS) — A ministry paper giving details of the signing of the operational police and maritime agreements between the government of Jamaica and Cuba was tabled in the Senate on September 30 by Minister of National Security, Senator Dwight Nelson.The agreements are aimed at helping to strengthen bilateral and multilateral relationships to ensure effective cross border efforts in combating drug trafficking and other forms of organised crimes.According to the ministry paper, a formal structured relationship between the Cuban and Jamaican law enforcement entities is likely to improve the flow of information and intelligence, which, in turn, will improve the fight against organised crime, particularly efforts to combat the illicit trade in small arms and drugs.“These agreements are intended to, not just streamline the flow, but to increase information and intelligence sharing between Jamaica and Cuba on the movement of criminal commodities and on the groups involved in its movement between the two countries,” the ministry paper notes.This increased information and intelligence flow is intended to allow enforcement entities in Jamaica and Cuba to: foresee trends in reference to drug trafficking and organised crime; identify the leaders and the key elements of criminal organisations; and to identify potential weak points and informants.The agreements were signed during a visit to Cuba by Nelson on September 9.The agreements were submitted to Cabinet for approval, and the comments of the Ministry of Foreign Affairs and Foreign Trade as well as the Attorney General’s Chambers were sought and received, and their letters were attached to the Cabinet Submission.Since 2006, the Jamaican and Cuban authorities have provided mutual support in the identification, tracking and apprehension of Jamaicans involved in the trafficking of illicit drugs and firearms.Caribbean News Now
MORE: Jalen Hurts distances himself in Heisman race with stat-stuffed Big 12 debutWith that, a look inside Tagovailoa and Smith’s ludicrous outing against the Rebels:274 receiving yardsSmith logged what might be the best receiving game in Alabama football history, catching 11 passes for 274 yards and five touchdowns (more on those scores in a minute). His 11 catches were only two away from tying the Alabama single-game record of 13, held by D.J. Hall (2007 vs. Tennessee) and Amari Cooper (2014, vs. Florida Atlantic and Auburn).Five touchdown receptionsNow, about those touchdowns: Smith caught five on the day, tying an SEC single-game record and obliterating Alabama’s old single-game mark of three. Several Alabama receivers have caught that many in a game, including Jerry Jeudy against New Mexico State on Sept. 7. Smith’s touchdowns Saturday went for 74, 25, 23, 33 and 27 yards, respectively.Six passing touchdownsMeanwhile, Tagovailoa broke his own record of passing touchdowns in a game, throwing six against Ole Miss. Smith was the primary recipient of those touchdowns, but Tagovailoa’s last touchdown went to tight end Miller Forristall from 19 yards out.Four five-passing-touchdown gamesPrior to the 2018 Iron Bowl, only one Alabama quarterback had ever thrown for five touchdowns in a game (coincidentally, it was when Gary Hollingsworth threw five against Ole Miss in 1989). Tagovailoa completed his fourth five-passing-touchdown game Saturday against the Rebels, and his third of the year. He’s the only quarterback in Alabama history to have completed the feat more than once.Seven touchdowns accounted forTagovailoa isn’t a one-dimensional player. On top of the six touchdown passes he threw, he also ran for one from 7 yards out. That gave him seven total touchdowns for the day, breaking the mark he set last year against Auburn, when he accounted for six.85 career touchdowns accounted forFor his career, Tagovailoa has accounted for 85 total touchdowns: 77 through the air, and eight on the ground. That puts him solely in first place and five ahead of AJ McCarron, who accounted for 80 touchdowns from 2010-13. The most impressive aspect of this stat is Tagovailoa still has several games left to play this season; by the time he’s finished in Tuscaloosa, his record might not be touched for a long, long time. Alabama put on quite the offensive display in its 59-31 win over Ole Miss on Saturday; more accurately, quarterback Tua Tagovailoa and receiver DeVonta Smith put on the offensive display.Those two combined to tie or break six Alabama records in Bryant-Denny Stadium as the Tide advanced to 5-0 on the season. Tagovailoa was his usual accurate self, while Smith seemed unguardable. Postseason hardware may not be on these players’ minds, but they’ll definitely be up for a few if they continue playing at the same level they did on Saturday. 77 career passing touchdownsOne record Tagovailoa wasn’t able to break — but did tie — was career passing touchdowns. After tossing six through the air on Saturday, he tied McCarron for 77 in a career. That record will remain unbroken for at least another two weeks, when Alabama comes off a bye to play Texas A&M in College Station.72.2 completion percentageAs gaudy as the above stats are, what makes them more impressive is the fact Tagovailoa did it so efficiently: He completed 26 of 36 passes (72.2 percent) on the day. High volume combined with exceptional efficiency makes for a deadly combination.Zero turnoversTagovailoa turned in another zero-turnover day against the Rebs, giving him a 25-0 touchdown-turnover ratio this season. With seven games remaining in the regular season, that mark surely won’t last — but as long as it does, it will continue to remain an impressive feat.