September 29

Equities drive Swiss pension fund performance in 2013

first_imgSwiss pension funds returned 6.2% on average last year, according to a preliminary performance comparison by Towers Watson commissioned by Asip, the Swiss pension fund association.The consultancy, drawing on asset-allocation reports from June 2013, said equities appeared to be the main driver of returns. It calculated a 6.2% median return for 2013 and a 3.7% median return over the last 10 years for Swiss schemes.Asip highlighted that some pension funds with riskier strategies and higher-than-average equity allocations “even managed to return more than 10% in 2013”. Domestic equity exposure among the 62 pension funds participating in its survey – with more than CHF188bn (€152bn) in combined assets – ranged from 3% to 20%, while foreign-equity allocations ranged between 6% and 42%.The median allocation to domestic equities was 10%, to foreign equities, 21%.On average, bonds comprise about 40% of Swiss pension funds’ portfolios, Asip said.Meanwhile, the CHF8bn Aargauische Pensionskasse (APK) has informed its members that it will be unable to increase the interest on accrued capital for this year, despite having reported relatively strong returns.Preliminary calculations show a return of 4.5% for the APK, which has invested around 25% of its portfolio in equities.The fund said it would need to strengthen buffers to account for increasing longevity, which means the funding level will remain at around 96%, and the interest granted on accrued capital at 1.5%.It added that generally low interest rates had continued to put pressure on its asset-allocation decisions – despite the fact strong equity performance largely offset commodity prices and slightly rising rates.last_img read more

September 29

Supervisory board of €11bn Dutch real estate manager quits unexpectedly

first_imgThe €11bn Dutch property investor Bouwinvest is seeking a new supervisory board (RvC) after all of its four members resigned, following a reported dispute with owner BpfBouw about the investor’s strategy and organisation.The entire RvC resigned in December, while chairman Kees Beuving and member Roel Wijmenga – also chairman of the €19.4bn Philips Pensioenfonds – were to complete their statutory term at the end of December.Dick van Hal, chief executive of Bouwinvest and spokesman for the parties involved, said that the resignations were unexpected and the differing views turned out to be irreconcilable.He added that he could not provide details about the conflict. Van Hal said he didn’t recognise claims made in a recent analysis in trade journal Vastgoedmarkt, which suggested that the dispute was about Bouwinvest’s intention to increase its assets under management to €15bn in 2021. BpfBouw – the €58bn pension fund for the building sector – did not want a change, according to the journal.Vastgoedmarkt reported that regulator De Nederlandsche Bank (DNB) wanted BpfBouw to reduce its 16.5% allocation to real estate.The report also suggested that DNB had been critical of Bouwinvest’s growth target, which was in part based on investments by other pension funds. This would have reduced the pension fund’s control over Bouwinvest.However, Van Hal dismissed these suggestions as “nonsense”, pointing out that both the RvC and BpfBouw had endorsed the growth target, and that the 19% strategic property allocation of the pension fund hadn’t changed.“I would have known if DNB opposed this goal,” he said. “Moreover, BpfBouw is still by far the largest stakeholder in our investment funds.”Bouwinvest’s CEO also insisted that all parties agreed on the organisational changes needed for growth, including the extension of the executive team and new offices in Sydney and New York.According to Van Hal, the departing RvC will stay on until a new supervisory board was installed. “We aim to have filled in the vacancies no later than 1 April,” he said.BpfBouw’s Dutch property holdings are invested in five funds of Bouwinvest.Three funds for residential, retail, and offices are open to investments from other pension funds, which currently have a combined stake of €1bn. BpfBouw also invests in hotel and healthcare funds.The pension fund’s stakes in international real estate are invested in mandates for Europe ex-Netherlands, North America and Asia Pacific.last_img read more

September 18

Stewart, Phillips sprint champions at GOBSA Independence Classic

first_imgIT was an action-packed weekend for athletics at the National Track and Field Centre (NTFC), Leonora, West Coast Demerara when the Guyana Overseas-Based Sports Association (GOBSA) ran off its fourth Annual Independence Track and Field Classic.SATURDAYGDF’s Akeem Stewart recovered from a stumble to win the men’s 100 metres in 10.44s while Kenisha Phillips won the distaff side of the event.With Davin Fraser false-starting in the final, it was Stewart’s race to lose and the ripped sprinter overcame a decent field of sprinters despite a tough first 30 metres.Young and rising sprint sensation, Loneil Marks, finished second in 10.52s while Rupert Perry, after a long lay-off from the track, clocked 10.69s in his second race of the season.Phillips was in a class by herself clocking 11.94s to win the women’s 100m. Alita Moore clocked 12.18s for second while Cassie Small ran 12.31s for third.Meanwhile Brianna Charles ran an impressive 12.20s in the 15-17 Girls’ category to top Princess Browne and Celine David who took 12.50s and 12.91s respectively.Nilon Spencer looked solid in the 15-17 male category with a 10.97s 100m win just ahead of Wesley Tyndall’s 11.09s run. Devon Williams ran 11.15s for third.However, Tyndall earlier in the day easily won the long jump event in the same category with a leap of 6.56 metres.Police athlete Anfernee Headecker completed a solid Men’s 1500m in 4:09.60s while Odwin Tudor placed second in 4:11.31s.Marlon Nicholson was third in 4:14.26s.CARIFTA gold medallist Matthew Gordon was in a class by himself with a comfortable win in the 15-17 1500m in a time of 4:18.40s.Jahiem Vandenburg had a field double with wins in the 15-17 discus and javelin throws. Vandenburg threw 28.55 metres in the discus and 44.00 metres in the javelin.CARIFTA javelin gold medallist Anisha Gibbons won the javelin event easily in the Girls’ 15-17 category with a throw of 35.39 metres while Keliza Smith captured the long jump event in the same category with a leap of 5.76 metres.National javelin record holder Leslain Baird was also in action with an easy win, using the three-step technique to record a distance of 65.19 metres.Other wins during the day’s activity included the likes of Shanay Nicholas, Akeelah Dover, Odessa France, David Higgins and Jair Samuels.SUNDAYDevaun Barrington made a huge statement by winning the Men’s 800 metres.Barrington, having somewhat of a point to prove after being out of the arena for some time, clocked 1:52.30s to comfortably win the event ahead of Anfernee Headecker who ran 1:53.67s while Daniel Melville finished third in a time of 1:57.78s.Meanwhile, Loneil Marks won the Men’s 200m in 21.36s ahead of Daniel Williams who clocked 21.37s in one of the most thrilling races of the meet.Williams, however, retained his pet event – the 400m – in 48.97s.Matthew Gordon continued his rich form with an 800m win in the Men’s 15-17 category in a time of 2:00.92s while Aaliyah Moore topped the women’s 800m in 2:23.97s.Princess Browne was also one of the day’s winners with a winning leap of 11.88 metres in the 15-17 triple jump event while another 2019 CARIFTA bronze medallist in Adriel Austin won the 15-17 800m in 2:19.45s.Brianna Charles completed a sprint double by winning the Girls’ 15-17 200m in 24.81s. Keliza Smith needed 25.43s.last_img read more

September 17

Shafer discusses minor injuries after Day 7

first_imgSyracuse head coach Scott Shafer gave a few brief injury updates Friday after Day 7 of training camp.Sophomore tight end Kendall Moore did not participate in practice due to an ankle sprain but should be back for practice Saturday, Shafer said.Senior cornerback Joe Nassib’s separated shoulder will “probably take a couple of weeks” before he returns, Shafer said, and senior defensive tackle Ryan Sloan has a “thing in his arm” and will be out of practice two or three days, give or take. The head coach didn’t want to give specifics on Sloan’s injury.“Had some guys banged up,” Shafer said at the beginning of his press conference. “Learning how to play banged up, it’s a great learning lesson for these guys. I’m really pleased with the way they pushed through things today.” Comments AdvertisementThis is placeholder text Facebook Twitter Google+ Related Stories Broyld runs second-team and other observations from Day 7 of training campcenter_img Published on August 8, 2014 at 8:44 pm Contact Phil: [email protected] | @PhilDAbblast_img read more

August 16

3M Open daily fantasy golf picks, sleepers, fades, strategy

first_imgI doubt very many DFS players will be thrilled to roster Tony Finau for a hefty price after three straight missed cuts, but he may be worth the risk. His recent struggles should keep his ownership very low, and he’s more than talented enough to do damage in this field. Finau is not a flash in the pan, having had plenty of success on the PGA Tour well before this season. Furthermore, Finau has only missed one other cut in 18 tries this season outside of this slump, not to mention three solo No. 2 finishes, an additional top-10 finish, and five other top-25s.While Finau may continue to slide, his track record suggests otherwise. Slumps don’t last forever, and I will side with his longterm results over one poor stretch. Finau is likely to fly completely under the radar this week due to a double dose of recency bias. That should lead to especially low ownership and particularly appealing leverage.Aaron White graduated from Northwestern University with a B.A. in Economics. He has played DFS professionally for several years and has won featured NFL, NBA, MLB, NHL and golf GPPs on both FanDuel and DraftKings. After a surprising result at the Rocket Mortgage Classic last week, this week’s inaugural 3M Open presents a fantastic opportunity to pounce on inefficiencies created by recency bias.Last week featured not only a shocking winner in Nate Lashley, but also a finish in which none of the four runaway odds leaders placed in the top 10 — and only 1 in the top 25. Two of those four missed the cut, including Dustin Johnson, who was the odds leader by far at 15.4 percent. MORE ROTOQL: Lineup BuilderThe field for the 3M Open has a similar look to that of the Rocket Mortgage Classic, with a few elite golfers at the top followed by a steep dropoff. Due to the ineffectiveness of a strategy built around high-priced golfers last week, I think expensive premier golfers will see an unjustified dip in ownership this week due to recency bias.This can be leveraged by targeting a studs-and-duds approach, and investing heavily in some of the best golfers in the field.*If you are interested in taking your DFS golf lineup building strategy to the next level, you should consider using a lineup optimizer, and RotoQL offers the best optimizer available in the industry.3M Open picks and PGA DFS strategyTarget GolfersBrooks KoepkaIt’s hard to characterize a golfer who leads the field in odds as under the radar, but I don’t think Koepka will be as popular as he should be this week. With 11.8 percent odds, Koepka essentially fills the role Johnson played at the Rocket Mortgage Classic. Given Johnson’s monumental flop, I think many DFS players will hesitate to roster the most expensive golfer available. Also working against Koepka is his tied-for-57th finish in his last tournament, the Travelers Championship.Of course, preceding that was a solo second-place at the U.S. Open. But given his price and his most recent result, one could dissuade players from using him. Ultimately, if Koepka is on his game, there’s no golfer in this field who can compete with him, even despite the presence of a few other stars. Koepka’s raw odds combined with lower-than-deserved ownership make him an unmatched play this week.Jason DayDay is one of the few other golfers in the field who’s in Koepka’s stratosphere, and yet I also anticipate lower ownership than what some may expect for him. At such a high price, Day will see slightly diminished interest due to recency bias — just like Koepka — despite having played quite well recently. However, what may keep Day’s ownership down even more is focus on alternatives in his price range. Hideki Matsuyama has been more consistent than Day and is priced similarly, while Bryson DeChambeau has been just as good and is cheaper.I expect both to carry more ownership than Day. With DFS players struggling to find cheap value plays, even options like Patrick Reed, who is certainly a step down from Day, could be higher-owned for no reason other than the discount he offers. Of the four runaway odds leaders in this week’s field, Day will likely be the least-owned. Leverage the opportunity and grab some exposure.Tony Finaulast_img read more

January 20

Dr Paul Wright: New thinking, vision for football needed

first_imgThe well-researched editorial in this newspaper on November 14 this year titled ‘Horace Burrell needs to shape up’ has elicited the expected response/defence from the general secretary of the Jamaica Football Federation (JFF). The general secretary uses a lot of space to: – (a) remind us of our qualification to the 1998 World Cup finals; – (b) to gloss over the inability of the JFF to finalise ‘draft’ contracts with the players after months and months of ‘discussion’; – (c) refuses to acknowledge the disrespect shown to a reporter (and indeed the nation) in the flippant response of the president to queries regarding a shouting match during a meeting of the squad and the president before a practice at the National Stadium prior to the home game against Panama; – (d) blames FIFA for the lack of published financials of the JFF; – and (e) ignores the fact that the present international rating of Jamaica done by FIFA negates the possibility of native Jamaicans of acceptable standard being able to obtain contracts to play in the prestigious English Premier League. It should be obvious to the hierarchy of the JFF that the constant use of the formula that enabled us to qualify for the finals of the World Cup many, many years ago (use locals to qualify for the preliminary stages of the qualification competition, then travel around the world to any country where a footballer whose ancestors have a Jamaican connection and try to persuade them to represent our country a few weeks before match time) is not working and will not work. What is needed is for the JFF to develop and BUILD local football and footballers by recognising talent, contracting them, and then giving them the opportunity to develop by playing games against superior teams. These local footballers are more likely to have Jamaica’s interest at heart when their skills are required for important games and the ‘money short’. Captain Horace Burrell has done well as the leader of Jamaica’s football in the past. We now need a new way of thinking and vision, as football in Jamaica desperately needs to identify and harness the skills paraded by our teenagers in local competitions.last_img read more