Spanish pension funds post average 3.2% gain despite bond losses

first_imgMeanwhile, figures from Mercer’s Pension Investment Performance Service (PIPS) showed that, for the 2017 calendar year, equity allocations within Spanish pension funds returned 7.8%. Within this, euro-zone equities returned 8.4%, European equities outside the euro-zone gained 4.9%, and North American equities increased by 4.4%.Among the biggest allocations within fixed income, euro-zone government bonds made 0.2%, while euro-zone credit made 1.4%. However, government bonds, high yield and credit allocations outside of Europe contributed to an overall loss in fixed income of 0.5%.Xavier Bellavista, principal at Mercer, said these losses were due to performance and currency depreciation in non-euro-zone assets.Within alternatives, private equity made 13.3%, hedge funds 2.3% and real estate 1.3%.The PIPS survey covered a large sample of pension funds, most of them occupational schemes. It reported that Spanish funds on averaged allocated 59.9% to fixed income and 35.4% to equities.Fixed income allocations were dominated by euro-zone credit (18.8%), followed by euro-zone government bonds (18%) and 9.7% in cash. Euro-zone equities made up 17.7%, North American equities 10% and emerging markets 3.6%.According to the PIPS figures, only 4.6% of pension fund assets were held in alternatives, principally 1.7% in real estate and 1.4% in hedge funds.There has been a gradual shift away from euro-zone holdings over the long term, according to Mercer.Bellavista said: “The main difference between December 2017 and December 2016 is the increase in exposure to non-euro-zone assets… especially in fixed income. The equity exposure is the highest in the last seven years, while alternatives continue to increase slowly.”In terms of risk management, Bellavista observed that in general, during 2017 and the start of 2018, pension funds had quite a positive sentiment when looking at macroeconomic data.However, he added: “Most pension fund managers maintain a prudent approach because of high valuations and low interest rates. This is making some of them implement hedging strategies to protect against tail risk.” Spanish occupational pension funds gained 3.2% on average in 2017, according to the country’s Investment and Pension Fund Association (INVERCO).This marked an improvement on the 2.7% gain posted in 2016, and outpaced inflation, which came in at just under 2%.The fourth-quarter results brought the average annualised returns for Spanish occupational funds to 3% for the three years to 31 December 2017, and 4.8% for the five-year period.At end-December total assets under management for the sector stood at €35.8bn, an increase of 1% over the year. The number of participants in the occupational system was stable at just over 2m.last_img read more

Read more

State Bound

first_imgCongratulations and best of luck to our 3 area boys who qualified for the state track meet this weekend in Bloomington, Indiana.  Winning the regional in the 3200m was Curt Eckstein of Oldenburg Academy.  Two other area young men also qualified by placing second in their respective events.  They are John Moody of Batesville who will be running the 400m, and Mark Belke of East Central who placed second in the pole vault.  Check WRBI’s web page this week for more details on when these young men will be competing.last_img

Read more

Svetlana Kuznetsova pulls out of US Open due to coronavirus pandemic

first_imgNEW YORK: World No.32 Svetlana Kuznetsova has become the latest female tennis star to pull out of this year’s US Open due to the coronavirus pandemic.The US Open is currently scheduled to be held behind closed doors from August 31 with the Cincinnati Open being held at the Flushing Meadows before that from August 22. However, due to rising COVID-19 cases in the country, tennis stars have been apprehensive about participating in the tournament. Kuznetsova, a 2004 US Open winner, took to social media to announce her decision to not take part in the event. “I feel very sad, because I have been (waiting) for these tournaments so much, but the pandemic changes all plans,” Kuznetsova wrote in an Instagram post. IANS Also Watch: #Newsmakers: Sizal Agarwal, 112 Rank Holder, UPSC 2019 with Oineetom Ojahlast_img read more

Read more

Nigeria/Iceland Stats

first_img•All six of Nigeria’s wins at the World Cup have come against European opposition, and they have kept a clean sheet in five of those six victories.•This was Iceland’s first ever defeat in a group stage match at a major international tournament (Euros and World Cup), having previously drawn three and won one of four such games.•This was only Nigeria’s second win in their last 14 matches at the World Cup (D3 L9), having also beaten Bosnia and Herzegovina in 2014.•Nigeria did not attempt a single shot in the opening 45 minutes, the first side to do so in the first half of a World Cup match since South Korea against Algeria in 2014•Iceland’s Gylfi Sigurdsson fired in two shots on target in the first six minutes of this match, as many as his side managed in total in 90 minutes against Argentina in their opening match. Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

Read more