The UK’s largest public pension fund sold 10% of its equity exposure in December as part of an ongoing risk-reduction exercise.The £21.2bn (€23.7bn) Strathclyde Pension Fund cut more than £1bn from a passive equity mandate run by Legal & General Investment Management during the month, according to an investment strategy report presented to the fund’s trustees on 28 February.Strathclyde director Richard McIndoe’s report laid out plans to reduce the scheme’s equity exposure to 52.5% of the portfolio, rebalancing in favour of its short-term and long-term “enhanced yield” allocations. December’s activity meant Strathclyde finished 2017 with 57.5% of its portfolio weighted to equities. The pension fund – for council workers in and around Glasgow, Scotland – began reducing its stock market exposure last year after an actuarial valuation showed it to be 105% funded as of 31 March 2017. The scheme generated a return of 12.5% a year in the three-year period to this date.It is moving to a broadly diversified strategy including private debt, emerging market debt, global credit and UK infrastructure, the latter with a focus on renewable energy. McIndoe said the fund planned to retain its target allocations for private equity and the direct investment portfolio, meaning the strategies would become a larger part of the overall equity portfolio.Rebalancing favours credit, EMD, infrastructureManagers including Barings, Oak Hill, Ashmore and DTZ stood to benefit from the shift, the strategy report said.Barings and Oak Hill were to receive £420m between them, the report said, for additional investments into existing multi-asset credit strategies. Ashmore stood to receive £210m to invest in emerging market debt. These allocations are part of Strathclyde’s “short-term enhanced yield” silo.In the “long-term enhanced yield” silo – designed to provide inflation protection as well as income – the scheme planned to invest 2.5% of the portfolio with global infrastructure managers.“In the first instance this should look at open-ended pooled funds as these can achieve fairly rapid deployment of capital, good visibility of existing assets and a stable long-term allocation with the option of some liquidity,” the report said.“Consideration should then be given to closed-ended funds which could provide a long-term yield, and a more specific focus on individual market segments in addition to core holdings.”The current allocation shift is scheduled to be implemented by 2020. Under Strathclyde’s longer-term plan, yet to be formally agreed, it could shift its equity allocation down further to 42.5% and then 32.5%.
Facebook Twitter Google+ For the first time in Atlantic Coast Conference play this season, Syracuse won the first set of the match. The Orange players clapped, yelled and warmed up on the sidelines while some Miami players folded their arms. Some put their hands in their pockets, but nearly all of them buried themselves in their zip-ups.But the energy wasn’t enough SU.Miami (10-6, 3-2 ACC) clawed out a victory in four sets over Syracuse (7-10, 0-5). After taking the first set 25-22, the Orange was beaten 26-24, 25-16 and 25-21 in the following three. Syracuse could only stave off the Hurricanes in the first set before it broke down.“I felt like (the energy) was pretty good, especially in the first set. I think in the third set, we fell a little flat and that definitely contributed to how we were playing,” said Lindsay McCabe, a senior blocker.In the first and second sets, the Orange was competitive. Syracuse built two runs of five points and held off an answer from Miami. Silvi Uatarra, an outside hitter, ended the first set with a kill, one of her 21 on the night.AdvertisementThis is placeholder textSyracuse and Miami traded points in the second set. Gosia Wlaszczuk and Monika Salkute went for the same ball, only for it to drop, giving the Hurricanes an 18-16 lead. After the Orange came back to tie the set at 24, Miami picked up two straight points to close out the set.As the second set closed out, Miami players looked comfortable for the first time, raising their hands to form a “U,” signaling the set point. The Hurricanes’ confidence translated in the third set, gaining a lead that grew to nine at one point. Miami’s Kelsie Groot blasted a spike to punctuate the set and push the Hurricanes past the Orange for good.Head coach Leonid Yelin thought the team fought well in the first and second sets, but not winning the second set took its toll.“In the third (set) it was just a mental break after we didn’t pull out (the) second (set),” Yelin said.Despite a renewed effort, SU started slowly in the fourth and final set. Miami jumped out to a lead and never looked back. Miami’s Sakile Simmons closed out the game on a block— one area the Orange has excelled in this season.The block broke the Orange’s streak of either tying or out-blocking its opponent.Syracuse’s loss extended a five-game losing streak against ACC opponents, the worst start in conference play in the last decade for the Orange.Said Yelin, “We’re trying so hard, but winning is a very important part to build confidence, especially in a tight game when you’re playing with confidence, everything works better.” Comments Published on October 11, 2014 at 1:04 am Contact Chris: [email protected] | @ChrisLibonati
DONEGAL’S Paul Durcan and Michael Murphy have been named on the Team of the Year (So Far) by gaa.ie, the game’s official website.Those behind the verdict admit season teams are picked at the end of they year – but with that in mind they have come up with their ‘Football Team of the Season So Far’.“It should hopefully start a debate on who will be in contention for All Stars at the end of the season,” says the site. Disagree with their selection? Comment on the team at facebook.com/officialgaa or on Twitter, @officialgaaHere’s what they say about picking captain Murphy and keeper Durcan.1. Paul Durcan (Donegal)There are reports that Durcan is considering a move to Dubai in 2016, and if that is the case, Donegal will be deprived of one of their top assets. While he probably should have done better with Lee Keegan’s looping shot towards goal in Saturday’s All-Ireland quarter-final, this has been another excellent season for the Four Masters man. He only conceded three goals in the whole summer, and kept clean sheets against Armagh, Derry, Monaghan and Galway. He made vital saves at vital times, and as usual, his kick-outs were out of the top drawer. May not get the All Star, but he has been the best goalkeeper so far this summer. 11. Michael Murphy (Donegal)What more can you say about Michael Murphy? Arguably the defining Gaelic footballer of the last five years, Murphy was by a distance Donegal’s best player again in 2015, leading them gallantly in six gruelling matches. Murphy’s awesome ability leads to his deployment all over the field for Donegal, and sometimes his selfless work for the cause limits his scope for individual expression. Yet he still manages to hit the heights time and time again. He was immense in the win over Armagh, kicking some outrageous long-range frees, while his towering performance against Derry included a couple of absolute belters from open play. He was subdued in the Ulster final, but when he was switched to full-forward against Galway, he was involved in two golden moments – the first, a wonderful individual point, and the second a brilliant flick to set up Ryan McHugh’s goal. In Saturday’s defeat to Mayo, he never let up and finished with eight points, three from play, despite carrying an injury into the game. Donegal have probably been knocked out too early for Murphy to win another All Star, but he was brilliant this summer.DURCAN AND MURPHY NAMED IN THE GAA.IE TEAM OF THE YEAR (SO FAR) was last modified: August 15th, 2015 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegalgaa.ieMichael MurphyPaul Durcanteam of the season so far