Derivatives account for two-thirds of annual returns at KPN scheme

first_imgThe pension fund said it increased its strategic allocation from 2.5% to 10%, while also raising its stake in inflation-linked bonds from 12% to 15%. Equity delivered 9.5%, with actively managed global and emerging market equity, and passively managed European equity, returning 11.7% and 5.1%, respectively.The pension fund replaced 5% of its global equities with an equal stake in European equities, “as they were priced more attractively”.Listed real estate, returning 26.2%, was the best performing part of the property portfolio.Actively managed property returned 5.5%.The KPN scheme attributed the 20.5% loss in commodities to falling oil prices and replaced all its passively managed investments – through future contracts – for actively managed holdings in the asset class. According to Cees Michielse, chairman of the scheme’s investment committee, the adjustment was part of a periodical reassessment of the entire investment portfolio.“The fixed monthly extension of the futures appeared to be predictable, allowing other market players, such as hedge funds, to anticipate,” he said.The pension fund also divested its remaining stake in hedge funds.“Already a couple of years ago, we expected better results from equity and bonds, and this prediction has come true,” Michielse said.In December, the KPN Pensioenfonds sold the put options it had used to hedge the equity risk in developed markets.On the back of rising equity markets, these derivatives came at the expense of 0.5 percentage points of the annual return.The scheme said it spent 0.34% of its assets on asset management and 0.03% on transactions.The KPN Pensioenfonds, which has 58,250 participants, is on course to merge with the €900m Ondernemingspensioenfonds KPN – the pension scheme for nearly 2,000 KPN staff who are not employed under a collective labour agreement.The Ondernemingspensioenfonds KPN returned 21.2% last year. As of the end of March, the schemes’ policy coverage ratios stood at 111.2% and 114.3%, respectively. The €7.5bn pension fund of telecoms giant KPN has confirmed that almost two-thirds of its annual return of 22.6% was due to its deployment of derivatives against various risks, including an interest hedge. In its annual report for 2014, the KPN Pensioenfonds said the actual return on investments was 8%.Over the course of the year, the scheme decreased its interest hedge of liabilities – through a combination of fixed income holdings, interest swaps and swaptions – from 85% to 61%.It generated a 10.1% return on its fixed income portfolio, with Dutch residential mortgages returning 9.1%.last_img read more

Foster calls on Government to intervene in cricket fiasco

first_imgTHE Guyana government has again been called upon to intervene in the current cricket fiasco, which continues to affect the administration of the sport, both at the county and national levels.This plea was made by Secretary/CEO of the Rose Hall Town Youth and Sports Club (RHTY&SC), Hilbert Foster last Sunday during his address at the RHTY&SC’s 27th annual awards ceremony.Foster told the gathering, which included Prime Minister and Acting President Moses Nagamootoo, Director of Sport Christopher Jones and Social Protection Minister Amna Ally, that as a country we owe it to ourselves to make sure that Berbice and Guyana cricket is preserved for the next generations.“I would like to urge President David Granger, Prime Minister Moses Nagamootoo and the government of Guyana to intervene in this situation before it is too late. The Parliament of Guyana passed a Cricket Bill and it is the Law of Guyana. Unless it is overturned, all parties should respect it and the time to act is now. Mr Prime Minister, as a Berbician and a proud uncle of one of our Test players, please assist us to save Berbice cricket. Let it be your legacy and I’m confident that every Berbician shall be proud of you,” Foster said.Cricket locally over the years has brought into a virtual meltdown, and even though the Guyana Cricket Administration Act was passed in the National Assembly on May 15, 2014 and assented to by the-then President Donald Ramotar on August 4, 2014, the game continues to be in turmoil.The aim of the Act is to bring about order in the administration of cricket and to improve its governance and financial accountability arrangements.However, the Act is yet to be implemented because of the-then acting Chief Justice’s ruling of April 29, 2015, that restrains the holding of elections under the Act in respect of the Guyana Cricket Board and the county boards of Essequibo, Demerara and Berbice until the hearing and determination of the substantive action.Further, Foster said,“Today, Berbice cricket is in disarray due to the lust for power at the county and national levels. People who have no vision, no capacity to manage are in charge, despite not being elected to do so. We as a country owe it to ourselves to make sure that Berbice and Guyana cricket is preserved for our next generations. We cannot afford to let the legacy of Trim, Kanhai, Butcher, Madray, Fredericks, Solomon, Kallicharran and Nagamootoo be destroyed.”“No cricket is being played for clubs in Berbice; no coaching or off-the-field activities organised; unqualified coaches are selected to coach Inter-county teams; five clubs moved an illegal motion to remove a hardworking, dedicated and honest female administrator, while unqualified umpires are used in practice and Inter-zone matches,” Foster highlighted.He added, “Players are targeted because of their clubs. Coaches are told to leave certain clubs if they want to get coaching positions, while players are given homemade drinks and food with one piece of small chicken to survive for an entire day. Our players practise every day with no cricket in sight and clubs depend on the Rose Hall Town Youth and Sports Club to organise tournaments.”Foster pointed that while Guyana have won three consecutive three Regional four-day titles, it is because of the hard work of club officials at Georgetown Cricket Club, Demerara Cricket Club, Albion, Rose Hall Town, Everest, Tucber Park and Young Warriors, who work day in, day out to make a difference.“Take these clubs away and Guyana’s cricket would be dead and buried,” he concluded.last_img read more

With 11 of 13 players returning, SU volleyball poses offensive threat

first_imgSubscribe to the D.O. Sports NewsletterWant the latest in Syracuse sports delivered to your inbox? Subscribe to the D.O. Sports newsletter to read our best sports articles, sent to you every Friday morning.* indicates requiredEmail Address * The Daily Orange is a nonprofit newsroom that receives no funding from Syracuse University. Consider donating today to support our mission.After an injury-plagued start to 2019 led to four losses in Syracuse’s first five conference games, the Orange recovered with a five-game winning streak in late October and early November. They finished the season eighth of 15 teams in the Atlantic Coast Conference.Polina Shemanova was the driving force during the Orange’s best spell of the season, which included five-set wins over Boston College and Louisville. Shemanova led the ACC in points, points per set, kills and kills per set. Then a sophomore, she was named ACC player of the week for three consecutive weeks. But for the Orange’s season, that wasn’t enough.After making it to the NCAA tournament in 2018 for the first time in program history, Syracuse (12-13, 9-9 ACC) turned in a middling season plagued by injuries and inexperience. The Orange couldn’t seem to overcome early season woes, and their season turned into an unexpected “developmental year,” outside hitter Kendra Lukacs said.This year, due to the ACC’s coronavirus schedule adjustments, SU is set to play a shortened season with 10 conference games. With 11 of the Orange’s 13 players returning this fall, here’s a complete breakdown of the 2020 roster and what to expect from Syracuse.AdvertisementThis is placeholder textWho’s backIn 2019, the Orange’s roster was young — nearly half the roster spots were filled by freshmen, and Aliah Bowllan was the only senior regularly in the starting lineup. Now, with the Orange returning five of their six regular starters, expectations should be higher.Sophomore Marina Markova, who suffered a season-ending finger injury in mid-October, finished the year with the second-most aces per set in the ACC (0.46). Early in the season, she led SU in service aces and had the eighth most in the country. The outside hitter also found success at middle blocker during SU’s spell of blocking struggles.Alongside Markova will likely be middle blocker Abby Casiano, who recorded nine blocks and five kills in the Orange’s 3-2 win over Boston College. Head coach Leonid Yelin utilized various combinations of Markova, Casiano, Yuliia Yastrub and Dana Gardner as middle blockers last season — and all four will be back in 2020. Setter Elena Karakasi recorded 804 assists last season, and barring a few mishaps in her first season as a starter, she was perhaps the Orange’s most consistent player. As the season went on, Karakasi developed more on-court chemistry with outside hitters Ella Saada — who had the second most kills on the team — and most importantly, her roommate Shemanova. Shemanova attributes much of her success to her setter, and this season, the two should pick up with the same rhythm they left off with the end of 2019. Now a junior, Shemanova is coming off a 2019 season where she finished fifth in the nation for points per set and broke the Syracuse record for most kills in a single game (36) against Louisville on Nov. 3. Though she lacked consistency early on during the season, she made up for it in the latter half and the expectation is that she’ll only get better, Lukacs said last year.Polina Shemanova won ACC player of the week for three consecutive weeks last season, and is expected to continue her offensive rhythm in 2020. Corey Henry | Senior Staff PhotogrpaherWho’s goneThe Orange lost libero Bowllan and Lukacs to graduation, but will return the remaining 11 players from last season. Replacing the difficult digs that Bowllan made look routine will not be easy. She had 240 digs last season and averaged a team-high four per set, and served as “the leader of the defense,” assistant coach Derryk Williams said. Sophomore Berkley Hayes is Bowllan’s expected replacement, but in comparison to her fellow sophomores, Hayes rarely saw the court in 2019 — she had 27 digs in 61 sets last year. Hayes has big shoes to fill, though she was relatively consistent during her limited playing time as a freshman.When Bowllan missed nearly a month due to a right ankle injury, Lukacs filled in. Though she was only used sporadically throughout the season, she played a large role as a “senior leader” on the team, Williams said. This season, the Orange will turn to seniors Saada, Gardner and Yastrub, to fill those vacated leadership roles.SU also added two new players to fill those roster spots, freshmen Lauren Hogan and Naomi Franco. Facebook Twitter Google+ What to expectWith the offensive abilities of Shemanova, Markova, Saada and an emerging Casiano, paired with the growing chemistry the four have developed with Karakasi, SU will be a serious offensive threat.The Orange already have a superstar in Shemanova, and so long as she continues to show up in the game’s most clutch moments, the Orange will continue to impress offensively. When she gets into a rhythm, Shemanova is able to notch kills through as many as three blockers. “(You) cannot have five drivers in one car. You know what’s going to happen, and (our team is) not an exception for this,” Yelin said in 2019. “Shemanova is one who can make a difference and has to step up to the challenge that we have.”Though there isn’t an NCAA tournament this fall, the Orange can be a very dangerous side, if they show up defensively. Following the unexpected rebuild in 2019 and barring another injury plagued season, Syracuse’s more experienced 2020 team should outperform last year’s.center_img Published on August 30, 2020 at 9:59 pm Contact Roshan: [email protected] | @Roshan_f16 Commentslast_img read more