Strathclyde slashes equities in shift to ‘enhanced yield’ strategies

first_imgLong-term enhanced yield allocations would increase by 2.5 percentage points, also to 15%, with credit up to 5% from 3%.Over the next three years, the fund is recommended to shave another 10 percentage points off equity, splitting this evenly between the short and long-term enhanced yield strategies – taking allocations to 20% each.The two remaining alternative strategies see further reductions in equity holdings following the same pattern.#*#*Show Fullscreen*#*# The Strathclyde Pension Fund may radically reduce its equity holdings for a more diversified portfolio with allocations to short and long-term “enhanced yield” strategies.The UK’s largest local government pension scheme (LGPS) at £14.9bn (€19bn) currently holds over 70% of its assets in equities, with Glasgow City Council’s pensions committee now considering a range of alternative strategies to improve downside risk, produce a more efficient strategy and improve confidence in reaching the funding target.Trustees to the scheme are considering four alternative strategies, all of which see a dramatic reduction in equities in favour of credit and a range of options including absolute return, high-yield and hedge funds.The first alternative strategy, which the fund could implement immediately, would see equities fall by ten percentage points to 62.5% with short-term enhanced yield allocations doubling to 15%. Source: Strathclyde Pension Fund / Glasgow City CouncilStrathclyde Pension Fund asset allocationAt the scheme’s meeting in March, the board concluded equity exposure needed to reduce to diversify strategy.“Implementation should begin at an early date and should be progressed as quickly as opportunities, market conditions and other practicalities allow,” Lynn Brown, the fund’s deputy chief executive and executive director of financial services, told the committee in documents prepared for a recent meeting.“Processes to facilitate implementation should be considered with a strategy for ongoing risk management thereafter should be developed,” she added.Both alternative strategies would see the fund dramatically increase exposures to hedge funds, absolute return strategies, real estate debt, direct lending, non-sterling and emerging market bonds, property, social housing, infrastructure debt and equity and farmland.If accepted, these asset classes could count for 40% of the fund by 2018.The board also threw support behind Strathclyde’s £100m New Opportunities Portfolio (NOP) suggesting cap restrictions should be raised.The NOP is Strathcylde’s portfolio focusing small amounts in infrastructure, finance and alternatives.In December the fund added commitments to social infrastructure, credit for property developers and renewable energy.The board said it was too early to judge investment performance but the NOP was a success for governance and diversification – suggesting the implementation model used could be mirrored in Strathclyde’s new asset allocation shift.“The NOP itself could either continue to expand as a separate strand of investment strategy or simply be allocated across the new asset categories,” the fund said.It was also recommended the 3% allocation cap be lifted to 5% to allow headroom, given it has investment commitments of £300m, with £150m spare capacity.The fund achieved an 8.8% investment return over 2014, above its 8% benchmark.last_img read more

Bazdarevic: The Match against Andorra is just as important as against Belgium

first_imgThe press conference of the national team of B&H was held last night at the stadium Bilino Polje in Zenica, at which the selector Mehmed Bazdarevic and the goalkeeper Asmir Begovic addressed the attending journalists.The selector Bazdarevic said that the match against Andorra is just as important as the match against Belgium, and that it should be entered with caution.“First of all, we were certainly not happy after Belgium, but I believe that in this moment this team did have more arguments and was better. Now we have a very important match, a team that we must respect, we must be extraordinarily disciplined and play the match in the best possible way. Three points against Belgium and against Andorra are the same, therefore we did not complicate anything too much. For me, the match against Andorra is extremely important, we appreciate the selection which progresses from year to year. They are outsiders on the paper, but we expect a good and fighting match. It is on us to play as good as possible, but to do everything for the three points we need”, said the coach Bazdarevic.Bazdarevic added that the BH national team players Edin Dzeko and Emir Spahic are recovering and that the final decision on their performance should be known after last night’s training.(Source: read more

Take a Look at the Promotional Video for the Match B&H – Ireland (Video)

first_imgTonight at 8:45 p.m. in Zenica, our Dragons are playing the first match of the play-off for the Euro against the national team of Ireland.On this occasion, the Football Federation of B&H (NSB&H) prepared a promotional video in which we can see some of the past success and celebrations of our Dragons.Dzeko, Pjanic, Begovic and others tonight will try to win before the rematch in Dublin, and until the beginning of tonight’s match let’s remind ourselves to some of the goals of the Dragons from the previous period.Enjoy!(Source:

Paul backing Warriors to shine against Stars

first_img– Coach Botha says team focusing on one game at a timeGuyana Amazon Warriors all-rounder Keemo Paul and Head Coach Johan Botha said the team were focused on this weekend’s upcoming double-headers, but were looking to take it one match at a time as they prepared to tackle the St Lucia Stars at Providence, today, Saturday, August 11.Guyana Amazon Warriors all-rounder Keemo Paul and Head Coach Johan Botha at a press conference on FridayDuring the Warriors’ pre-match press conference on Friday afternoon at the Marriott Hotel, the right-arm seamer, who was the pick of the Guyana franchise’s bowling in Thursday night’s opener versus the St Kitts & Nevis Patriots, said it was good to have kicked off the campaign on a high note.“I just backed myself and bowled well and bowled my best ball when I thought it was the right time, so it’s all about having a clear mind. I see everything as a challenge, so I just want to overcome it and make strides,” said Paul.The West Indies fast-bowler starred with 2-16, standing out among a good bowling performance from the other world-class Warriors bowlers. The Essequibian said that he was happy to be called upon by his captain to be a key part of the pace attack, adding that he was looking forward to maintaining his form.“I’m looking forward to bowling in the death overs; to do it for the Warriors is an honour. I’m embracing the opportunity that has been given to me, so I just want to continue to do well in my death overs or whenever I’m given the ball.”From a bowling perspective, the ex-Windies U-19 Vice Captain said that overall it was good to have a first-hand look at the surface at Providence, especially with two more home games left over the weekend. He also maintained that the experienced as well as upcoming bowlers would need to work as a unit in order to keep teams at bay throughout the competition.“I mean we have a lot of senior bowlers in our team with international experience, they know how they want to go about doing their stuff; they played a few practice games on the wicket so they know what it’s like. I think everyone has knowledge of how the wicket plays, so it’s about backing yourself when you get out there,” Paul added.Head Coach Botha was also in good spirits as he said the team had ideal preparation ahead of the Patriots encounter. The ex-South African all-rounder also added that he was delighted with how the team handled their first assignment, adding that it was necessary to keep the momentum at a high going forward.Regarding the woes, Botha said while he was thus far happy with the batting and bowling returns following game one, he was focused on improving in the area of fielding as well as helping bowlers reduce the number of extra deliveries, something which he said needed to be rectified immediately.It was also highlighted by the Coach that they were not about to take the Stars lightly as he knew they would be seeking to rebound, given their opening round loss to the defending champs Trinbago Knight Riders.“Any team would want to start three from three, but we are going to focus on tomorrow (Saturday, get the result we want, then focus on Sunday. Personally I think we can win games on the road and if someone outplays us, we will have to go on the road and win games,” Botha declared.Meanwhile, the St Lucia team underwent their training session on Friday, with a rebound win definitely on the cards. Despite a star-studded top order, the Stars failed to shine in Wednesday’s game as the likes of Andre Fletcher, David Warner, Lendl Simmons, Captain Kieron Pollard, and Darren Sammy all failed.With a powerhouse line-up including T20 specialist bowlers – pacers Mitchell McCleneghan and Kesrick Williams, the Stars will be gunning for a win to get themselves going this season. The Warriors will, however, fancy their chances as they beat the Stars twice last season in two low-scoring games.The first ball is expected to bowl off at 16:00h Guyana time. (Clifton Ross)last_img read more