At the end of March, total assets under management for Spain’s occupational pension funds stood at €35.3bn, a 1% reduction over the year.Figures from Mercer’s Pension Investment Performance Service (PIPS) backed up INVERCO’s findings, showing that Spanish pension funds lost 1.4% over the first three months of 2018. The PIPS survey covered a large sample of pension funds, most of them occupational schemes.According to the survey, equities as a whole incurred losses, with euro-zone equities down 2.9% and non-euro-zone holdings losing 3.3%.Non-euro-zone fixed income lost 3%, but euro-denominated debt delivered a 0.3% gain over the quarter. Non-eurozone assets as a whole were hit by the strengthening euro, Mercer said.The survey also showed that alternatives made a median loss of 0.4% while real estate was down by 0.1% over the quarter.In terms of asset allocation, domestic assets continued their gradual decline to 53.2% of portfolios at the end of March, according to INVERCO. Non-domestic assets continued to rise, from 29.6% at end-December 2017 to 31.3% three months later.Over the same period, average allocations to fixed income decreased slightly to 47%, while equities weightings rose to 34.6% on average.Spanish government bonds still made up the biggest single component of pension portfolios at 23.9%, with a further 13.8% in domestic corporate bonds.Xavier Bellavista, principal at Mercer, said: “The equity allocation is generally similar to what it was at end-2017, but it is remarkable that it has reached its highest since the period before the financial crisis in 2008.”According to Bellavista, Spanish pension funds maintain a percentage allocation in equity assets similar to those of pension funds in other European countries, but weightings are significantly different for bonds and alternatives.He said that within the fixed income allocation there had been a shift from domestic towards non-domestic assets.Bellavista added that Spanish funds were “still at the discussion stage” when it came to allocating more to alternatives. Poor first-quarter equity performance in 2018 has squeezed average returns from Spain’s occupational pension funds to 0.5% for the 12 months to end-March 2018, according to the country’s Investment and Pension Fund Association (INVERCO).This compared with a 3.2% return for the calendar year 2017, and a 5.6% return for the 12 months to end-March 2017.INVERCO said that equity markets had experienced pronounced corrections in the first three months of this year, prompting losses on pension fund portfolios with bigger equity exposures.This caused the average annualised returns for Spanish occupational funds to drop to 0.8% for the three years to 31 March 2018, and 4% over five years.
When a married man becomes a head coach in any sport, but basketball and football in particular, that leaves his wife a widow for several months. In some cases, it becomes almost a year-round sentence. With the demands in time placed on these coaches today with off-season training and coaching it takes a real loyal person to shoulder the load. If the husband wants to keep his job, he is expected–and really demanded–to do all these things, so it falls on the wife to raise the family. The coach’s day may start as early as 6 a.m. and go until well after midnight on certain days of the week. It takes a long time to chart every play in a game for all 11 players in football. Multiply this by the fact there is offense and defense with over 100 plays per game, and it takes hours. While the husband is doing his duties, his wife has to do her job plus run the household. If you have 2 or 3 active children, you know how many activities this could be. Add to this the season that is not going well, and the wife has a husband coming home in fear of losing his job. Then there are the nights after the game you led until one minute left and one play turned a win into a loss. The next time you see one of these ladies, tell her how good a job she is doing. She certainly deserves it!
“But you have to give them credit because on his day Benteke is as good as any striker, and on their day Villa can counter attack as well as anybody. “We have to make sure come Thursday morning when we have everybody together again (after international duty) we put ourselves in the best possible position to win a home game next Saturday. “We’ve a side that has generally been able to pick itself up after a difficult period or result and to churn out a better result. “Now it’s how we respond, and we’ve a group of lads that generally responds very well.” With 10 matches of the campaign still to run, City remain four points above the bottom three and in the thick of the dogfight for survival. Hughton does not see that scenario changing, adding: “It’s still competitive. “If we win our home game on Saturday and other results go our way then it changes things again. It is very much like that. “It is very competitive, probably as competitive as I have seen the bottom half of the division, and I would imagine it will continue to be that way.” The surprise result had come off the back of a fine 1-0 home victory over Tottenham the previous weekend, and it is at Carrow Road where City will have to find comfort again. After a 4-1 defeat at Arsenal earlier this season, Norwich at least kept a clean sheet in their next game as they drew 0-0 with Cardiff on home soil. Following respective 4-0 and 7-0 hammerings at Manchester United and Manchester City over a five-day period, Hughton’s side responded with a 3-1 win over West Ham in front of their own fans. A 5-1 humbling at Liverpool preceded a 2-0 victory over West Brom, that one on the road, while an embarrassing 3-0 defeat at Fulham was followed by a 1-0 success over Hull at Carrow Road. So Hughton knows his players are capable of picking themselves up, dusting themselves down and bouncing back yet again, with Stoke the visitors on Saturday. “This result is a concern because our form has been good,” said Hughton. “Certainly on the back of some defensive displays where we have been better than we were earlier in the season, and after our performance against Tottenham. “So it’s a real body blow for us because that is not how we have been in recent weeks. After taking an early lead in their Barclays Premier League match at Aston Villa on Sunday, the Canaries were blitzed by a four-goal salvo from the home side over a 16-minute period in the first half, sparked by two goals in three minutes from Christian Benteke. As Hughton conceded after the game it was “a hammer blow” he “didn’t see coming”, and one that left him feeling particularly “sore”. Norwich boss Chris Hughton is fully expecting City’s latest thrashing to have another galvanising effect on his shell-shocked players. Press Association