Long-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.
Wide receiver Kenzel Doe had just one reception for five yards, but no Wisconsin receiver caught more than three balls against a relentless Stanford defense.[/media-credit]PASADENA, Calif. -There weren’t any surprises New Year’s Day at the Granddaddy of Them All. Two teams, two old-school styles of football and two relentless defenses graced the field in a low-scoring, smashmouth affair that many already saw coming.But, on one particular afternoon, No. 6 Stanford’s defense (12-2, 8-1 Pac-12) shined brighter than anything Wisconsin (8-6, 4-4 Big Ten) could put on the field, dictating the tempo of the game and batting down critical passes in a 20-14 Cardinal win.“We were defeated by a very good Stanford football team,” interim head coach Barry Alvarez said. “They didn’t surprise me how they played, as you saw that on films, they’ve been a very consistent all year.”Stanford’s talented front seven in the 3-4 defense constantly bruised Wisconsin’s run game and never allowed much of an offensive tempo, as the Badgers allowed the Cardinal to record four tackles for a loss and five running plays for no gain.One of those plays was a fourth and goal for Wisconsin at Stanford’s 1-yard line, a play where Mequon native and Cardinal senior defensive end Ben Gardner slipped off of a block from Badger left tackle Ricky Wagner and stuffed running back James White in the backfield. One of the few key moments of the game, the play resulted in a turnover on downs in the opening drive of the second quarter and robbed the Badgers of a critical touchdown at a juncture of the game where they were down 14-0.Perhaps the biggest difference in the game was the height of the Cardinal’s down defensive linemen in the game, as defensive ends Gardner and Henry Anderson each recorded a pass breakup and got their hands in the passing lanes when they weren’t harassing Badgers quarterback Curt Phillips.Gardner (six tackles on the game) and Anderson (three tackles) had perhaps the best height of any defensive end duo UW had faced the entire season, with Gardner standing at 6-foot-4 and Anderson at 6-foot-6.“They are very tall,” Phillips said. “I don’t think I have a low release, but I think it’s almost a credit to our offensive line because they didn’t allow those guys to get in. The only thing you can do whenever you get stoned at the line is to jump up and try to tip balls and that’s really the only chance they had.”Phillips point was valid, as Wisconsin’s offensive line never allowed Stanford to sack their quarterback. The Cardinal’s lone sack came thanks to an intentional grounding penalty on Melvin Gordon on an attempted trick play on a jet-sweep in the first quarter.But while Stanford recorded just three total pass breakups, those numbers don’t reflect the total times the Stanford defensive line was able to get its hands on Wisconsin passes. Numerous passes were deflected, including a lucky bounce for UW that saw a deflected ball fall into the hands of wide receiver Jared Abbrederis for 22 yards and a first down, as the next play ended in a Montee Ball touchdown run and brought the score to 14-7 in the second quarter.The most important tipped ball of the day came when Stanford defensive end Josh Mauro lined up at nose tackle. With the score 20-14 in Stanford’s favor with just a little over two minutes remaining in the game, Phillips stepped back to pass. Even though he was double-teamed and stalemated by Badgers center Travis Frederick and left guard Ryan Groy, Mauro extended both his hands and was able to jump up, catching his left hand on the ball as Phillips targeted an open Jacob Pedersen.As the ball changed trajectory it found the awaiting arms of Stanford’s Usua Amanam. And when the Cardinal nickelback stood up to show the crowd his prize to screaming roars of approval from the team’s fans, it was all but over for Wisconsin.“I really thought we were going to be able to go down (on that last drive) and move the ball,” Frederick said. “The pass protection was pretty decent, especially since it was against a great Stanford defense that had so many sacks.“They got a hand on the ball and tipped it up and that’s the story.”But Stanford’s style of play on the defensive line also allowed room for Phillips to break the contain defense and escape the pocket, plays that kept several key Wisconsin’s drives alive. He finished with 64 yards on five carries in his first career Rose Bowl start.Maybe that’s what kept a healthy Joel Stave on the sideline for the Badgers was Phillips’ ability to extend the play, as the veteran used a crafty move – faking a step out of bounds on the left sideline – to create a 38-yard gain on a first and 10 during the waning two minutes before halftime, setting up the Badgers’ tying touchdown pass to Jordan Fredrick six plays later.Though the Badgers’ offensive line kept the Cardinal at bay early, Stanford adjusted to Wisconsin’s 14-point second quarter to hold their opponent scoreless for the entire second half. Like many cases this season, it ended up being a tale of two halves for UW, as the team gained 219 total yards on offense in the first half, but recorded just 82 yards in the second half.“We just weren’t able to produce what we needed to produce as an offensive line,” Frederick said. “We didn’t play the way we needed to in the second half.”
The cadet basketball team of BiH, led by coach Josip Pandža, traveled to Spain where the World Cup will be played from the 23rd of June to the 3rd of July.Selector Pandža was cautious in his media statements and he did not promise any gold or medals, but he honestly said that their goal is to pass in the quarter-finals, “and for the rest we shall see.”Given the fact that cadets became the champions of Europe last year, they are are now under additional pressure and they promised to do their best to make the nation proud.BiH is in the group with the Dominican Republic, France and South Korea. The first match will be played on Saturday, the 23rd of June, with the Dominican Republic, on the 25th of June with France, and on the 26th of June with South Korea.Colors of BiH in Spain will defend following players: captain Džanan Musa, Sani Čampara, Emir Čerkezović, Adi Alikadić, Aljoša Janković, Drago Cvitanović, Lazar Mutić, Srđan Kočić, Miladin Vlačić, Amer Barukčija, Emir Bačvić, and Vedran Mirković.(Source: nap.ba)