Asset growth forces BpfBouw to scale back target real-estate allocation

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first_imgHowever, a 65% interest-risk hedge and an 80% currency hedge accounted for 15.5% of the overal return, with the latter generating a 4.1% loss.BpfBouw said the extension of its property allocation would come at the expense of its fixed income portfolio, which the scheme will reduce by 4 percentage points to 42%.The equity allocation will remain 27%.Van As said the pension fund planned to invest €500m in existing Dutch property, as well as redevelopments in attractive areas through its own property investor Bouwinvest.The scheme also expects to allocate €100m abroad through local partners.BpfBouw is planning to extend its investments in care property, with several projects in the “more expensive segment” in the pipeline.Van As said €300m had been committed for this purpose, as well as for the medium segment of the care market.Meanwhile, BpfBouw has reduced its strategic commodities allocation by 1 percentage point to 3% as the planned pace of expansion was overtaken by the assets’ increase.It added that the 4% target allocation for private equity and hedge funds had been scaled back for the same reason.Those asset classes returned 21.7% and 17.3%.By contrast, commodities delivered a 27.1% loss, due to falling oil and metal prices.BpfBouw’s property holdings returned 8.8%, while fixed income and equity returned 12.5% and 18.1%.Van As attributed the 34.4% and 19.3% returns on its opportunities and infrastructure portfolios mainly to the J-curve effect of these kind of assets.Separately, Bpfbouw said it has appointed two experts on asset management on its board, and that it would increase its control over implementation at its asset managers APG and BouwInvest.One of the results has been that the pension fund has withdrawn APG’s active mandate for its interest hedge. BpfBouw, the €54bn pension fund for the Dutch building sector, has scaled back its tactical real estate allocation by 1 percentage point to 16%. Director David van As said the pension fund wanted to “restrain” growth, as its real estate investments were “predominantly illiquid, in core areas and subject to tight restrictions”. He added that BpfBouw’s long-term target property allocation was 20%, including a 1% allocation to listed real estate in its equity portfolio.Last year, the industry-wide scheme returned 24.5%, according to its annual report.last_img read more

Surrey’s former England stars to be paraded as county marks 100 Oval Tests

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first_imgKEVIN Pietersen, Bob Willis and Alec Stewart will lead a parade of Surrey’s England Test players as the county celebrates 100 Tests at The Oval.During the tea interval on Saturday – day three of the match between England and South Africa – the majority of Surrey’s England stars will do a lap of honour.The youngest will be Zafar Ansari, who made his Test debut during England’s tour of Bangladesh and India last winter – before retiring, aged 25, in April.At the other end of the spectrum is the 84-year-old Micky Stewart, father of Alec, who was captain and coach of Surrey, as well as England coach. He also played eight Tests.In Stewart’s honour, the pavilion will be officially renamed the Micky Stewart Members’ Pavilion tomorrow morning.Throughout the Test, a banner will be attached to the gasholder that overlooks the ground, bearing images of WG Grace, Sir Don Bradman, Michael Holding, Alastair Cook, Stewart and Pietersen.When they pass the Bedser Stand, spectators will also see posters listing the matches Surrey have chosen as the 10 best in the ground’s history.One of those was the Test at the end of the 2005 Ashes series, when Pietersen’s 158 helped England secure the draw they needed to regain the urn for the first time in 18 years.The key man throughout that campaign was Andrew Flintoff, whose performances with bat and ball were central to England’s victory. Four years later, in his final Test, Flintoff ran-out Ricky Ponting to push England towards the win that secured a 2-1 series triumph.Flintoff, who played in 79 Tests, said: “I didn’t want that day to end. I was daydreaming, looking around the ground and trying to take everything in one last time.“As the wickets were falling, it was bittersweet because we were winning but this was the last time I would have the Three Lions on.“Ricky Ponting was so unlucky because I was daydreaming and I just threw the ball as hard as I could. Then when it hit I tried to style it out and made it look like I knew exactly what I was doing.”10 out of 10 top Tests at The Oval1880 – In the first Test to be played in this country, England beat Australia by five wickets.1882 – Australia defeat England, a mock obituary is published in the Sporting Times and the Ashes is born.1902 – England recover to beat Australia against the odds after Gilbert Jessop hits 104 in 77 minutes.1938 – Len Hutton scores 364 against Australia, at the time the highest individual total in Test history.1948 – Sir Don Bradman needs only four to end his Test career with an average of 100 but is out for a duck.1953 – In the year of the Coronation, England beat Australia in a Test series for the first time in 20 years.1968 – South Africa-born Basil D’Oliveira scored 158 to seal victory over Australia.1976 – Michael Holding takes 14 wickets and Viv Richards scores 291 as West Indies crush England.1994 -| Devon Malcolm (above) tells South Africa: “You guys are history” and backs it up when he takes nine for 57.2005 – Kevin Pietersen’s 158 ensures England draw the match and win the Ashes for the first time since 1987.last_img read more

Quarter-finals of SC Business League have finished

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first_imgMatches of quarter finals of SC Futsal Business League have finished and the following teams have qualified to semi-finals: Amadeus, BH Pošta, Bosnalijek and Zamm.In quarterfinals Amadeus defeated Skenderija with 5:0, BH Pošta defeated Lutrija BiH with 2:1, Bosnalijek defeated Coca-Cola with 3:2 and Zamm defeated BH Telecom with 5:1..Players of BH Pošta were Šarić, Janjoš, Čekić, Ajanović, Hrvat, Džafo, Krka, Pašić, Tahirović, Salčin, Bogunić; of Bosnalijek Alihodžić, Bekan, Hasanović, Ražanica, Zukić, Sipović, Alić, Mrguda, Ersin, Mrguda Ermin and of Zamm Žunić, Sućeska, Sokolar Sanel, Tiro,Sokolar Semir, Valjevac, Jusufspahić, Habibija, Mujezinović, Muftić, Dolovac(source: scsport.ba)last_img read more