Pension reserve fund for Luxembourg returns nearly 4%

first_imgIn 2015, the FDC’s investment vehicle realised a return of 3.8%, according to its annual report.This is an outperformance of 0.32% of its benchmark index, an outcome it attributed to tactical allocation, in particular being overweight global equities.It said performance for 2015 started as a continuation of that of 2014, during which the SICAV had its best results since inception.Equities in particular “literally took off” to allow the SICAV, an open-ended collective investment scheme, to post returns far in excess of the 14% generated from its investments in the asset class at the end of the first quarter.This meant the fund surpassed FDC’s strategic equity allocation of 32.5%, necessitating a rebalancing by divesting within its indexed global equities mandate in favour of three global bond sub-funds.For its money market sub-funds, 2015 was “lifeless”, according to the SICAV’s annual report, generating returns of 8 basis points for an outperformance of its benchmark by 16bps.The vehicle’s euro-denominated bond investments returned nearly 1%, and global bonds 1.02%.Its emerging market bond and equity investments finished the year with negative returns of -5.50%, which it placed in the context of the fall in the oil price and other raw materials and slowing economic growth in China.The FDC SICAV had 21 sub-funds as at the end of 2015 – nine equity funds, 10 bond funds and two money market funds.Two new €250m sub-funds were launched this year for unlisted global real estate investments as the pension reserve fund seeks to meet a 3.5% asset allocation target for property outside Luxembourg.As previously reported, Aviva Investors and CBRE Global Investment Partners were chosen as the managers of these mandates. * Société d’Investissement à Capital Variable, a type of alternative investment fund introduced under Luxembourg’s transposition of the Alternative Investment Fund Managers Directive (AIFMD). FIS is the acronym for the French term for specialised investment funds. The investment company running the majority of assets managed by the €15bn Luxembourg pension reserve fund obtained a return of 3.8% last year, according to the vehicle’s 2015 annual report.Created in 2007, the Fonds de Compensation de la Securité Sociale SICAV-FIS* is the investment vehicle for the state pension reserve fund Fonds de compensation (FDC), in turn established in 2004.As at the end of 2015, the investment company had €14.4bn of assets under management (AUM), up from €13.48bn the previous year when this represented some 90% of the pension reserve fund’s AUM.The remainder is managed in-house by FDC.last_img read more

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Batesville Chamber of Commerce golf outing announced

first_imgBatesville, In. — The Batesville Area Chamber of Commerce will hold their “Annual Golf Outing” Thursday, May 17 at Hillcrest Golf & Country Club.Registration opens at 9 a.m., shotgun start at 10 a.m. The event includes a putting challenge, hole-in-one contest, door prizes and Margaritaville, and an excellent opportunity for area residents and business professionals to network and develop relationships.For more information call 812-934-3101, email [email protected] or go online here.last_img

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Keegan: Gerrard will be back

first_img “It’s not ended at Liverpool the way he would have liked,” said Keegan, who unlike Gerrard chose to leave Liverpool to test himself abroad with Hamburg while still at the height of his powers. “I’m sure he would have liked to have won something or finished better but he’s going to America now, which is another big challenge for him “I think one day he will come back and manage the club. “He will get offered the manager’s job. His time at Liverpool is not finished.” Having managed Gerrard at international level, Keegan is well-placed to assess the contribution he has made to English football. He is disappointed the midfielder did not achieve his ambition of winning the league title, and while Gerrard has managed to keep his emotions in check as his time has wound down, Keegan believes the enormity of what is about to happen will not sink in for some time. “You never realise what you have until it’s gone and that’s in life, not just in football,” he said. “You don’t realise how good times are sometimes. Like school for example, when you leave school you think ‘I’m glad to leave school’ and then about five years later you think ‘Wow they were the best years of my life and I didn’t realise it’. Former Liverpool favourite Kevin Keegan believes departing captain Steven Gerrard will return to manage the club when his playing days are over. The 34-year-old midfielder is preparing for his 710th and final appearance for the Reds at Stoke on Sunday before he moves to Major League Soccer with the Los Angeles Galaxy. He was given an emotional Anfield send-off last weekend but Keegan is adamant Gerrard will extend his 27-year association with the club at a later date. “It’s the same with Steven Gerrard. Liverpool fans and most football fans worldwide see him as an absolute legend of a player who has sadly not won as much as he should have done. He should have won more for his ability. “The unfortunate thing is that as Liverpool got better Steven was coming to the end of his career, so sometimes it’s just timing. Call it luck if you want. “I gave him his England debut as a kid and it was obvious he would play a lot of times for England. “It was obvious he would be captain of England, it was obvious he would become player of the year and footballer of the year and stuff like that because he had everything. “More importantly he’s a good guy. He had leadership qualities. The last year has been a struggle for him.” :: Kevin Keegan represented the League Manager’s Association (LMA) at the Prostate Cancer UK golf day at Wentworth recently. The LMA are proud partners of Prostate Cancer UK, and people are being urged to search Men United and do something great with their mates via www.prostatecanceruk.org/menunited. Press Associationlast_img read more

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