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Ahold pension fund to replace alternatives with mortgages

first_imgThe €4bn pension fund of retailer Ahold has divested its 2.5% stake in commodities and begun selling its private equity and non-listed property holdings in a bid to lower its risk profile.In its annual report, it said it wanted to replace the divested assets with mortgages.The allocation changes come in the wake of an asset-liability management study and the adoption of a dynamic asset allocation, where the ratio between fixed income and equities depends on the scheme’s funding.When the pension fund’s coverage ratio falls below 130%, for example, it seeks to reduce risk by scaling back equities. Its funding at the end of March was just over 108%, following a drop of 2.6 percentage points over the previous quarter.The pension fund’s new strategic asset allocation is 27% equity, 68% fixed income and 5% listed real estate.The Ahold scheme reported a 1.3% loss for 2015, with its 5.7% return on investments failing to offset the 7% combined loss on its interest and currency hedges.Because the currency hedge had such a marked impact on overall returns, the pension fund said it raised its cover of the British pound, the Japanese yen and the Swiss franc to 100%, while introducing a dynamic hedge for the US dollar.The scheme said it could gradually increase its dynamic interest hedge – 60% at the end of last year – to the strategic level of 75% if interest rates rise.Equity and fixed income returned 6.9% and 4%, respectively, over 2015, while non-listed real estate and private equity returned 15.3% and 19.3%, respectively.Commodities returned 9.8% before they were sold in April, while emerging-market debt produced a 6.4% loss. Last year, Ahold offloaded its stake in the commodities investment fund of Bank of America Merrill Lynch and terminated its credit mandate with asset manager Wellington.The Ahold scheme, which employs AXA IM as fiduciary manager, has invested 79% of its asset through mandates.In other news, the €1.6bn pension fund of Dutch regulator De Nederlandsche Bank (DNB) has raised its risk profile, increasing its strategic property allocation from 5% to 8% and expanding its equity portfolio by 1 percentage point to 26%.The pension fund, which kept its interest hedge at 75%, said the adjustment would offer the best opportunity to increase returns with a limited increase in risk.The DNB scheme raised its risk profile last year as well in an effort to increase its surplus return from 1.2% to 1.6%.At the time, it grew its property allocation from 3% to 5% and increased its equity holdings from 17.5% to 25%, while reducing its interest cover from 93% to 75%.last_img read more

Stock shortage drives speedy sales

first_img An unrenovated two-bedroom unit at 4/4-6 Peak Ave, Main Beach sold for $445,000 in 24 hours.“We had six private inspections on the Sunday and an offer the next day which was accepted,” said agent Nicole Bricknell of Cole Residential – Isle of Capri who sealed the deal on 4/4-6 Peak Ave at $445,000.Harcourts Coastal reports 61 sales at a value of $52,647,800 in April, including 26 sales in the final week of that month. At the top end of town, three luxury properties on Sovereign Islands changed hands over a four-day period last week including 1-3 Knightsbridge Pde East which fetched around $6 million in a deal handled by Ray White Sovereign Islands agents Ali Mian and Edin Kara. Suburb booming with mega sales Spa king’s beachside trophy home for sale Across Australia, properties were listed for a median 52 days in April 2020 compared with 60 days for the same period in 2019, despite restrictions and economic disruption from COVID-19.A number of speedy sales are being reported across the Gold Coast, with one Main Beach unit going under contract within 24 hours of inspections late last month. MORE: Every day’s a holiday in this home A luxury six bedrooms home at 1-3 Knightsbridge Pde East, Sovereign Islands sold for around $6 million in April. Search activity on the risecenter_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 For sale search activity increased by a further 4.7 per cent over the past week, marking the sixth consecutive week in growing search activity.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“We are seeing sizeable pools of buyers who have sold their properties over the past few months now looking to purchase their new homes,” said Andrew Bell, CEO of Ray White Surfers Paradise Group. “We are also seeing many buyers who have moved from interstate now looking to purchase instead of continuing to rent.” 4/4-6 Peak Ave, Main Beach went under contract within 24 hours of inspections late last month.Homes have been selling faster despite COVID-19 disruptions as an increasing number of buyers compete for fewer properties.Sellers are the main ingredient missing in the real estate market recovery on the Gold Coast which is showing strong signs of a bounce back as the state eases its way out of restrictions. Data from listings site realestate.com.au (REA) shows homes are spending less time on the market than the previous year while buyer activity is increasing every week. Listings volumes are still well down, however, with sellers slower to regain the confidence to go to market.Andrew Henderson, Real Estate Industry of Queensland Gold Coast Zone Chair, said the easing of restrictions in Queensland from this weekend should stimulate a boost in listings.“Getting sellers back in to the market will be the key going forward,” he said.“Hopefully we should start to see a change as restrictions ease and sellers find the confidence to go to market.”last_img read more