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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

Sagay City emerges as filmmaking hub of NegOcc

first_imgThe directors,most of them first-time filmmakers, created the flicks based on the mappedheritage and cultural properties of Sagay. Entries to theSine Margaha will be judged by Sagaynon artist Ronnie Lazaro, Cebuana actor andsinger Chai Fonacier, film critic Tito Valiente, filmmaker MassahGonzales-Gamboa, and Sine Negrense Festival director Adrian Torres. “We encouragehomegrown writers and directors to create a film depicting the Sagaynonheritage, culture, and lifestyle,” Mayor Alfredo Marañon III said on Friday. The City ofSagay has partnered with the Film Development Council of the Philippines underthe Office of the President to organize the event. The filmsinclude “Ang Inangtan” directed by Junmarl Alconga; “Bucket List,” by Syrha P.Soniega; “Damgo Ni Meme,” by Jeyannah Mae Ceferiano; “Gugmang Kinaadman,” byJessa M. Arnado; “Paabot,” by Trini Archie Garcia; “Palapak,” by Marc AllanPaglinawan; “Paon,” by Seb Valdez; “Pinta” by Maureen D. Martin; “Sorhuano,” byDarren Joy Giganan; and “Tukar,” by Rayne Barong. Behind the scenes of the film ‘Bucket List’ directed by Syra Soniega. It is one of the 10 entries in the first-ever Margaha Film Festival in Sagay City, Negros Occidental slated to open on Feb. 17. SAGAY CITY INFORMATION AND TOURISM OFFICE The three-dayfestival will feature 10 films, which were all written and directed bySagaynons. Other partnersinclude artist group Syano Artlink, Office of 2nd District Rep. Leo RafaelCueva, BG Connexxion and Moving Bridges Foundation, Northern Negros StateCollege of Science and Technology, Department of Education Division of Sagay,and Kayab Films.center_img During theclosing ceremony on Feb. 19, a total of 20 special awards will be given.Winners of the first, second, and third best pictures will receive cash prizesworth PHP10,000, PHP8,000, and PHP5,000, respectively, while finalists will getPHP3,000 each.(With a report from PNA/PN) The MargahaFilm Festival or Sine Margaha is the first-of-its-kind in the province is slatedto open on Feb. 17. It is set along the kilometer-long shoreline of Margaha(black sand) beach of Sagay, where the home of the famed visual artistNunelucio Alvarado is also situated. They received smallseed funds from the city government to start their production last month. Theparticipating teams also attended a workshop on cinematography, acting anddirecting last December. Marañon notedthat Margaha Film Festival is an event that inspires collaboration, ingenuity,and artistry of the Negrenses. BACOLOD City –The City of Sagay is poised to become the filmmaking hub of Negros Occidentalas it showcases the North’s picturesque seascape with rich local arts andculture in the first-ever Margaha Film Festival. “After thefestival, the city government will form an organization of filmmakers in Sagayto continually hone their skills,” he added.last_img read more

Why Canada wont necessarily follow any US rate cuts