Currency hedge drags on 2014 performance at Switzerland’s Publica
Publica, Switzerland’s CHF37bn (€30bn) public pension fund, returned less than 6% last year and attributed its underperformance against the national average to its foreign-currency hedging.On average, Swiss pension funds returned 8% last year, according to Credit Suisse, UBS and Swisscanto, while Towers Watson’s estimate – based on ASIP members’ asset allocations – was even higher at 10%.In a statement, Publica said its return would have been 8.9% were it not for its policy of hedging all developed nations’ currencies in the portfolio.It was precisely this hedge, it said, that allowed the pension fund to avoid major losses in the wake of the Swiss National Bank’s decision two weeks ago to stop pegging the Swiss franc to the euro. Publica said its foreign-currency hedge had also helped eliminate “non-systematic and therefore unpaid” risks.Deputy chief executive Stefan Beiner told IPE that Publica introduced a policy last year aiming to make maximum and minimum hedging on EUR and USD more flexible.“We are regularly reviewing whether, for tactical reasons, the hedge on dollar and euro investments should be lowered from 100% to 80% at the most, or not,” he said.Swiss consultancy c-alm, in its most recent research newsletter, warned that the cost of foreign-currency hedging had “literally exploded over the past week”, reducing returns measured in USD by as much as 3%.According to c-alm research, a hedged USD Treasury portfolio would now return -2.64% after costs.The consultancy said pension funds would have to decide whether it “made sense” to stick with their hedging strategies in such extreme market conditions.It also warned that “major fluctuations” in hedging costs had made strategy reviews increasingly difficult.Publica, addressing its 2014 returns, also cited the harmful effect of its 2% exposure to energy commodities – comprising crude oil, fuel oil and petrol – which returned -28.9%, knocking another 110 basis points off its overall performance.The main performance drivers were bonds and equities, while real estate also contributed 250bps of return.Overall, the portfolios of the 21 member organisations in the Publica collective scheme reported an average funding level at year-end 2014 of 105%, compared with 104.1% at the end of the previous year.According to Swisscanto, the average funding level in its sample of public pension funds aiming for full funding stood at 106.2%, a 550 basis point increase on 2013.For all other funds, the asset manager calculated an average funding level of 115.6% (+56bps), its highest level since 2004, Swisscanto said.For more on Publica, have a look at Carlo Svaluto Moreolo’s On The Record interview from the December issue of IPE magazine
Brazil’s GranEnergia has been awarded a 93-day contract by Petrobras to support the P31 and P-50 FPSO maintenance campaign with its DP3 accommodation Floatel CSS Olympia.Source: GranEnergiaThe first campaign, P-31 turret-moored FPSO is located in the Albacora field of the Campos Basin offshore Brazil. The FPSO is located in 330m water depth.The compact semi-submersible completed its previous contract with Petrobras at the end of 2018 and has been moored at the Port of Açu since that time awaiting to be mobilized for a Brazilian contract with Equinor, starting late 2019 or early 2020.This six-month plus options commitment with Equinor covers both accommodation and related HUC services supporting expansion of production on the Peregrino II field.With this new contract, Olympia will be under contract until the start of the Equinor contract.Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today please contact us via our advertising form where you can also see our media kit.
By Elroy StephneyFORMER national under 19 wicket-keeper/batsman Nathan Persaud is still focused on the 2020 cricket season despite the Covid-19 pandemic.The diminutive left-hander who hails from the village of Bush-Lot on the Essequibo Coast is one of the county’s most prolific run-scorer.He is among four centurions in the current South/Central Essequibo T20 tournament which was suspended due to the virus. Persaud, however is using his time meaningfully by having his routine training indoors and watching previous global T20 matches on television.“I am fully committed to ensuring that I remain mentally and physically ready for the resumption of the season and to continue my rich form,” responded Persaud when asked about his schedule.He currently represents Bacchus Bulls and had his first semi-professional stint last year in Canada, representing Apollo Cricket Club.The 22-year-old was also eager to state that he has aspirations of representing Guyana in the future and has been putting in the hard work to constantly improve his game.“There are areas that I am seeking advice on including my glove-work and batting technique and so far there are improvements that augurs well for my general development,” posited Persaud who represented the winning Guyana team at the youth level in 2016 when the tournament was held in Jamaica.He has since become one of the most identifiable cricketer in the county with his trade-mark square-cuts and flicks and his lightening glove-work behind the stumps.Despite not having the chance to be on the field at this time, the flamboyant cricketer made the appeal to the general public to adhere to the medical advice and take the necessary precautions to preserve lives.He is also encouraging athletes to use the time being away from the sport to reflect and make new goals that can be achieved whenever play resumes.
…Ian Whatmore cleared to succeed himCOLIN Graves will end his five-year tenure as ECB chairman on August 31, with Ian Watmore cleared to succeed him following a review into the circumstances of his departure from the Football League.The decision was confirmed by the ECB board in the wake of the decision to postpone the first season of the Hundred until 2021.Graves, who was appointed as chairman in May 2015, had been an integral figure in the creation of the new competition, and last year agreed an extension to his tenure until November 2020, in order to oversee its inaugural season, which had been due to run from July 22 to August 14.Now, however, with the Covid-19 outbreak forcing a suspension of all cricket in England and Wales at least until July 1, Graves has agreed to end his term early. While there is much work to be done in the interim as English cricket grapples with the challenge of the pandemic, Graves’ focus is sure to veer towards his bid to become the new ICC chairman, with the election due to take place at the AGM in June.Commenting on his decision, Graves said: “With the launch of The Hundred unavoidably moved to 2021, I have reviewed last year’s extension of my term as Chair, and put a request to the Board to now finish early, on 31 August.“It feels important to both the game and the ECB Board, to allow Ian Watmore to commence his role earlier than originally agreed. I have no doubt that his wealth of experience in sport, business and government will be invaluable as we navigate through this crisis“I have been extremely heartened by how cricket has come together in these recent, unimaginable times. There remains a long road ahead, but I have immense confidence in the excellent leadership of Tom Harrison, our Executive Management Team and the ECB Board as they shape the direction of our response to COVID-19.“It has been a privilege to work with so many passionate people across the game who are driven by their belief in cricket’s power to improve lives and connect communities.“There is still much to be done in the coming months as I continue to lead the ECB during this challenging time. As we get closer to August I will look forward to saying my farewells and sharing good wishes to all those I have worked alongside.”Watmore’s tenure still needs to be rubber-stamped by the first-class counties at the ECB’s AGM at the end of May, but he has received a vote of confidence from the board following a week of newspaper allegations about his conduct while serving as the chairman of the Football League.According to a report in the Daily Mail, Watmore had been involved in discussions over a breakaway league that could have jeopardised a £595 million broadcast deal with Sky Sports, who are also the ECB’s principal partners. The report also claimed he left his role, citing ill health, the week after the EFL had announced an independent inquiry.However, the ECB confirmed that a review into his appointment, by a sub-committee of directors comprising Barry O’Brien, Katie Bickerstaffe and Martin Darlow, had uncovered no wrongdoing. In addition, it was concluded that the appointment process had been undertaken in a “thorough and professional manner” and the Board now regards the matter closed.Watmore’s appointment was unanimously endorsed by the ECB Board on Wednesday, where fellow board members Darlow and Lucy Pearson also had their terms extended.(ESPN Cricinfo)
“It’s going to be hard to cram all this in as well as a possible end to the league,” Hernandez told French media group L’Equipe.“The Champions League concerns all the countries affected by coronavirus. It will be difficult to get everyone out of lockdown, to be in similar condition but also just to meet up, to travel to Italy, Spain, England or France.“You have to be realistic. I think it will be impossible to finish in the Champions League in these times, especially if we favour ending the domestic leagues.”Bayern have been one of the Bundesliga clubs that have resumed training under strict conditions.From last Monday, they have been training in separate small groups to adhere to the social distancing guidelines.“The conditions are very strict. We are in small groups of four. We do not meet the others,” Hernandez explained.“We train at different times to avoid contact. The changing rooms are also arranged differently. We don’t occupy the same pitches.“But as soon as it’s over, we’ll quickly go and shower and eat at home. This is another way to get the machine up and running again.”Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram With his team just one leg into the quarter finals of the competition, Bayern Munich defender Lucas Hernandez believes it will be ‘impossible’ to finish the Champions League this season.UEFA has suspended both the Champions League and Europa League indefinitely due to the coronavirus pandemic. All domestic leagues have also been postponed with no return date in sight, which is likely to cause huge fixture congestion once football returns.UEFA President Aleksander Ceferin has said he would consider finishing the European competitions behind closed doors but will accept they might have to be cancelled if they were unable to resume by September.
After Chelsea’s shock exit on Tuesday night, United were beaten 3-1 on spot-kicks by Middlesbrough last night at Old Trafford after Ashley Young missed the decisive spot-kick.Boro will now host Everton in the last-eight after the quarter-final draw was made after last night’s matches.After wins over Aston Villa and Bournemouth respectively, Southampton and Liverpool will go head-to-head at St Mary’s. Reds boss Jurgen Klopp was pleased to have registered his first win at Anfield.Also last night, Man City thrashed Crystal Palace 5-1 to set-up a quarter-final against Hull and the other last-eight tie will see Sheffield Wednesday visit Stoke.
Ghana midfielder, Anthony Annan, says he is still available for selections to the senior national team despite not playing for the country since the 2013 AFCON in South Africa.Annan has made 67 appearances for the Black Stars since making his debut in 2007 against Brazil in an international friendly in Sweden.Now 33, Annan currently plays for FC Inter Turku in the top tier league of Finland and feels he is still in a position to serve his country.“I am available for selection if CK Akonnor [Black Stars coach) needs me. I’m still playing active football in Finland,” Annan told Akoma FM.“Ghana is my country and I cannot turn my back on my country if my services are needed.“I don’t know much about Akonnor but I know he was selected based on his competence and I believe with our support, he will surely deliver,” Annan concluded.
The International League of Humanists, based in Sarajevo, will award with the Golden Charter “Juan Antonio Samaranch” the BiH Football Team and the coach Safet Sušić. The President of the International Football Federation (FIFA) Sepp Blatter, in October will deliver the Golden Charter, said for Fena, the Secretary General of the League Zdravko Šurlan, adding that the charter is granted as a sign of gratitude that this selection represents BiH in the world.“They are our best ambassadors in the world”, said Šurlan.He clarifies that the former president of the International Olympic Committee Juan Antonio Samaranch 2007 gave to the League the authority to use his name for the construction of human civilization and peace through sports and recreational activities.The invitation for the event was sent to the President of the European Football Federation (UEFA) Michel Platini. (Source:oslobodjenje.ba)
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But from the resulting corner, it was United who took the lead.Daniel James led the counter from one end of the field to the other and after his cross just evaded Rashford, the England international cut the ball back to the edge of the box where McTominay smashed into the top corner.That was the first goal United had scored a goal from open play at home in the first-half this season.But they soon needed a second as Arsenal struck back after the break thanks to VAR.Saka pounced on a loose pass deep inside the United half and fed Aubameyang, who had been flagged offside, before dinking the ball past De Gea.However, replays showed he was clearly played onside by Harry Maguire and his eighth goal of the season was allowed to stand.Seconds later, Unai Emery’s men were unlucky not to be in front when Saka’s shot from Callum Chambers’s cross was deflected just over by Victor Lindelof.Attack looked like the best form of defence for Arsenal as their backline never looked comfortable at holding out for a point.Pogba fired inches wide from the edge of the area before McTominay somehow didn’t score his second of the night with a free header six yards out from a corner.Leno produced a fine save to turn a piledriver from Maguire over as the world’s most expensive defender tried to atone for his earlier error.But the German goalkeeper’s best save of the evening came at the death as he flew to his left to turn Rashford’s powerful free-kick to safety.Share on: WhatsApp Pierre-Emerick Aubameyang secures point for the Gunners at Old Trafford. PHOTO via @premierleagueManchester, United Kingdom | AFP | Pierre-Emerick Aubameyang’s second-half strike, awarded by VAR, denied Manchester United a much-needed win to kickstart their season as Arsenal emerged from Old Trafford with a 1-1 draw on Monday.Scott McTominay’s stunning strike to give United the lead was a rare moment of quality in a poor first-half.However, Ole Gunnar Solskjaer’s men could not hold out for all three points as Aubameyang’s goal just before the hour mark was allowed to stand despite the Gabon international being initially flagged offside.United have now won just two of their last 12 Premier League games dating back to last season and sit 12 points adrift of leaders Liverpool just seven games into the campaign.A point is enough to edge Arsenal back into the top four on goal difference and maintain their three-point advantage over United, who move up to 10th.For many years the clashes between these sides were the Premier League’s marquee fixtures. United and Arsenal were the champions of England for nine consecutive seasons between 1996 and 2004.However, the fact the were facing off a Monday night because neither are in Champions League action later this week was reflected in a first 45 minutes devoid of quality.It took 28 minutes for either goalkeeper to be tested as Arsenal’s Bernd Leno saved well low to his left to deny Andreas Pereira after a solo run.United have not scored more than one goal in any match since the opening day of the season and, even against an Arsenal defence that had conceded nine goals in their last four league games, looked toothless when not afforded space to counter-attack into.Arsenal, though, played right into the hosts hands in the final five minutes of the first-half.Firstly, Marcus Rashford wasted a huge chance when played in behind by Paul Pogba’s through ball with the Gunners furiously protesting for a free-kick against the Frenchman as he dispossessed Matteo Guendouzi.Arsenal then had the chance to strike on the counter-attack themselves as from a United corner the visitors burst forward through Bukayo Saka and after his effort was palmed away by David de Gea, the Spaniard got back in position to block Guendouzi’s follow-up effort.