Portuguese funds see returns fall as debt allocation struggles

first_imgPerformance figures were submitted by so-called ‘closed’ funds, which are generally pension plans for a single employer or group of companies, and which make up the vast bulk of occupational plans.The WTW universe covers around €13bn in assets, which is 80% of the closed pension fund market in Portugal. It incorporates more than 100 pension funds within the figures to end-December 2016, including the five biggest pension fund managers in Portugal.The figures are based on median performance over each timeframe.The final quarter of the year had produced returns which – at 0.6% – dipped below the previous quarter’s, of 1.4%.Guedes said: “The Portuguese pension fund market has a euro bond exposure of roughly 60%. The fourth quarter was poor for euro bonds in general, and slightly worse for eurozone government aggregate bonds. Another factor in these low returns was probably the high exposure to direct real estate and liquidity, giving a significant ‘cash drag’ effect.”He also highlighted the bias normally found in using local asset managers for local assets: “It’s probably worth noting that the PSI 20 [the top 20 stocks on the Lisbon Stock Exchange] had a painful performance, losing 12% over 2016.”According to regulator ASF, debt was still the single biggest asset in Portuguese pension fund portfolios, with 49% invested directly in the asset class as at end-December 2016. Of this, 31% was in public and 18% in private debt.Direct equity holdings were 8% of portfolios, while direct real estate made up 8%. A further 7% was in cash.In addition, investment funds formed 29% of portfolios, but the split between asset classes was not published.However, estimates from the Portuguese Association of Investment Funds, Pension Funds and Asset Management (APFIPP) broke down the investment fund figures to give an overall asset allocation of 57% in debt, 21% in equities and 13% in real estate.The APFIPP sample covered 87% of the Portuguese pension fund market.Guedes said: “The star of 2016 was definitely the US stock market, mostly due to the ‘Trump effect’ which pushed stock prices through the roof during the fourth quarter of 2016. Given the relatively conservative allocation of the closed pension funds market, the gains arising from the strong performers for 2016 (US, China and oil-driven commodities), were somewhat limited in Portuguese portfolios.” Occupational pension funds in Portugal made an average 1.8% investment return for the 2016 calendar year, down from 3.3% for 2015, according to Willis Towers Watson (WTW).The figures brought average annualised returns for the three years to 31 December 2016 to 4.3%, and for the five years to that date, to 5.8%.Gaudêncio Guedes, an investment consultant at WTW, said: “From the general performance indices, we would have expected around a 4% return overall – excluding real estate – for 2016, if we consider the actual asset allocation of the closed pension funds.“However, the first quarter of 2016 was a tough one for financial markets and it may well have triggered a number of difficult decisions by managers regarding the investment strategies to be adopted that set the path for the rest of the year.”last_img read more

Panthers to retire Roberto Luongo’s No. 1 jersey

first_imgLuongo’s No. 1 jersey is scheduled to be sent to the BB&T Center rafters March 7 before the Panthers host the Canadiens.Luongo will become the first #FlaPanthers player in franchise history to have his jersey number retired on March 7, 2020.» https://t.co/q7q72fVI6l pic.twitter.com/SZd1bykdvr— Florida Panthers (@FlaPanthers) August 12, 2019″Roberto is a cornerstone of Panthers history and an icon of the game,” Panthers owner Vincent J. Viola said in a release. Related News “He has represented himself and the Panthers with tremendous dignity, determination and a standard of excellence throughout his career. Roberto exemplifies what it means to be a Florida Panther. His level of commitment to this franchise, his teammates, his family and the South Florida community is second to none. There is no player more deserving to be the first Florida Panther to have his jersey number retired.”Luongo, 40, retired in June after 19 seasons in the NHL that also included stints with the Canucks and Islanders, citing the hip surgery he had a couple of years ago as a major reason he decided to call it a career. He finished last season with an 18-16-5 record, 3.12 goals against average, and .899 save percentage.In 1,044 NHL games played, the three-time All-Star posted a career 2.61 goals against average and .919 save percentage. NHL free agency news: Kevin Shattenkirk gets 1-year deal with Lightning Roberto Luongo will go down in Panthers history in more ways than one.The team on Monday announced the veteran goaltender will become the franchise’s first player to have his number retired. “I want to thank the entire Panthers organization for this incredible recognition,” Luongo said. “It’s quite an honor to be the first player to have his number retired by the Panthers. I’m truly looking forward to sharing this special night with my friends, family, teammates and the Panthers fans.”Luongo’s 489 career wins put him third all-time behind only Martin Brodeur and Patrick Roy. He also owns Panthers franchise records for games played by a goaltender (572), wins (230), shutouts (38) and saves (16,068).last_img read more

Saina, Kleshchukova Claim Week Five Cross Country Athletes of the Week Honors

first_imgFRISCO, Texas – McNeese’s Daniel Saina and New Orleans’ Arina Kleshchukova are the Southland Conference Cross Country Athletes of the Week, the league announced Tuesday. All Southland Athlete of the Week awards are presented by Hancock Whitney.Saina clinched a first-place finish at the Lake Charles Toyota Cowboy Stampede over the weekend, beating out the second-place finisher by a 10-second margin. The junior closed out the four-mile race with a 4:57.9 average-mile pace in order to secure his second Athlete of the Week award this season.Kleshchukova continued her impressive 2019 run with an individual title of her own at the Cowboy Stampede this past weekend. After beating out the second-place runner by 16 seconds, the junior captured her third individual victory of the season, also sealing her third Athlete of the Week award.Men’s Athlete of the Week: Daniel Saina, McNeese – Jr. – Eldoret, KenyaSaina claimed a first-place individual finish, boosting the Cowboys to a second-place team finish at home this past weekend at the Lake Charles Toyota Cowboy Stampede. The junior from Eldoret, Kenya, topped a field of 104 runners from 12 schools with a 19:51.7 clip. Saina’s performance in the four-mile race marks his second individual title of the 2019 season.Honorable Mention: Kolyn Saltzman, New Orleans; Dustin Worley, Nicholls; Tristan Stellmach, Texas A&M-Corpus Christi.Women’s Athlete of the Week: Arina Kleshchukova, New Orleans – Jr. – Bishkek, KyrgyzstanKleshchukova continued her impressive pace with her third individual title in three appearances, following a first-place performance at the Lake Charles Toyota Cowboy Stampede over the weekend. The junior claimed a 17:34.6 finish in the 4k event, setting a new personal-best time by 36 seconds. Her victory makes her the first Privateer to record three consecutive individual victories since the 2002 season. Kleshchukova defeated the second-place competitor by a 14-second mark.Honorable Mention: Elsa Rijpstra, Nicholls; Valentina Campos, Texas A&M-Corpus Christi.Southland weekly award winners are nominated and voted upon by each school’s sports information director. Voting for one’s own athletes is not permitted. To earn honorable mention, a student-athlete must appear on 25 percent of ballots.last_img read more