The financial position of Dutch pension funds PGB, PNO Media and PND has worsened significantly over the third quarter, due to the combined effect of falling interest rates and anaemic equity markets.As a consequence, funding fell sharply, having a knock-on effect on official policy funding – the average coverage over the 12 months previous and the criterion for indexation and rights cuts.The €4.9bn PNO Media said its policy funding fell by 2.1 percentage points to 98.4% following a quarterly drop in its actual funding of 8.6 percentage points to 94.2%.The pension fund attributed the narrowing coverage ratio to interest rates, which fell by 26 basis points to 1.7%. A 2.7% loss on investments over the quarter translated to a 3-percentage-point drop in the coverage ratio.The scheme reported quarterly losses of 9.7% on equity and 11.4% on local currency-denominated emerging market debt.Government bonds returned 4.3% year to date.Infrastructure returned 4.5% over the third quarter and 8.5% year to date, while private equity returned 6.8% and 21.9% over the same periods.Overall, PNO Media returned 0.5% year to date.In other news, PGB, the €20.1bn pension fund for the printing industry, lost 2.1% on its investment portfolio, bringing its overall return for the year to date to -0.4%.It attributed the performance chiefly to a 10% loss on equity, but it also reported a 2.8% quarterly loss on infrastructure.Infrastructure, which returned 7.7%, and private equity, which returned 15.2%, were PGB’s best-performing asset classes over the first three quarters.Government bonds, meanwhile, returned 4.6% over the third quarter.According to PGB, falling interest rates over Q3 increased its liabilities by €1.2bn to €20.5bn.Its policy coverage fell by 1.5 percentage points to 102.5% in the wake of a drop in actual funding, which decreased by 7.5 percentage points to 97.6%. Lastly, PDN, the €6.5bn pension fund of chemical company DSM, said it lost 2.8% in the third quarter, having reported a 7.4% loss for the quarter previous.It said a €253m increase in liabilities, culminating in a 8.2% drop in actual funding, had exacerbated a €221m quarterly loss.PDN closed the last quarter with a policy coverage of 107.5%.A number of Dutch pension funds have produced disappointing results over the third quarter, including the five largest schemes in the Netherlands, the KLM schemes and Vervoer.
He said other investors can also use the index, which comes in addition to the existing MSCI Europe SRI and the MSCI Europe ESG Leaders.PostNL said its index is applicable to all its European equity holdings, which make up approximately a quarter of the scheme’s entire €2.3bn equity portfolio.The tailor-made index consists of about 200 companies, which is sufficient for a diversified portfolio, said Van de Kieft.The concentration risk in the Europe SRI index is too high as approximately 40% of investments had been made in the top 10 firms, it added.“The addition of the climate goal greatly improves diversification as well as reduces carbon emissions,” the chair said, adding that carbon emissions had been important in the selection process of companies as well as their role in health care and affordable and sustainable energy.“The addition of the climate goal greatly improves diversification as well as reduces carbon emissions”René van de Kieft, chair of PostNLHe said the sector allocation of PostNL’s index matches the MSCI Europe, but the scheme’s approach had led to an underweighting of the energy sector, focusing on firms with concrete carbon reduction targets.“As we have excluded some ‘carbon criminals’, CO2 emissions in our index are no more than 20% of the MSCI Europe’s”.Van de Kieft said that, within the sustainable development goal of health and wellbeing, the treatment of important illnesses, the prevention of pollution as well as food are key subjects.Based on treaties and undesired sectors, including tobacco, the new sustainable index has excluded an additional 18% of the broad index, according to the chair, who noted that the index is overweight healthcare (5%) and the industrial sector (3%).He added that the assessment of pharmaceutical companies took, for example, their pricing policy into account.With the introduction of its tailor-made index, PostNL has replaced TKP Investments as its asset manager for its European equity with Northern Trust, as part of Kempen’s fiduciary mandate.PostNL indicated that it also wanted to increase sustainability of other asset classes, including real estate and direct lending.Van de Kieft said: “Because of the COVID-19 crisis, investors can add conditions to direct lending. This enables us to emphasise the importance of sustainability in covenants, and also set additional credit conditions”.To read the digital edition of IPE’s latest magazine click here. The €8.7bn Dutch pension fund PostNL said it had developed its own sustainable index for European equity in collaboration with MSCI.It said the index covered companies with a high environmental, social, and governance (ESG) rating and had an increased focus on low-carbon firms.“After assessing existing ESG indices, we have opted for a tailor-made one, which offers more leeway to achieving our sustainable development goals and impact investment,” said René van de Kieft, the pension fund’s chair.According to Van de Kieft, the index has been developed in collaboration with MSCI as well as fiduciary manager Kempen Capital Management.
Stuff co.nz 16 November 2014The mother of a 12-year-old boy whose doctor asked him if he was sexually active, watched porn or was having suicidal thoughts is outraged her husband was asked to leave the room during the questioning.The woman, who wishes to remain anonymous, says her son was shocked and her husband appalled when the GP asked the husband to leave so he could ask the boy what she described as “totally inappropriate” questions.“The health issue was regarding a personal area, so we thought it was just carrying on about that,” she said.The GP was following a protocol dubbed a HEEADSSS assessment – which stands for Home environment, Education and employment, Eating, peer-related Activities, Drugs, Sexuality, Suicide/depression and Safety from injury and violence. It is used as a tool to screen youth who may be at risk.The boy had previously had trouble sleeping and didn’t like crowds, but his mother is questioning whether the topics covered were appropriate.“Why do they have to sexualise our children? Why did we not have this topic discussed with us before we consented? We had a right to know.”http://www.stuff.co.nz/national/health/63244134/Doctors-sex-quiz-shocks-mother
Missouri wide receiver Corey Winfield committed to Syracuse on Tuesday, Scout.com reported.The 6-foot-1, 175-pound Winfield had committed to Northern Illinois back in July. But Scout.com reported that Winfield decided to flip his commitment to Syracuse after an in-home visit from new Orange head coach Scott Shafer.Scout.com rated Winfield as a two-star recruit, while Rivals gave him three stars. In addition to Northern Illinois, Winfield had offers from Purdue, Ball State, Western Kentucky, Wyoming, Arkansas State and Miami-Ohio.Winfield displayed his abilities for college scouts at the Elite Football Combine last February, where he ran the 40-yard dash 4.47 seconds.Shafer, who was the defensive coordinator at Northern Illinois from 1996 to 2003, has now earned Winfield’s pledge.AdvertisementThis is placeholder textWinfield is the 15th member of the Class of 2013 to commit to Syracuse, and the first to commit to the Orange with Shafer as head coach. Comments Facebook Twitter Google+ Published on January 22, 2013 at 8:04 pm Contact Chris: [email protected] | @chris_iseman
Paul Lambert believes Aston Villa’s struggles this season owe much to their decision to recruit so many foreign players in the summer.Tim Sherwood was axed by Villa on Sunday after a run of six successive defeats in the Premier League and his predecessor, Lambert, feels dressing room language issues may have played a big part in his demise.The Midlands club made a host of signings from across Europe in the close season, with French-speaking trio Jordan Amavi, Jordan Ayew and Jordan Veretout and Spaniards Adama Traore and Jose Angel Crespo among the additions.“The dressing room seems to be all mixed languages,” the former Villa boss and one-time Borussia Dortmund star told talkSPORT.“When you get into a dressing room and it’s your culture and there are a lot of foreign lads in there, I think the foreign lads have got to know the language.“When I played in Germany, I thought I am going to have to learn really quickly so I knew the football language on the pitch. Looking at Villa at the moment, I’m not so sure a lot of the lads know what’s hit them.”Remi Garde is the favourite to replace Sherwood in the Villa Park hotseat and Lambert believes the club may have targeted the Frenchman due to the current make-up of their squad.“Whether Remi Garde comes in to get a handle on the French-speaking lads, maybe there is an element of that,” he said.