AP1 boosts defences in first half with shift out of equities

first_imgMagnusson also warned against focusing too much on the pension fund’s short-term investment performance.“Sometimes the world outside has expectations that the AP funds should immediately take action solely against short-term losses,” he said.“This risks reducing the opportunities for decision makers on all levels in management organisations to exploit one of our most important comparative advantages – our ability to act long-term,” Magnusson said.Equities produced a 1.9% profit overall for AP1 in the first half, with Swedish shares returning 6.2%. However, emerging markets shares made a 0.7% loss.Fixed income investments made a 0.1% loss.Real estate, however, made a 7.5% return, and infrastructure gained 2.5%.Venture capital funds generated 8.2% in the period, but hedge funds ended June with a 4.2% loss over six months.Between January and June, AP1’s exposure to equities slimmed to 35.7% of its portfolio from 37.9%, while fixed income securities grew to 33.7% from 31.7%.Within equities, the pension fund’s allocation to emerging markets equities increased slightly to 14.7% from 14.2%, while the allocations to both Swedish and developed markets equities were reduced.Total assets increased to SEK337.5bn (€32.9bn) by the end of June, from SEK332.5bn at the end of December 2017, after SEK3.3bn was transferred to the pension system.Magnusson said the new set of investment rules governing the four main AP funds, due to come into force on 1 January next year, would improve the funds’ conditions for being able to reach their return target.This was the first step in the modernisation of the investment guidelines, he said.“It is now important that the next step is taken, which will define the opportunities for direct investments in unlisted assets such as infrastructure companies, illiquid credit and joint investments in unlisted companies,” he said. Swedish state pensions buffer fund AP1 made a defensive shift in the first half of this year, reducing its equity exposure and increasing the fixed income allocation to protect its portfolio from the risk of weakening markets.In its financial report for the first half of this year, the fund reported a 2.5% return on investments, compared to the 9.6% return achieved for the whole of 2017.Johan Magnusson, chief executive of the Stockholm-based fund, said in the report: “[AP1] has taken small steps in the first half of the year towards a somewhat more defensive portfolio orientation.”There were no big shifts, he said, but the changes made indicated that AP1 recognised the current late stage of the economic cycle and the fact that the risks of a weaker market trend had increased.last_img read more

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Futacs leaves Leicester

first_img The Hungarian, who has been capped three times by his country, made just a handful of appearances for the Foxes during his two-year stint at the club and spent most of last season on loan at Diosgyori VTK, having previously been loaned to Blackpool. It has been decided by both parties that he is surplus to requirements at the King Power Stadium and he becomes a free agent with immediate effect. Leicester have announced striker Marko Futacs has left the club after it was mutually agreed to cancel the remainder of his contract. Press Associationlast_img read more

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The Latest: Britain hopes to start boxing again in July

first_imgThe British Boxing Board of Control says events would likely be held without fans initially and with an emphasis on “minimal numbers” of officials and broadcast personnel.Anyone at the events will have to have been in pre-fight quarantine and had tests for COVID-19. There will initially be a maximum of five contests in a show.The BBBofC says it continues to follow advice from government and medical authorities.The biggest fight that could take place in Britain in July is Anthony Joshua’s defense of his world heavyweight belts against Kubrat Pulev in London.The fight was initially scheduled for June 20 but was postponed. It could now be held on July 25. The Latest: Britain hopes to start boxing again in July Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___British boxing’s governing body says it hopes fights can be staged from July. April 30, 2020 ___Germany is beginning to roll out coronavirus testing at soccer clubs in the top two men’s leagues in the hope of resuming the season next month.The German league tells news agency DPA the tests will start immediately.The Bundesliga’s plan to resume in May rests on regular testing for players. That is likely to be before they resume full-team training and before each game.Thousands of tests will be needed to complete the season. That has fueled criticism that the plan wastes resources. The vice president of Germany’s public health institute said last week testing should be focused on people who have symptoms or were linked to an outbreak. Associated Press The first eight track meets on the Diamond League circuit have been postponed. Lausanne was the fifth in order of the seven left on the calendar.___The Italian sports minister says the government will create an economic safety net if it orders the Serie A soccer season to be shut down.Vincenzo Spadafora says if the season isn’t allowed to resume “we will assume responsibility so that soccer … has the least damage possible. Because it’s worth remembering that soccer is a big industry in our country.”But Spadafora is still leaving open the possibility that teams can resume training if sports and government officials agree on a proper health protocol. He says resuming training “will have a positive effect on the possible resumption of the season.” ___The Diamond League track meet in Lausanne, Switzerland, won’t happen as scheduled on Aug. 20.Organizers of the Athletissima say they are now looking at “alternative options and formats that could still be considered in order to offer athletes the possibility to compete.”Switzerland’s government has prohibited gatherings of more than 1,000 people until the end of August.Athletissima organizers say “it is currently impossible to allow a high number of people to gather in a confined area.” ___Paris Saint-Germain says there is “nothing official” but didn’t deny that it was about to be declared French league champion.The French season ended early because of the coronavirus pandemic and sports daily L’Équipe says on its website that a decision on the league standings was expected to be ratified by the LFP’s board of directors.The French government called off soccer and rugby leagues in the country on Tuesday and ended plans to resume.The top two divisions in French soccer had 10 rounds of matches left to play. PSG led second-place Marseille by 12 points and played one game less. Marseille stands to qualify directly for the Champions League while third-place Rennes would enter the qualifying rounds. Spadafora adds that if the protocol can’t be agreed on “the government will declare the end of the season.”___The French soccer league has launched a lottery to help raise funds for hospitals and medical staff dealing with the coronavirus pandemic.Fans have a chance to win a signed jersey in exchange for an online donation of 5 euros ($5.40) to the “Tous Unis contre le Virus” (All United against the Virus) campaign.French champion Paris Saint-Germain’s jersey is co-signed by Kylian Mbappé and Edinson Cavani. Dimitri Payet was one of France’s best players when the team reached the 2016 European Championship final and he has signed the Marseille jersey. Houssem Aouar signed Lyon’s jersey.The French league says 2 million euros ($2.2 million) has already been raised through previous fundraising in French soccer.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6last_img read more

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