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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Christians best in Shawano barnburner

first_imgThe four quickly closed to the back bumper of Snellenberger. Michonski ran the high side with the oth­ers working the low side. Lap after lap, positions were swapped between the challengers with Snellenberger maintaining a slight lead. Marcus Yarie was the IMCA Modified winner and Sawyer Haese topped the Karl Kustoms North­ern SportMod main. By Dave Buss  Rod Snellenberger took command of the race in the first few laps but was soon joined by Dan Michonski and Eric Arneson as Christians fought through traffic. With multiple four-wide battles behind him Snellenberger, seemed to be on his way to the win. Michonski, Arneson, Christians and Mike Schmidt, however, had other plans.  On lap 19, slight contact between Christians and Snellenberger caused a tire to begin going down on Snellenberger’s ride. Christians pounced on the opportunity and in a drag race down the front stretch edged out Michonski. Snellenberger held onto third with Schmidt fourth. Jeremy Christians prevailed in the Saturday night IMCA Sunoco Stock Car feature at Shawano Speedway. (Photo by Turn 2 Photos) SHAWANO, Wis. (June 22) – Some on social media were calling Saturday’s IMCA Sunoco Stock Car feature at Shawano Speedway one of the best they have seen. Winner Jeremy Christians wouldn’t disagree.last_img read more

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Zion Williamson on leading Duke: ‘I don’t feel the pressure’

first_imgZion Williamson has played an integral role in leading Duke during the regular season and through the NCAA Tournament, but the star forward said he doesn’t “really feel the pressure.” At just 18 years old, Williamson has come up big down the stretch when the Blue Devils needed it most. Of the four conference games Duke lost this season, Williamson was out for three recovering from a knee sprain. He helped secure the ACC Tournament victory against North Carolina with 31 points and 11 rebounds. And when it looked like Central Florida was going to win the second round of the NCAA Tournament, Williamson dropped another 32 points and 11 rebounds.  But Williamson doesn’t believe he needs to have a “monster game” every night because of the depth Duke has with freshmen R.J. Barrett and Cam Reddish. “I don’t feel the pressure to have that every game because we have a lot of talented players on this team,” Williamson told reporters. “So like we just move the ball and attack. And whoever has the hot hand, that’s who is going to have the monster night.” Related News Mike Krzyzewski on Duke’s freshmen: ‘If you like basketball, you should like these kids’ Junior forward Jack White gave credit to Williamson for how he has handled the expectations this season.“He always handles it all in a great way,” White said (via USA Today). “Just being around him every day, if you didn’t know that, then you’d have no idea about all the attention he receives. He’s just like another guy on our team, really, in how he acts and carries himself. And as a teammate, he’s just great. He’s just all about winning. He just lets his game do the talking.”center_img Coach Mike Krzyzewski, however, acknowledged “there’s pressure on us all the time” and addressed some of the expectations that come from being a Blue Devil.“You have to make sure that you’re adapting to coaching a young group at this time in civilization, and not four years ago or five years ago,” Krzyzewski said. “And these guys have been really good to adapt to. Our program has incredibly high expectations from within and from without. And that’s good. And so if we succeed, we succeed famously. And if we do not succeed, we have tried to succeed famously. And I like that aspect of our program immensely.”East Region’s top-seed Duke will face No. 4 Virginia Tech in the Sweet 16 on Friday, with tip off set for 9:39 p.m. ET. Duke star Zion Williamson explains why he never considered shutting it down after injurylast_img read more

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