Dutch roundup: SPMS, SPW, ExxonMobile, Hoogovens

first_imgInflation-linked bonds, with a return of 23.2%, was the best-performing investment category.Holdings in equity (36%), fixed income (43%) and property (8%) delivered 14.2%, 19.4% and 18.4%, while the scheme’s hedge funds portfolio (9%) returned 2.9%.SPMS added that it lost 3.5% on its currency hedge, with 70% of the exposure against the US dollar covered and a 100% hedge of the British pound and the Japanese yen.The pension fund ended 2014 with a funding ratio of 126%.SPW, meanwhile, reported a quarterly return of 5.9%, leading to an annual performance of 23%.It said developed-market equities, credit and government bonds returned 18.9%, 14.8% and 13.4% last year.Its investments in hedge funds, private equity and infrastructure delivered 16.5%, 24.4% and 22.4%, respectively, while real estate produced a 20.4% return.SPW incurred a 27.2% loss on its investments in commodities, mainly due to the sharp drop in oil prices.The pension fund said its interest hedge contributed 14.6 percentage points to its annual result, and that it lost 4.8% on its currency hedge.In other news, the €8bn pension fund of steelworks Hoogovens and the €2.2bn Dutch scheme of ExxonMobil (Protector) are to replace their final-salary pension plans with average-salary schemes to cut costs.However, the Hoogovens scheme pointed out that its final-salary arrangements had been conditional, and that the accrual had already fallen 10% short of the 100% target in recent years.Both pension funds confirmed they would grant their participants inflation compensation, with Hoogovens raising pension rights for pensioners by 0.33% and for active participants and deferred members by 0.94%.It said its decision was based on the indexation rules under the new financial assessment framework (FTK) and its funding ratio of 113.1% at October-end.Protector, whose funding was 129% at the end of December, granted its active participants a full and unconditional indexation of 0.88%, based on the consumer index. SPMS, the €9.3bn occupational pension fund for medical consultants in the Netherlands, and SPW, the €10.5bn scheme for housing corporations, have reported annual returns of 25.3% and 23%, respectively. Both schemes benefited from extensive hedges of the interest risk on their liabilities.SPMS said 13.1 percentage points of its annual return came as a result of its 70% interest hedge via interest swaps.It said all of its asset classes delivered positive results.last_img read more

Bad-boy Suarez denies Blues

first_img For such an odd incident Suarez has previous, having served a seven-match ban for biting PSV Eindhoven midfielder Otman Bakkal while playing for Ajax immediately prior to his move to Liverpool in January 2011. The 26-year-old is no stranger to controversy, having been sent off for a goalline handball in a World Cup quarter-final, suspended for eight matches for racially abusing Patrice Evra and admitting to diving earlier this season. It was even his handball which resulted in Chelsea’s match-winning penalty and it seems inevitable the Football Association will be contacting him again. Benitez remains a hugely divisive figure and that was highlighted no better than with his stepping back out into Anfield for the first time nearly three years after leaving. Supporters warmly welcomed the man viewed as a returning hero in these parts – the only ones not applauding were those from Chelsea whose objections to the Spaniard directly result from his red roots. Chelsea’s opening goal was courtesy of a near-post header by Brazil international Oscar who managed to out-fox Daniel Agger and then beat Jose Reina inside his left-hand post. At half-time Philippe Coutinho was replaced by Sturridge – bought from Chelsea in January – and he instantly changed the dynamic. His first run put Steven Gerrard clean through – only for Petr Cech to deflect the shot wide with his legs – and then he smashed a 25-yard effort against the post. But the England striker did brilliantly to get his feet in the right position to convert an awkward chance from Suarez’s far post cross in the 52nd minute. Liverpool’s bubble was burst pretty quickly, however, as when Suarez handled defending a Juan Mata corner Hazard stroked home from the spot. They continued to press but the closest they came to puncturing a hole in Chelsea’s defence, apart from Suarez’s teeth, was when substitute Jonjo Shelvey fired into the side-netting. However, Suarez produced another talking point by heading home Sturridge’s cross with the clock showing 96 minutes and 34 seconds. The spotlight was supposed to have been reserved for former Liverpool manager Rafael Benitez on his first appearance back at Anfield but Reds striker Luis Suarez upstaged him with a bizarre biting incident and the latest of late equalisers in the 2-2 draw with Chelsea. Press Associationcenter_img Benitez was denied a victorious return to the scene of many of his former glories by player of the year candidate Suarez who ensured the focus was all on him – again. It would not have been until, with Chelsea 2-1 up thanks to Oscar’s header and Eden Hazard’s penalty either side of Daniel Sturridge’s equaliser, he chose to sink his teeth into Branislav Ivanovic as the pair tangled in the penalty area. Referee Kevin Friend missed the incident and despite the Chelsea defender’s protests no action was taken. Suarez’s equalising goal with virtually the last kick of the game in the sixth and final minute of added time will probably be forgotten in the furore which is to follow. last_img read more