​Denmark roundup: LD awards global equities mandate to GuardCap

first_imgDanish pension fund manager LD Funds has selected Canadian-owned London-based manager GuardCap to run a global equities mandate, it has announcedKristoffer Birch, LD Funds’ head of equities, said: “We have lacked a manager who can give us exposure to quality companies with high growth and high earnings, which both perform well in growth environments with low interest rates as we have now – and at the same time can protect the portfolio in crises.”GuardCap, which says it focuses solely on concentrated, bottom-up, strategies, was up against 33 other Danish and international asset managers in the EU procurement process, LD Funds said.Birch said it had also found GuardCap compelling because it had integrated ESG analysis and active ownership into its stock analysis and selection. The mandate award was the result of a tender launched in March, originally for an expected sum of DKK400m (€54m).Even at that stage, LD Funds did not know exactly how much its external managers would be required to invest on its behalf, because one of the two pension funds it runs – the holiday allowances fund  LD Feriemidler – depends on choices made by employers contributing the allowances.However, since March, LD Funds’ operating environment has changed significantly, with parliament having voted to disburse two thirds of the DKK100m of holiday allowances now rather than on retirement, in order to combat economic effects of the pandemic.LD Funds now manages DKK35bn in the mature fund, Lønmodtagernes Dyrtidsmidler, and DKK40bn in LD Feriemidler.The Frederiksberg-based pensions manager said it now had only one more equities mandate left to award in the series of tenders it has been conducting over the last year.Equities and alternatives weigh on PFA’s H1 returnDenmark’s biggest commercial pension provider PFA has said its overall return on investments for the first half of this year was dragged down by losses on equities and alternative investments, including real estate.The pension fund reported a 3.4% investment loss for its market-rate pension clients and a 0.8% loss for those with average-rate products, with total assets for the parent company rising to DKK599bn from DKK593bn at the end of 2019.Allan Polack, PFA’s group chief executive, said: “We have had a strong focus on limiting the negative return for customers, when the COVID-19 pandemic seriously shook the markets, and since then we have been part of the upturn, so the losses have largely been made up.”PFA reported a total investment loss in absolute terms for the period of DKK2.2bn, with listed foreign equities ending with a negative 7.7% return after currency hedging and Danish listed equities returning -0.9%.“The return on investment was primarily brought down by negative returns on shares and alternative investments, while there have been positive returns on interest-rate hedging,” the firm said in its report.Real estate and alternatives ended the period with negative returns of 1.2% and 5.7% respectively, it said.Polack said: “Having a negative return is never satisfactory. On the other hand, it has been an extreme situation and we must also be pleased that the financial markets recovered quickly.”At the holding company level, PFA reported a rise in total assets to DKK721bn at the end of June from DKK688bn at the end of 2019.PBU: 90% of members value responsible, sustainable investmentIn a new survey Denmark’s Pædagogernes Pension (PBU) says that in a new survey, 90% of its members said it was important for their pension fund to be invested responsibly and sustainably.The member-owned pension fund for education practitioners – mainly kindergarten staff – said the poll ranked child rights as the highest specific priority for members, with 33% putting the issue at the top of their list, followed by climate, with 16% of respondents giving that the highest priority.Sune Schackenfeldt, PBU’s chief executive, said the fund was actively working for a global transition to an economy less dependent on fossil fuels – which focused on renewable energy and green technology – while simultaneously trying to create the best possible return for scheme members.“It is therefore very positive that [members] share the social and climate ambitions we have,” he said.last_img read more

Podcast: Lane Kiffin Fired

first_imgSports editors Will Laws, Nick Selbe and Lifestyle editor Euno Lee discuss the newest development in Trojan Football with the firing of Lane Kiffin early Sunday morning, the future of the team under interim head coach Ed Orgeron, as well as the future of the coaching staff.Follow Will @WillLaws, Nick @NickSelbe, Euno @eunowhat and Daily Trojan Sports @DT_Sports on Twitter for more updates.last_img

Syracuse advances to national championship game with 80-59 win over Washington

first_img Published on April 3, 2016 at 10:21 pm Contact Jon: [email protected] | @jmettus INDIANAPOLIS — Syracuse head coach Quentin Hillsman turned to the Syracuse fans behind the bench and wagged one finger in the air.“One more,” he said. “One more,” as a smile spread across his face.Then he turned to his bench and said the same thing to each one of his players.“Just one more game,” Hillsman said at the postgame press conference. “That’s it … and we’re really excited about it.”Three years ago Syracuse didn’t have an NCAA tournament win to its name. Even prior to this year, the Orange hadn’t made it out of the second round. This season: first time hosting tournament games, first Sweet 16, first Final Four and now first NCAA title game appearance.AdvertisementThis is placeholder textFourth-seeded Syracuse (30-7, 13-3 Atlantic Coast) topped seventh-seeded Washington (26-11, 11-7 Pac-12), 80-59, in the Final Four at Bankers Life Fieldhouse in Indianapolis on Sunday night to advance to the national championship game.SU’s last challenge this year will be against Connecticut — a team that hasn’t lost in the NCAA tournament in the last 3 seasons or in 37 games this year. The Orange’s chance at the unthinkable will come on Tuesday at 8:30 p.m.“Every year at media day he says the same thing and we believe the same thing that we’re going to win the national championship and we’re going to compete for the national championship,” Syracuse guard Brittney Sykes said of her head coach. “We’re doing that right now. Whether it took us two years, three years, four years, we’re here, so we’re here in this moment. We’re living in this moment. Tuesday, we’ll be competing for what he’s been saying all his years here.”“I knew coming in that this was a great group,” first-year assistant coach Tammi Reiss said before the team left for Indianapolis on Thursday. “I never thought we’d be contending for a national championship.”And while SU didn’t make it look as easy as Connecticut did, beating Oregon State 80-51 in the earlier game, the Orange did go up by as much as 19 in the second quarter.With about five minutes still left before halftime, all nine players that had played for Syracuse had scored.Washington’s saving grace was Talia Walton, who scored 19 points and was 6-for-6 on 3-point attempts in the first half, single-handedly keeping the Huskies in the game. Washington’s first 2-point field goal didn’t come until there were five minutes left in the half.“You understand that what’s at stake is you could go home,” Sykes said. “That puts fear in you and you want to go out and give your all.”More than two months ago, Hillsman called his team wounded after back-to-back blowout conference losses that caused the Orange to be unranked for two months. He said it needed to figure out how to beat ranked teams. It was the team’s responsibility to get better.Having its lead swell to 24 points in the third quarter of the semifinal game, SU showed that it did. Add that to the Orange’s current streak (that started after those two losses) in which it has won 16 of its last 17 games — losing only to Notre Dame in the ACC championship game.“We ran into the hottest team in the tournament,” Washington head coach Mike Neighbors said. “They continue to play like they have been the last month and a half of the season … When you get a team that’s this hot this late in the season that really fuels the energy and it’s really hard to stem the flow.”The defense was a typical Syracuse formula of a press causing turnovers. The Orange forced 18 and turned them into 20 points. Offensively, it was a distributed effort that saw five players score at least eight points.“Right here, we got this,” Syracuse center Briana Day yelled in the team huddle before the fourth quarter. “Right here.”And the Orange did as the Huskies spiraled out of control in the final frame.In a season of a historic amount of firsts for Syracuse, the team has just one left — a national championship. Comments Facebook Twitter Google+last_img read more