Dutch pension fund BpfBouw to expand into local real estate

first_imgBpfBouw, the €40bn pension fund for the Dutch building industry, is planning to increase its investments in Dutch real estate to €6.6bn, having already allocated €500m for new developments. It is also considering investing in property in the care sector, according to its 2013 annual report.Last year, nearly 20% of BpfBouw’s entire portfolio was invested in the Netherlands, and more than half of that was in property.The pension fund expected the extension of its local property holdings would generate stable returns of 3.5%. The scheme said it largely continued to stick with its investment mix of 15.3% real estate, 33.3% equity and 40.5% fixed income.However, the board has decided to set the allocation to private equity, commodities and hedge funds – last year 2.6%, 4.1% and 3.7%, respectively – at 4% each.To reduce its equity risk, it also increased its allocation to low-volatility equity in developed markets from 10% to 25%.BpfBouw started investing in sustainable energy and responsible nature and forestry conservation through ‘green bonds’.The building scheme reported a return on investments of 4.8%.However, this result was halved, following a 3.8% loss on the 66% interest hedge on its liabilities due to rising interest rates, it said.Developed market equity, with a return of 20.4%, was BpfBouw’s best performing investment.By contrast, the scheme incurred a 6.5% loss on emerging market equities.It also lost 1% on its fixed income portfolio, with government bonds, credit and inflation-linked bonds delivering 0.1%, -1.6% and -4.1%, respectively.The scheme’s combined property holdings returned 1.6%, but its stake in global real estate produced 7%, it said.BpfBouw attributed the 16.6% private equity return to the maturing of the portfolio.However, the return on hedge funds did not exceed 0.1%, with Funded Asset Management generating a 3.3% loss.As a consequence, the scheme’s board decided to divest its FAA portfolio gradually.The pension fund said it spent €107 per participant on administration costs last year, adding that asset management and transactions cost 58 and 14 basis points of its asset under management, respectively.BpfBouw has almost 806,000 participants in total, affiliated with 11,620 employers.last_img read more

Under-fire Zidane trolled by Materazzi

first_imgZinédine Zidane Materazzi trolls under-fire Zidane with nostalgic Instagram post Chris Burton Last updated 1 year ago 18:35 2/10/18 FacebookTwitterRedditcopy Comments(2) Marco Materazzi headbutted by Zinedine Zidane Zinédine Zidane Real Madrid Primera División World Cup As the Real Madrid boss attempts to navigate his way through a testing period in Spain he has been reminded of another notable low point from his past Marco Materazzi has taken the opportunity to troll former foe Zinedine Zidane as the Frenchman finds himself under pressure at Real Madrid.The iconic Frenchman has not endured too many low points over the course of a distinguished career which has seen him scale the heights as a player and coach.As a world-class performer for the likes of Juventus, Real and France, Zidane reached the very top of the game as he collected countless major honours – including the Ballon d’Or, Champions League and World Cup. Article continues below Editors’ Picks Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Megan Rapinoe: Born & brilliant in the U.S.A. A Liverpool legend in the making: Behind Virgil van Dijk’s remarkable rise to world’s best player Renowned for his ability to glide over the field and make the most pressurised situation look like a walk in the park, the legendary midfielder was a picture of calm for the most part.There was, however, a volatile streak to his game and when his buttons were pushed, he would explode in the most spectacular of fashions.His most infamous outburst came on the grandest of stages back in 2006 – with France targeting another global crown.Having inspired Les Bleus to glory in 1998, Zidane was to cost his country eight years later as he was sent off for an ill-advised tussled with Italian centre-half Materazzi.He has now been reminded of that fact, with the ex-Inter defender posting a picture on his Instagram account of a piece of artwork honouring a moment Zidane would rather forget and one Materazzi treasures.While that incident is now part of Zidane’s distant past, the present is posing him as many problems.Having tasted La Liga and Champions League double success in 2016-17, and added a Club World Cup crown to their enviable trophy haul in the current campaign, the wheels have fallen off somewhat in the Spanish capital.Key figures such as Cristiano Ronaldo have seen their remarkably high standards dip, with the Blancos now scratching around in an effort to salvage their season with a third successive European success.They are set to face Ligue 1 giants Paris Saint-Germain at the last-16 stage of the Champions League, with Zidane looking for his troops to rise to the occasion and avoid any unfortunate mishaps such as the one which saw him hand Materazzi and Italy World Cup glory via a penalty shoot-out 12 years ago.last_img read more