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

Joseph continues finding range against Duke, turns in another mixed performance

first_img Facebook Twitter Google+ Kaleb Joseph feels better. He’s found his range and found ways to get to it.But he’s also the point guard for a Syracuse (16-9, 7-5 Atlantic Coast) team that just lost a 80-72 game to No. 4 Duke (22-3, 9-3) despite having a halftime lead. He was pulled in the first half after some late closeouts defensively and briefly switched off offense and defense with Ron Patterson late in the game. While Michael Gbinije brought the ball up on key possessions, Joseph played 29 minutes in which he scored four points, had three assists, two turnovers and two rebounds.The performance follows nine-point and 14-point showings at Pitt and Boston College, respectively.“It feels good but it never feels good when you lose,” Joseph said of his offensive contributions.He also played atop a zone that limited Duke’s dribble penetration, but still allowed the Blue Devils to get to the center of the floor too easily.AdvertisementThis is placeholder textFrom there, Jahlil Okafor owned his matchup with Rakeem Christmas and dropped 23 points on the Orange. The Blue Devils scored 40 points in the paint.But it was their perimeter shooting that earned him a spot next to SU head coach Jim Boeheim on the bench. With 3:07 left in the first half, Quinn Cook hit an open 3 with Joseph running out to him in the left corner. When Justise Winslow hit another 3 over Joseph with 2:10 left in the half, Boeheim called timeout and ran out to within 15 feet of the basket to yell at his point guard. Regardless, Joseph stayed in the game until he picked up a foul with 1:47 to play before the break.When Boeheim alternated Joseph and Patterson on offense and defense respectively from 1:45 to :49 left in the game, he said it was to set up the Orange’s press — not because of any defensive errors by Joseph in the first half.Said Boeheim: “Kaleb made some good plays, he made some freshman mistakes that we can’t afford.” Comments Published on February 14, 2015 at 11:32 pm Contact Jacob: jmklinge@syr.edu | @Jacob_Klinger_last_img read more