DEPF, the €1.7bn pension fund of coffee producer Douwe Egberts, is considering replacing its government bond holdings with interest swaps to “create space” for better-returning investments.Director Elvin van den Hoek said DEFP would look into the possible strategy change if the pension fund decided to ramp up the investment portfolio’s risk profile, something it is currently considering.Long-term government bonds in a matching portfolio make up 29% of DEPF’s total assets.“The returns on long government bonds is very low at the moment,” Van den Hoek said. “If we could replace them for swaps, we would create space for better-performing investments, which would improve the potential for indexation.”Last year, the pension fund introduced a 4.9% allocation to residential mortgages at the expense of its government bond holdings, according to its 2014 annual report. DEPF reported an investment return of 18.8%, attributing the 0.6% underperformance to fund managers’ “disappointing” execution – both for the matching portfolio and alternative investments.Alternatives returned 7.5%, while equities returned 14.3%.The pension fund’s combined holdings in government bonds, mortgages and interest derivatives returned 25.2%.Over the course of 2014, the Douwe Egberts scheme reduced its interest hedge from 50% to 45% of its liabilities, whilst keeping the level of its strategic cover at 50%.It also kept the strategic currency hedge of the US and Hong Kong dollars, the British pound and the Japanese yen at 66.7%, after losing 1.4% due to the weakening of the euro against other currencies.However, it added that it would look into the possibility of introducing a dynamic currency hedge. The pension fund granted active participants a 2% indexation, while deferred participants and pensioners received an inflation compensation of 0.3%. DEPF said it could reduce the contribution from 26% to 21% due to cost-cutting on pension arrangements.It said it was able to limit transaction costs to 0.08% in 2014 by re-balancing its portfolio annually rather than on a monthly basis, in addition to allocating government-bond returns to its liquidity policy instead of re-investing the proceeds.The pension fund reported administration costs per participant of €150.At April-end, DEPF’s official ‘policy’ funding was 112.5%.The scheme has 2,225 active participants, 3,695 deferred members and 4,320 pensioners.
Loading… Son was excused the full military service of nearly two years after helping South Korea to victory in the 2018 Asian Games, but was still required to serve a shorter period. “It was a good experience,” he told Spurs TV. “I couldn’t say everything that I’ve done but I really enjoyed it. Those guys were nice. The three weeks were tough but I tried to enjoy it.” He added: “The first day, we don’t know each other so it’s a bit weird but soon we got to know each other. We spent every day together in one room, 10 people. We were very close, working together, we helped each other so the time was fantastic.” Son was out injured for the final weeks before the Premier League was suspended and cannot wait to get going when the season restarts on June 17. Read Also: La Liga: Barca considering second salary cut ahead of restart“I’m physically fine, I’m working really, really hard to be at my maximum level and it’s nearly there,” he said.“Everyone is back, everyone is in good shape. Everyone wants to play again and everyone is motivated,” he added.FacebookTwitterWhatsAppEmail分享 Tottenham forward Son Heung-min says he enjoyed the “tough” challenge of his three-week spell doing military service in South Korea. Tottenham’s Son Heung-min is back from military service Son completed his mandatory training last month while Tottenham waited for the Premier League season to resume after the coronavirus shutdown. The enforced break has also allowed the 27-year-old to complete his recovery from the arm fracture he suffered in Tottenham’s win against Aston Villa in February.Advertisement Promoted ContentWhy Go Veg? 7 Reasons To Do ThisWho Earns More Than Ronaldo?Birds Enjoy Living In A Gallery Space Created For ThemWho’s The Best Car Manufacturer Of All Time?The Best Cars Of All Time20 Completely Unexpected Facts About ‘The Big Bang Theory’5 Of The World’s Most Unique Theme ParksWho Is The Most Powerful Woman On Earth?Stunning Wedding Looks From Around The WorldEverything You Need To Know About Asteroid ArmageddonSome Impressive And Almost Shocking Robots That ExistYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime
ORLANDO, Fla. — When a team puts 42 points on the board, its punter rarely receives much praise, let alone the game’s MVP honors. Consider the Champs Sports Bowl a rarity.While the University of Wisconsin defense was shutting down quarterback Christian Ponder and the Florida State offense in the first quarter, Seminole senior punter Graham Gano was doing his best to keep the Badgers off the scoreboard, a goal he almost single-handedly achieved.Gano’s first punt bounced at the UW 3-yard line and took a right turn out of bounds. Two first downs later, the Badgers were forced to punt.Gano’s next punt sailed over David Gilreath’s head, hit at the 1-yard line and stuck on the Citrus Bowl turf. Again, the Badgers only managed a pair of first downs before being forced to surrender the ball back to the ‘Noles.Gano’s third punt of the first quarter was angled very similarly to his first, toward the front right corner of the Wisconsin end zone. The ball hit near the 1-yard line and again took a right turn out of bounds. All three of the Badgers’ first-quarter possessions started inside their 3-yard line, the last two of which were spotted at the one.“The whole first half we were battling to get past the 50-yard line,” said UW center John Moffitt. “That’s not anybody’s fault, that’s just the punter. I don’t think I’ve ever seen a punter that good.Has anybody ever kicked three inside the five before?”Interestingly enough, Gano’s feat came one game after Cal Poly kicker Andrew Gardner missed three extra points at Camp Randall Stadium in Wisconsin’s overtime victory over the Mustangs.The Badgers didn’t make it past midfield until the second quarter and failed to reach the end zone until T.J. Theus’ 20-yard grab from quarterback Dustin Sherer with only 4:06 left in the game, much of which can be attributed to Gano and his ability to shift the field position game in FSU’s favor.“It’s frustrating, but we kind of did it to ourselves,” Sherer said. “We never could get the ball moving; we gave them a short field, they could punt us and pin us deep. We got out of there a couple times, but we would shoot ourselves in the foot on third down. That’s just how it went.”It put a lot of pressure on the UW defense as well, a unit that held its own in the first half but couldn’t stay with the speed demons of the ACC after intermission.“[Gano] was definitely a factor,” said senior cornerback Allen Langford. “It affected time of possession and field position, and they definitely owned both of those and that’s why they got the ‘W.’”The Badgers stood helplessly against Gano’s (48.2 yards per punt) first-half dominance, but they beat themselves in the second half. P.J. Hill and Sherer each had fumbles that led to Seminole touchdowns after halftime. Wisconsin’s three total fumbles set a Champs Sports Bowl record and all three were converted into touchdowns, two of which were scored directly by the defense. Derek Nicholson (first quarter) and Dekoda Watson (fourth quarter) each scooped up Sherer fumbles and ran them back for scores.“They’re fast,” Sherer said. “Their defensive line did a great job of getting pressure on me; their [defensive backs] did a great job of covering downfield. There were parts where I probably should have got the ball out and didn’t, but they played well, so hats off to them.“I knew going into it I had to play well because they were going to put nine guys in the box to stop our run. And I didn’t play well and we lost.”