Interest hedge wipes out 2013 return at Ahold pension fund

first_imgThe Ahold Pensioenfonds said it was also hit by underperforming emerging market government bonds, which it introduced last year as a tactical position of 5% at the expense of global credit.Its asset managers Pimco and Stone Harbor lost 14.6% and 16%, respectively, on these investments, it said.The pension fund reported a 14.3% return on its 23% equity portfolio, with returns from investments in Europe, North America and the Pacific varying between 13.2% and 24.7%.Property (6%) and private equity (3.6%) delivered returns of -1.1% and 11.9%, while commodities (2.1%) produced a loss of 12.7%.Last year, the Ahold scheme replaced its actively managed European listed property portfolio with a passively managed global property mandate, switching from Cohen & Steers to Northern Trust in the process.The pension fund also said the ratio between fixed income and equity in its portfolio would now depend on its coverage ratio.If its funding is more than 130%, it will raise its investment risk through increased investments in securities, it said.This is in contrast with the policy of the €22.5bn Dutch pension fund of Shell, which decided to reduce its equity exposure in favour of fixed income, following a funding increase to 131%.The Ahold Pensioenfonds is to grant a full indexation for the first time in five years, after meeting less than 50% of inflation in 2013.The scheme has 35,130 active participants, 11,600 pensioners and 36,560 deferred members. The €3.2bn pension fund of supermarket chain Ahold saw its 0.7% return on investments last year offset by a 4% loss on its interest hedge, leading to an overall return of -1%.Following a new and dynamic policy for its interest hedge, the scheme had already reduced its interest cover from 75% to 55%, which prevented an additional loss of 0.8%, according to its 2013 annual report.By contrast, the pension fund’s 80% hedge of the main currencies contributed to a positive return of 2.3%, it said.The interest rate increase from 2.53% to 2.84% boosted the scheme’s coverage ratio – which improved from 114.3% to 116% – but had a negative effect on its 64% fixed income holdings, causing a 3.5% loss.last_img read more

UPDATED: Police incident occurs in Fort St. John

first_imgFORT ST. JOHN, B.C. – Police are on scene at 103rd Avenue west of 100th street near the RBC bank.Police appeared to be towing a earlier model Chevy Suburban.According to Sgt. Steve Perret with the Fort St. John RCMP, the vehicle is of interest in an on-going investigation, but could not comment further.- Advertisement –last_img

Webb traps Cubs in his playoff debut

first_imgWebb shut down the Chicago Cubs with his superb sinker, and the young Arizona Diamondbacks got home runs from two of their kids in a 3-1 victory Wednesday night in their NL playoff opener. Stephen Drew homered in the fourth off Chicago ace Carlos Zambrano, pulled after six innings and only 85 pitches. Right after he left, Mark Reynolds homered on the fourth pitch from reliever Carlos Marmol to break a 1-all tie in the seventh. Pinch-hitter Conor Jackson added a sacrifice fly, and the Diamondbacks got two scoreless innings from their strong bullpen. Webb, the reigning NL Cy Young Award winner, allowed four hits and struck out nine over seven outstanding innings in his postseason debut. He walked three and hit a batter. “The most exciting game so far,” Webb said. “I was able to keep them off-balance. I had pretty good stuff tonight, great off-speed. Had some great strikeouts in key situations.” The Cubs, in search of their first World Series championship in 99 years, twice got the leadoff batter to second with no outs early in the game but came away empty. Game 2 is tonight, with Ted Lilly on the mound for Chicago against Doug Davis. Zambrano gave up four hits, struck out eight and walked one before he was lifted by Manager Lou Piniella in a questionable move. “He probably could have gone another inning. We’re bringing him back Sunday on three days’ rest,” Piniella said. “I took a shot with my bullpen. It didn’t work today. They’ve done it all year.” Not this time. Planning for Game 4 might have cost the Cubs in Game 1. The showdown between 18-game winners was as advertised, with Zambrano matching Webb pitch for pitch through six innings. With Zambrano gone, the Diamondbacks went ahead in the seventh. Reynolds hit Marmol’s 2-and-1 pitch just over the left-field fence for a 2-1 lead. Chris Snyder walked and went to third on Augie Ojeda’s single before Jackson came through while batting for Webb. Marmol had allowed only two runs in 25 innings after Aug. 10 for a 0.72 ERA. “His numbers are video-game numbers with the strikeouts and so forth,” Diamondbacks manager Bob Melvin said. “Zambrano the same way.” Arizona setup man Brandon Lyon threw a perfect eighth, and closer Jose Valverde earned the save. Valverde, the NL saves leader with 47 in 54 opportunities this year, walked pinch-hitter Daryle Ward with two outs in the ninth to bring up Alfonso Soriano. He bounced into a game-ending forceout that capped an 0-for-5 night. The surprising Diamondbacks, the first team since the 1906 White Sox to have the league’s best record and worst batting average, won in a fashion typical of their 90-win regular season. They got timely hits, good defense and terrific pitching. The youngsters certainly weren’t overwhelmed by the circumstances. Drew isn’t a rookie, but is in his first full major league season. Reynolds was brought up from double-A Mobile when third baseman Chad Tracy got hurt in May. While the Diamondbacks knocked a pair out, Chicago’s RBI came on a bases-loaded infield single by Ryan Theriot to make it 1-1 with two outs in the sixth. Only three of the Diamondbacks’ starters had faced Zambrano, and Drew was not among them. His first time up he struck out looking, but he put Arizona ahead with a 432-foot drive over the pool in right-center. Sandwiched around the big hit were two defensive gems by Drew at shortstop. He made a backhand of Geovany Soto’s grounder to end the third, then he robbed Zambrano of an RBI with a leaping grab of a line drive in the fifth. After threatening twice, Chicago finally got to Webb in the sixth. Derrek Lee led off with a single, then consecutive two-out walks to Mark DeRosa and Soto – the latter on four pitches – loaded the bases. Theriot bounced one high over the head of the third baseman Reynolds. Drew fielded the ball but had no play and it was tied at 1.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NLDS: Diamondbacks ace shines. Chicago’s Zambrano is as good until he’s taken out. By Bob Baum THE ASSOCIATED PRESS PHOENIX – Brandon Webb won the duel in the desert. last_img read more

Judge issues tentative ruling dismissing suit against KABC radio, host

first_imgMcIntyre exploited a combination of anti-immigration sentiment and the nation’s fear of Islamic terrorists to “create a racist fury against Latino school children, teachers, administrators and staff at the school,” according to the lawsuit. Among other remarks to his listeners, McIntyre said “Is this a reconquista school?”; “This school is ranked the lowest of the low in the LAUSD and in the state of California”; and “Aztecs butchered and ate Spanish invaders. I wonder if they’re teaching that at ASDP,” according to the lawsuit. McIntyre said Aguilar’s job was to “keep his school, his madrasa school, open so they can train the next generation of Aztec revolutionaries,” according to the lawsuit. The radio host also used “code words” aimed at a target audience to rile up listeners and create a backlash against the school and Aguilar, the plaintiffs allege. As a result, they say, the school received many threats of violence, including a bomb threat that caused an evacuation of the campus. In a declaration submitted to the court on Oct. 15, McIntyre said he found the bomb threat against the school deplorable and offered $1,000 of his own money as a reward for bringing the perpetrator to justice. “That offer remains standing today,” McIntyre’s declaration states. McIntyre also denied his use of the word “madrasa” was meant to insinuate that the school was teaching students jihadist philosophy or instructing them how they could become revolutionaries. Although Aguilar appeared on other KABC radio shows, he refused to be interviewed by McIntyre, according to the broadcaster. Meanwhile, a man who aimed his car at KABC radio reporter Sandy Wells and snatched the newsman’s audiotape as he tried to interview parents and others outside the school on June 1, 2006, was sentenced in May to three years probation. Ramon Flores also was ordered to pay $174 to Wells — who jumped out of the way of the speeding sedan and escaped injury — and complete 400 hours of service on a Caltrans crew. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! A judge today tentatively dismissed a lawsuit brought by a Los Angeles charter campus against KABC-AM and its morning host, alleging he led an on-air, racist campaign against the school that led to a bomb scare. Academia Semillas Del Pueblo and its principal director of operations, Marcos Aguilar, filed the lawsuit May 17 in Los Angeles Superior Court, alleging slander and civil rights violations. Superior Court Judge Ralph W. Dau stated in a written ruling that the remarks made by “McIntyre in the Morning” host Doug McIntyre were opinion and not a “command to imminent violence or other lawless action.” After hearing arguments this morning from the attorneys concerning his ruling, Dau said he was taking the case under submission. He did not give a date for a final ruling. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREStriving toward a more perfect me: Doug McIntyre Aguilar attended the hearing, but McIntyre, whose program airs from 5-9 a.m. daily, was not present. Outside the courtroom, Daniel J. Bramzon, a lawyer for Aguilar and the school, contended that regardless of the final decision, Aguilar has made “a David and Goliath stand against hate speech.” James J. Moneer, another attorney for Aguilar and the school, argued the statute being used by the radio station and McIntyre to try and get the suit thrown out was never intended to protect the statements made by the veteran broadcaster. However, Seth D. Berlin, a lawyer for the station and McIntyre, said McIntyre’s show is not a hard-news broadcast, but one in which he freely gives his opinions on social issues of the day. Often those views are expressed through satire and rhetorical flourish, he told the judge. The lawsuit alleges McIntyre began criticizing various aspects of the school in May 2006, including its funding, curriculum, demographics, administrators and educational statistics, all in order to increase his show’s ratings. last_img read more