AP7 cuts gearing and adds risk-factor investments

first_imgSweden’s AP7 plans to introduce factor investing into its portfolio for the first time as part of a risk-reduction exercise.The national pension fund that provides the default option in Sweden’s Premium Pension System (PPM) will also lower the gearing on its equity portfolio.The SEK430bn (€41.4bn) pension fund said: “As a step in implementing the new strategic portfolio, which was decided in 2016, AP7 is now starting to invest in factor premiums.”The goal, it said, was to invest 10% of the fund in these strategies over the next few years. 
“At the same time, the normal level of leverage is being reduced to 25%,” it said. This is reduction from the previous normal level of 35%.However, the actual level of gearing was to be set even lower, at 15% percent, AP7 said, due to its previous assessment of market valuations.At the end of December, the pension fund’s actual level of gearing was around 25%, according to its 2017 annual report.Since 2010, a central part of AP7’s management strategy for its SEK396bn equity fund – which accounts for the vast majority of its overall assets – has been passive exposure to a global index with leverage of 50%. AP7’s default option pension product, known as AP7 Såfa, is a lifecycle fund combining AP7’s equity and bond funds.In 2015, AP7’s board opted to halve the actual level of gearing to 25% because stockmarket valuations were considered high. In December 2016, when presenting a new strategic portfolio to be implemented by 2020, it reduced the normal leverage to 35% from 50% in order to increase the room for manoeuvre associated with the change.The first step in introducing other risks then began in 2017, and involved increased exposure to emerging markets and private equity, AP7 said.The pension fund said the new management strategy was aimed, in particular, at reducing risk through diversification.“Another central part of the strategy is to systematically apply more dynamic risk-taking, where the fund’s overall risk level is adjusted to extreme market valuations,” it said.In February the pension fund put out a tender for advice on “active alpha” procurement, in part of its move to add risk-factor investments to its portfolio.last_img read more

Hoegh rethinks turning around, turns in IMCA Modified win at Bagby Memorial

first_imgThat’s when things turned around. Instead, he got back on the road, got to HO’T in time and won the Jack Bagby Memorial main event for IMCA Modifieds, earning both $1,000 and a berth of the Fast Shafts All-Star Invitational ballot.  It was also one of those nights that didn’t start out that way. Hoegh finished fourth and starting last in a heat race that ran caution-free, then drew the pole for the 20-lap feature. He led every time around the oval, taking the checkers ahead of two-time defending track champion Eric Tomlinson and Chris Morris. Jeffrey Abbey scored the IMCA Sunoco Stock Car victory and Sid Kiphen was the Smiley’s Racing Products Southern SportMod winner Friday at Heart O’ Texas. Brian Schoenbaum Jr. was first across the stripe in the Mach-1 Sport Compact feature. David Goode Jr. and former track champ Kevin Green completed the top five. Feature results – 1. Jeff Hoegh; 2. Eric Tomlinson; 3. Chris Morris; 4. David Goode Jr.; 5. Kevin Green; 6. Justin Radcliff; 7. Cody Daniel; 8. Mark Carrell; 9. David Goode Sr.; 10. Mike McCarthy; 11. Jerry Frydrych; 12. Brent Gilliam; 13. Evan Pardo; 14. Donald Banker; 15. Rob Slott; 16. Jason Kingrey. ELM MOTT, Texas (March 1) – Just 30 minutes into the 3-1/2 hour tow to Heart O’ Texas Speedway and already running late, Jeff Hoegh thought about turning around and starting his season another night.center_img Hoegh had to stop for fuel half an hour into the trip, then needed another half hour to fill up. He had already missed the draw when he pulled up to the pit gate and learned the wristbands were his unlucky red. Hoegh also won his first race last season, then went 27 starts and two days shy of a year before his next checkers Friday night.  “Being in front is the loneliest place. I gave the car what I had to and was able to drive away when I needed to,” Hoegh said. “We won two track championships in 2017, then traveled more last year. We did a lot of learning and experimenting,” said Hoegh, who ventured to Iowa for the IMCA Speedway Motors Super Nationals fueled by Casey’s and later in September to Arkansas for Race For Hope 74. “I’ve got a new car this year (a 2019 CAM Chassis) and have run practice laps a couple times. The car is comfortable and was working right.” Jeff Hoegh started his season with the $1,000 IMCA Modified feature win at Heart O’ Texas Speedway’s Jack Bagby Memorial lidlifter. The victory put Hoegh on the ballot for the Fast Shafts All-Star Invitational. (Photo by Stacy Kolar, Southern Sass Photography) “Getting on the ballot is a pretty big deal for me. I’m glad we started off the year the way we have,” said Hoegh. “It was one of those nights when everything turned out good.” last_img read more

Cordell Hudson on attempted hurdle: ‘Not this time’

first_imgAlthough the drive eventually ended with a DeShone Kizer run for a touchdown, Hudson’s stop gave SU a chance to halt the drive in the red zone. On first down following the run, Adams was stopped up the middle by Kendall Coleman and Parris Bennett. On the next play, Coleman fell for the read option, moved toward the line and Kizer kept the ball instead of handing to Adams.Last time, Babers said Hudson should hope Jackson makes the Hall of Fame because Hudson could get a poster of the picture autographed. Now, Hudson made a play of his own, so he doesn’t have to worry about that again.“Not this time,” Hudson said. “I learned from the first time.” Comments Published on October 1, 2016 at 8:42 pm Contact Chris: cjlibona@syr.edu | @ChrisLibonati Facebook Twitter Google+center_img EAST RUTHERFORD, N.J. — Cordell Hudson knew the feeling of getting hurdled. He knew the steps and what it took. When Notre Dame running back Josh Adams trucked toward Hudson on the sideline, Adams stutter stepped. Hudson sniffed out the similarities to Louisville quarterback Lamar Jackson’s hurdle.As Adams leapt, Hudson stayed high through his tackle and brought Adams back to the turf and avoided becoming another defensive player in someone else’s highlight reel. The catch went for 44 yards, but Adams didn’t get the exclamation point on his run that Jackson did.“I basically saw the same thing, I saw last time, so I wasn’t going to let it happen again,” Hudson said. “I saw him do a little stutter step, so I knew he was about to try to hurdle me.”Jessica Sheldon | Photo EditorAdvertisementThis is placeholder textHudson became a regular on SportsCenter after Jackson hurdled him during an ESPN2 game on Friday Sept. 9. Though SU (2-3, 0-1 Atlantic Coast) lost, 50-33, Hudson’s play improved throughout the game and he prevented Adams’ hurdle on Saturday at MetLife Stadium. Adams racked up 102 yards rushing and another 52 receiving for Notre Dame (2-3).MORE COVERAGE:What we learned from Syracuse’s loss to Notre DameSyracuse fizzles once again after hot startBrisly Estime provides spark on punt returnslast_img read more