Pension fund for Dutch hairdressers loses 0.7% due to rising rates

first_imgThe pension fund’s 62% return portfolio produced an overall result of 7.8%, with its equity holdings (32.4%) generating a 14.8% return.US and European equities returned 26% and 20%, respectively.In contrast, the scheme lost 9% on its emerging market holdings, having recently increased the allocation at the expense of investments in Japan and Asia.Kappers’ 9.5% property portfolio returned 0.34%, while its 20.6% credit allocation delivered 2.3%.The industry-wide pension fund for hairdressers and barbers reduced its contribution from 8.6% in 2013 to 7.5% in 2014, while lowering its annual pensions accrual from 0.85% of salary to 0.81%.To raise its coverage ratio to the minimum required level of 105.3%, the scheme had to apply a 2.8% rights cut last April, following a 7% discount last year.At May-end, its funding stood at 109.7%.The board said it expected that any new funding shortfall would be eliminated under a new pensions contract based on the financial assessment framework (FTK).It added that it decided to pay its trustees and chairmen a fixed annual amount of €25,000 and €40,000, respectively.The pension fund reported administration costs of €122,50 per participant and asset management costs of 0.45% of its assets. At year-end, it had 20,750 active participants, 36,750 deferred members and 2,380 pensioners. Kappers, the €457m pension fund for hairdressers and barbers in the Netherlands, lost 0.7% on its investments last year due to the effect of rising interest rates on its fixed income holdings and interest derivatives.On balance, its 37% matching portfolio of government bonds, interest derivatives and mortgages lost 12.2%, according to its 2013 annual report. The largest loss – almost 17% – was produced by the scheme’s 28.6% allocation to government bonds and interest swaps, meant to hedge the interest risk on its liabilities.Mortgages investments, on the other hand, returned almost 7.4%.last_img read more

The Latest: Panthers won’t have fans for their NFL opener

first_imgThe Latest: Panthers won’t have fans for their NFL opener ___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports ___Champions League quarterfinalist Atalanta says three of its players have tested positive for the coronavirus.The Serie A team says in a brief statement that all three players show no symptoms after the preseason tests and have been isolated.Reserve goalkeeper Marco Sportiello was the only Atalanta player who tested positive during the lockdown.The Italian league starts on Sept. 19. “In the spirit of adaptability, expect the NFLPA to push for modifications or updated recommendations — such as the continuation of daily testing — as the season progresses and new information becomes available,” Tretter, the starting center for the Cleveland Browns, posted on the union website. “We will continue to rely on scientific data to inform our approach for combating this virus. As the science evolves, we will evolve with it.”Tretter added he was pleased with the protocols the NFL and NFLPA agreed on for training camps. The league has reported few positive cases in the past month, though it did have 77 false positives a week ago that resulted from contamination at the testing lab.___The San Francisco 49ers have placed linebacker Fred Warner on the reserve/COVID-19 list.Warner didn’t practice on Sunday and then was placed on the COVID-19 list the following day. The list is used for NFL players who either test positive for the coronavirus or have been in close contact with an infected person. Pollard said if mitigation actions are successful, Iowa State will allow season ticket holders to attend the game against Oklahoma on Oct. 3. He said if it’s determined mitigation measures were not followed adequately at the first game, no fans will be allowed the rest of the season.___North Carolina State says its women’s soccer team won’t play this fall.In a statement Monday, the school said the decision was due to a “depleted roster, the combination of injuries and not all members of its roster returning to Raleigh this semester.” It said N.C. State has notified the Atlantic Coast Conference of its decision.Players will continue to train with a focus on playing in 2021, or for spring competition if that becomes an option. The state of North Carolina remains in Stage 2 of reopening, and further updates from the Gov. Roy Cooper are expected next week.The Panthers are hopeful at least a limited number of fans will be allowed in for the Oct. 4 home game against the Arizona Cardinals, although much of that could depend on if Cooper moves the state out of Phase 2.In a statement Monday the team said it has worked “tirelessly” since March to develop and implement a responsible, comprehensive plan to ensure fans and enjoyable and safe game day experience. The Panthers said they were confident they could safely host a limited number of fans, adding that “this is not a choice between a full stadium or an empty stadium. We have offered compromises and alternatives.”___The first four World Cup speedskating events of the 2020-21 season have been canceled because of COVID-19. The Argentine club did not say how many players were infected, but added they are in good shape. Boca says all of its players are quarantined in a hotel outside Buenos Aires.It has suspended training for the next 72 hours.___The Iowa athletic department is pausing workouts for all sports until after Labor Day following a major uptick in the number of coronavirus cases. The French league granted PSG’s request for extra days of rest, and the team’s scheduled opening game at Lens was postponed until next week.___Iowa State will allow about 25,000 football fans into Jack Trice Stadium for the Cyclones’ opener against Louisiana-Lafayette on Sept. 12.Athletic director Jamie Pollard wrote in a letter to fans on Monday that the crowd will be made up of season ticket holders only. Fans will be required to wear face coverings at all times and no tailgating will be allowed. Pollard asks that fans respect others’ wishes for physical distancing.“An important factor in the decision to allow fans is our belief that Cyclone fans are willing to adhere to our mitigation measures,” Pollard wrote. “The purpose of this letter is to ask for your support in helping create a safe environment while also providing our team an impactful home field advantage. This is an incredible opportunity for Iowa State University to showcase its ability to successfully navigate the challenges associated with large outdoor events during a pandemic.”center_img Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The NFL’s Carolina Panthers will not have fans in the stands at Bank of America Stadium for their Sept. 13 home opener against the Las Vegas Raiders due to the coronavirus pandemic. Warner is the third 49ers player to be placed on the list this summer. Receiver Richie James Jr. and running back Jeff Wilson Jr. each had short stints on the list early in training camp.___Paris Saint-Germain says two of its players are suspected of being infected with COVID-19.The French champion cites a “reassuring” state of health for the players, who were not identified. They are said to be following the required health protocols.Eight days after losing the Champions League final to Bayern Munich, PSG is not due to start the French season until Sept. 10. Associated Press The International Skating Union announced Monday that stops in Poland, Norway, Canada, and Salt Lake City, were shelved along with short-track events in Montreal and Laval, Quebec. The canceled events were scheduled for November and December.The ISU says it is evaluating a hub concept in the Netherlands as an alternative to the first four World Cups.The ISU says it’s still evaluating whether to go ahead with short-track events in Seoul, South Korea, and Beijing in December.___Boca Juniors says it has COVID-19 cases in its squad, threatening preparations for its first Copa Libertadores match on Sept. 17. August 31, 2020 The department says there were 93 positive results out of 815 COVID-19 tests taken between last Monday and Sunday. Since the return-to-campus protocol began May 29, there have been 176 positive results and one inconclusive out of more than 2,700 tests.The Hawkeyes are members of the Big Ten Conference, which announced three weeks ago that it would postpone fall sports until the spring.___NFL Players Association President J.C. Tretter is pushing for daily COVID-19 testing during the regular season.The NFL has been conducting daily testing for players throughout training camp and plans to do so through Saturday.last_img read more

Dodgers rally against Indians bullpen again to extend win streak

first_imgCLEVELAND >> The Dodgers and Cleveland Indians have the best bullpens in baseball by most statistical measures. Opponents wouldn’t know it from this series.One night after the Indians’ bullpen gave up five runs in the final two innings, the Dodgers bullpen let a two-run lead slip away only to have Indians reliever Andrew Miller give up a tie-breaking home run for the second consecutive game.The Dodgers scored four times in the eighth inning against Miller and hung on for a 6-4 victory over the Indians, extending their winning streak to six games; their second six-game winning streak in the past three weeks.“I think that’s the beautiful thing about baseball. That’s why we play,” Dodgers manager Dave Roberts said. “I wouldn’t have guessed it. I don’t think Tito (Indians manager Terry Francona) on the other side would have guessed it. Newsroom GuidelinesNews TipsContact UsReport an Error Miller gave up a home run for the first time this season when Cody Bellinger broke Tuesday’s tie. This time, Kiké Hernandez came off the bench and did the same on a 1-and-2 fastball from Miller to give the Dodgers the lead.“He’s a guy with really good stuff so you kind of have to go to your two-strike approach from the start,” Hernandez said. “I took two sliders inside that I thought were balls and got to two strikes. So I was basically in battle mode. I was looking slider and he threw me fastball so I took an emergency swing.”It wasn’t as much of an emergency as it might have been. Hernandez said an at-bat against Miller in the World Baseball Classic made the 6-foot-7 lefty with a slinging delivery less of an unknown Wednesday.Things only got worse for Miller. An infield single and two walks loaded the bases and second baseman Erik Gonzalez opened the gates to more. An easy inning-ending double play was overturned because Gonzalez made the turn from somewhere near Akron. That allowed a run to score. Two more came in on a Chris Taylor single.One of the best relievers in baseball, Miller gave up just one earned run in his first 31 2/3 innings this season (an 0.29 ERA). The Dodgers have scored five on him in two nights.“If you look at our lineup, I think we have a pretty good one,” Hernandez said. “I know they’ve got a pretty good bullpen. But they’ve still got to execute pitches against us.“And if you’re talking about good bullpens, I’m not going to take any over our own.”Wednesday wasn’t the best support for that statement. Josh Fields gave up a game-tying home run to Jose Ramirez in the seventh — the fourth home run he has allowed in the past 17 batters he has faced after allowing just one to the first 83.And Gonzalez’s mistake proved very costly for the Indians when they scored twice in the bottom of the eighth against Luis Avilan and Pedro Baez. Kenley Jansen finally upheld his bullpen’s honor when a drama-free ninth to close it out.center_img “I was actually looking forward to the battle of the ’pens coming into this series.”Instead, it has been a battle for the ’pens.The Indians and Dodgers came into the series with the two lowest bullpen ERAs in baseball. But those have taken a beating. Fifteen of the 22 runs scored in this series have been charged to relievers.“That’s awesome,” Dodgers starter Brandon McCarthy said of the nine runs the Dodgers have scored in the eighth and ninth innings the past two nights. “Coming into this series, you hope it’s not close late when Andrew Miller is coming into the game. Somehow we’ve made it work for us.”That work has started in the same place each night, with Miller on the mound in the eighth inning of a 2-2 tie.last_img read more