first_imgFrance’s €32.6bn pension reserve fund has blamed a “brutal” fall in stock markets towards the end of 2018 for contributing to its first investment loss in eight years.In its annual report, published this week, the Fonds de Réserve pour les Retraites (FRR) said it had lost 5.2% over 2018, with the last two months of the year dramatically impacting performance.A statement from the fund said this annual loss was the first it had experienced since launching a new investment strategy in 2011 – and should not be attributed to its stock selection.The fund’s return-seeking assets, which make up 56% of the portfolio, lost 8% over the year, with its bond allocation losing 0.8%. This meant the fund’s total assets stood at €32.6bn at the end of 2018 – down €3.8bn on a year earlier – having lost €1.7bn through the investment performance and the rest from making its regular payment to the Caisse d’Amortissement de la Dette Sociale, which was established to redeem the country’s social security debt.Despite the loss, the FRR was still able to meet its liabilities, it said, with annualised performance since 2011 reaching 4.2%, net of all costs. FRR’s Olivier Rousseau collects the Climate-Related Risk Management award from Marie Dzanis, CEO of Northern Trust Global Investments, at December’s IPE Awards dinner in DublinCredit: Patrick FrostThe fund acknowledged the return of volatility to world markets and outlined its commitment to the French economy, citing a long-term investment horizon.Over the course of the year, the fund also stepped up its commitment to responsible investment by increasing the focus on environmental, social and responsible criteria when renewing its contracts.It lowered the threshold for excluding companies earning revenues from thermal coal from 20% to 10%, in line with its policy of moving in line the energy transition.It also awarded development capital fund mandates, with €2bn being invested in unlisted French assets.Further readingWhy FRR doesn’t invest in green bonds – for now Executive director Olivier Rousseau explains FRR’s approach to sustainability in the fixed income arenaIPE Conference: Quantitative v qualitative in impact investing Asset owners from Ireland, Sweden, France and the UK argue that numbers aren’t the only way of measuring impactslast_img read more

first_imgSports Related Videospowered by AdSparcRead Next Mission accomplished Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award The U.S. Open title was worth $3.8 million in prize money.Osaka also has deals with Japanese sporting goods company Yonex, noodle maker Nissin Foods, Citizen Watch and Japanese satellite broadcaster Wowow. Nadine Lustre’s phone stolen in Brazil U.S. Open women’s singles champion Naomi Osaka poses for photographers after a press conference prior to the Pan Pacific Open tennis tournament in Tokyo Monday, Sept. 17, 2018. Osaka defeated Serena Williams of the U.S. on Saturday, Sept. 8, to become the first Grand Slam singles champion from Japan. (AP Photo/Eugene Hoshiko)TOKYO — Naomi Osaka showed how deep her Japanese roots run: She went to watch Japan’s national sport of sumo and said she liked it.Osaka is in Tokyo this week to play in the Pan Pacific Open, just a week after she won the U.S. Open to become the first Japanese woman to win a Grand Slam singles title.ADVERTISEMENT Phivolcs: Slim probability of Taal Volcano caldera eruption Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Allen Durham still determined to help Meralco win 1st PBA title Don’t miss out on the latest news and information. LATEST STORIEScenter_img Japeth Aguilar embraces role, gets rewarded with Finals MVP plum Two years ago she lost in the final to Caroline Wozniacki, who is the top-seeded player this year.“I’ve played a lot more matches between then and now,” Osaka said. “And I think it even shows that I’m a little bit more mature now. So, I mean of course having experience helps.”She also added that “being more confident in yourself” also helps.Osaka is suddenly on track to become one of the highest earning female athletes on earth, taking advantage of roots in Asia, deep-pocketed Japanese companies, and a down-to-earth manner that makes her quickly likable.Last week, Osaka signed a three-year contract with Japanese carmaker Nissan — no financial details were offered — and she is reportedly close to landing a large deal with Adidas, perhaps in the range of $10 million.ADVERTISEMENT Gov’t to employ 6,000 displaced by Taal MOST READ View comments Tim Cone, Ginebra set their sights on elusive All-Filipino crown Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Osaka was born in Japan to a Haitian father and Japanese mother. She has spent most of her life in the United States and lives in Florida, but is sure to represent Japan at the 2020 Tokyo Olympics.“I thought it was really cool because they’re so flexible and they’re also very strong,” Osaka said Monday at the Pan Pacific Open. “During one match, he kept slapping the other guy. So I thought it was really fun to watch.”FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSJapeth Aguilar wins 1st PBA Finals MVP award for GinebraSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissOsaka is seeded third in Tokyo and had a bye in the first round. She is the subject of intense interest by Japanese reporters.She fields questions in English but understands most questions posed to her in Japanese. Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anewlast_img read more