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IPE Top 1000: Top funds shift assets to equities and alternatives
By IPE Staff2021-09-07T15:36:00+01:00
The largest 10 European pension funds ended 2020 with a greater allocation to equities and alternative investments, mostly at the expense of fixed income, according to IPE's Top 1000 Pension Funds 2021, covering €9trn in assets for the leading 1,000 institutions.
In the year that will be remembered for COVID-19, most of the top 10 funds grew either their equity or alternative investments, including real estate, anticipating outperformance of those asset classes as the global economy recovered.
Five out of 10 funds raised their equity allocations, six out of 10 lowered their fixed income allocations and six out of 10 raised their allocation to alternatives.
However, analysis by IPE shows that aggregate equity exposure for the top 10 funds fell from 30% to 28.8% and real estate exposure fell from 9% to 6.1% in 2020. At the same time, the aggregate fixed income exposure grew from 41.4% to 44.05%, driven by PFZW, ATP, Alecta and USS, and the exposure to alternatives grew from 7.7% to 8.7% - an increase driven by ATP and USS, ABP, PFZW, Alecta, PMT, KLP and USS.
Aside from Norway's Government Pension Fund Global (GPFG), which adopts an index-based strategy investing 72.8% of its assets in equities, the largest equity investors among the top 10 funds are Sweden's Alecta (40.5%) and Dutch giants PFZW (36.5%) and ABP (33.1%).
Germany's Bayerische Versorgungskammer (BVK) has the largest allocation to real estate (24.7%) and alternatives (21.9%), followed by ABP, which had 19.2% of the portfolio invested in alternatives at the end of last year.
However, the large swings in asset prices last year saw Denmark's largest fund, ATP, shift away from equities and towards fixed income, due to the fund's risk-parity approach.
Overall assets in the IPE study increased by 9.8% to reach €9.09trn, with the UK at €2.15trn, followed by the Netherlands at €1.66trn and Norway at €1.28trn, including the Norwegian Government Pension Fund Global.
IPE's annual research exercise covers a wide spread of pension asset pools, including occupational DB and DC pension schemes as well as national buffer funds and sovereign funds.
German pension assets jumped year-on-year in 2020, slightly reshuffling the latest Germany top-10 ranking.
Total German pension assets amount to €723.6bn compared with €720.8bn in 2020. Occupational pension assets equal to 8.1% of Germany's GDP on a working population of 43.4m people.
The Bayerische Versorgungskammer (BVK) topped the ranking once again as the largest pension fund in Germany, managing assets of €97.2bn as of December 2020, up from €91.9bn as of June last year.
In France, IPE's research captured €319.7bn in assets. The data covers a range of entities, such as corporates, unfunded mandatory pension schemes with reserves, and fonds de retraite professionnel supplémentaire (FRPS), which are relatively new IORP-compliant vehicles.
With €17.3bn in assets, the FRPS set up by Allianz, Allianz Retraite, now sits comfortably in the top 10.
A new entry in the Top 1000, it accounts for nearly the entirety of the jump in the AUM recorded for France in the IPE guide. Stay tuned for the October edition of IPE magazine for more about these vehicles.
To read the digital edition of IPE's latest magazine click here.
Bayerische Versorgungskammer
IPE Top 1000 Pension Funds
Pension Fund Strategy
Top 1000 Pension Funds 2021: Data
September 2021 (Magazine)
A snapshot of €9trn in pension assets
Iceland: Pension reform hits the doldrums
Major review brought to a halt by concerns about insufficient consultation and criticisms of some proposed changes
Top 1000 Pension Funds 2021: Powering on ahead
With a gross headline increase in pension assets of over €800bn – or 9.8% – Europe's pension fund asset pools can be said to have powered through the COVID-19 crisis, riding the market highs to bank a solid recovery.


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#MFMF
The Talent Hub
Lifestyle, Arts & Culture
Jason Yu's Single "Anyone" Revolves Around Understanding
By Bryan Goh
If you thrawled Instagram from 12a.m. to 4 a.m. last night, you'd probably have seen quite a number of people putting Anyone by Jason Yu on their Instastories — the lad's latest single that is in his own words, "a song about existing in this vast world we live in, filled with countless other beings but yet being understood by no one."
While atmospheric, nuanced and slightly "guaranteed to give you the sad feels", Anyone by Jason Yu isn't all gloom and doom.
It's about the human act of understanding another and how the act of empathy and compassion speaks louder than words.
Here, Jason Yu takes us through the inspiration, motivation and execution of Anyone.
Hi Jason, how has the success of "Now I Know" been? Have you discovered anything new about yourself?
Thanks for having me back on again. There's nothing like seeing other people connecting with, and enjoying the music I put out, and to have people I don't know telling me how they've related to Now I Know and how the song has accompanied them through their own heartaches, it just gives me immense contentment and motivates me to continue writing more.
Being an independent musician and managing my own career can be quite demanding, and I've realised how important it is to have time for myself, to avoid burnout and to maintain a constant, creative state.
Since Anyone stems from your frustration and irony of perhaps being misunderstood, what is the most common misconception people have about you?
People around see me as quite a carefree, goofy person, and I guess that's because of how I usually portray myself. While I can be that fun and cheerful guy at times, people close to me know that I'm quite a sensitive person.
Though I usually shy away from showing that side of me, I want to be as honest as possible to my listeners about who I am, and so you'd definitely see this more serious side of me, through my music.
Were you perhaps going through a rough patch when you penned the song?
There wasn't a single isolated event that motivated me to write "Anyone". There are times when — even amongst close friends and family — I feel a disconnect from everyone that no one sees my point of view or understands me.
This feeling haunts me from time to time and I guess "Anyone" is very much a cry for help, an attempt to be understood.
Anyone drops tonight, 12am. This one's for all of you who've ever felt alone, on your own. Hope you guys like this one 🙏🏼 Pre-save link in bio
A post shared by Jason Yu (@jasonyuuu) on Oct 22, 2020 at 4:51am PDT
Ironically, there is some kind of positivity that Anyone has and trust us, we've heard it. What is a message of positivity you would like to spread?
I want people to know that, whenever we might feel alone, we're really not. Everyone has their own demons, their own pain, and if anything we can draw comfort from the fact that we're all relatable to each other through our struggles.
Most singers go through some form of evolution — be it their style or sound — as they grow older, where do you see yourself in the next five years?
I can't say for sure how I'd imagine myself to sound five years from now, but I know that I definitely want to explore new sounds and styles, possibly into R&B, electronic pop, to develop myself into a more multi-faceted artist.
Change is good, and I think it'd be interesting for my fans and listeners to see me delve into other genres.
Is there an ending point for you?
My dream is to one day play to multitudes, to tour stadiums and to play music on a global stage. I guess that would be my ending point, and if I ever get there it's definitely going to take a while. But until then, I'll be trying my best everyday to become the artist I aspire to be.
Is Anyone perhaps an auditory cue to your upcoming EP?
My upcoming EP is a collection of songs that speak of different emotions, different stories I've lived through as a human being, and while there definitely is a theme connecting all of the releases together, each song to me is as unique and special to me as the other, and I hope with "Anyone", people can relate to it differently from what I've put out so far.
Stream Jason Yu — Anyone today on Spotify.
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You are here: Home1 / Blog2 / Events3 / Dual slalom is back at National Champs
Dual slalom is back at National Champs
July 6, 2011 /1 Comment/in Events/by leelikesbikes
You can thank Chris Herndon for the switch from 4X to dual slalom. Chris is a great rider, top coach, pro builder and solid dude. He's at Beech Mountain building the downhill and slalom tracks. Here's what he has to say about the return of dual slalom.
USA Cycling originally scheduled the national championships as 4x. Why did you pursue the change to dual slalom?
Participation is down in 4X, and gated racing has been getting smaller and smaller. Over the past few years, most of the riders have been saying "Let's go back to dual slalom."
Everyone's really excited about the grassroots slalom events that are happing all over. Since the beginning of the season, I've been talking to people and asking what they wanted. Everyone I talked to wanted dual slalom instead of 4X. (Except for one person, who's a kid on my team. I can trump him.)
In the past I never had much input, but now I'm helping with the national championships and building the tracks, so this was my chance to speak for the riders.
What was the process like?
USA Cycling was very cool and easy to work with. That was a surprise. They have a bad reputation, and I've had trouble before.
I mostly communicated with Kelli Lusk, national events director. We emailed back and forth for a couple months. She was really helpful. She sent me UCI surveys of what pros and the industry want. I told her it's time to think about what's best for the majority of riders.
USA Cycling wanted a 4X national championships to help prep American pros for 4X worlds. But the pros who are going to worlds don't need to train at U.S. champs. That happens at World Cups and on their own.
USA Cycling is still trying to have a national 4X championship. They're looking to use an existing event so they name 4X national champions and send them to worlds in the stars and stripes jersey.
Why do riders tend to prefer dual slalom over 4X?
As a rider, I don't want someone else controlling my destiny, or whether I get hurt or not. The top 4X guys win it on the first straight. You're training for that in the gym and in the gate. That's not the kind of riding I enjoy most.
Dual slalom is head-to-head racing, but it's you against yourself. The other racer can pressure you into making a mistake, but it's all up to you. For pros, it's 10 perfect runs. They always say the first rounds are easy, but they're not. The slower qualifiers have nothing to lose, and they're gunning for you.
People like dual slalom because it's just them and their bike. It's like DH, but with the head-to-head action. There's not a lot of luck involved (unlike 4X). It comes down to the all-around skilled rider who can keep it together for 10 runs. 30 seconds x 10 runs = 5 minutes of pinned, perfect riding. That's even more than most DH races.
Heck, if you want the best 4X racers in the country, go to a BMX race and pick the top 5. They're on a whole other level power-wise. New school gated racers have not pursued that kind of strength training since Brian Lopes, Mike King and those guys.
Does it cost less to build a great slalom course than a great 4X course?
Yes, DS is definitely easier. You need 1/4 of the dirt to build a really nice DS vs. a so-so 4X. In 4X, the dirt costs more, and the machines are bigger and way more expensive.
Look at the Crankworx dual slalom. It was perfect. You know a lot of time went into that, but it's not like a huge expense in getting dirt and moving dirt.
Come on out!
I want people to know, Beech Mountain, North Carolina is a small mountain, and it's gotten some bad rider feedback, but it will be really cool. The terrain is unique. You'll be riding in woods like you never have before. It will be wet, slick and fun.
I'm working with USA Cycling to work out the schedule. The goal is to open up practice times — do longer sessions with multiple classes — so riders get more time. This way, if you flat you haven't blown your entire practice.
Pros and amateurs will be on different courses, so we can run them at the same time. I think it's important to have pros and ams in the same lift line. When I was a kid, I was head over heels to ride the lift with the pros and hear them talk.
We're trying for a festival feel like we had before U.S. MTB racing started declining — people camping, hopefully riding a pump track in the camping area, making it fun, bringing everyone back together.
Calling Brian Lopes
I want to personally invite Brian Lopes to come race the event. When I won the dual slalom national championship in 2007, I knew he was the fastest in the country. I chased him for a year, and I thought I could beat him. He was the best, but he didn't race that event. I would love to see him come out and ride. He could win it as easily as anyone.
With guys like Chris pushing for change, our sport is in great hands. No doubt the Beech Mountain dual slalom course will be rad. Since I won't make it, Lopes might have a chance at another title.
https://www.leelikesbikes.com/wp-content/uploads/2018/08/leelikesbikeslogoheader.jpg 0 0 leelikesbikes https://www.leelikesbikes.com/wp-content/uploads/2018/08/leelikesbikeslogoheader.jpg leelikesbikes2011-07-06 11:59:002011-07-06 11:59:00Dual slalom is back at National Champs
I want dual slalom but with some big jumps or at least one decent sized jump on the course.
Mountain bike shoulder funAbsorb the face and save 6 minutes at Downieville


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Hyundai FC - Meet the Teams
Hyundai FC – Meet the Teams: Marston Green
We've partnered with the Chelsea FC Foundation to launch Hyundai FC - a flagship grassroots football initiative to support junior football clubs up and down the country.
From Southampton to Durham, Hyundai FC is made up of 11 grassroots clubs ranging from under-8s to under-15s, each of which we will profile throughout 2019. The next team to introduce is Marston Green FC.
Team name: Marston Green Football Club
Location: Marston Green, Birmingham
Age group: Under-15
Coach: Mick Tynan
Marston Green FC Under-15s team are from Birmingham, West Midlands. They are a strong attacking team who have been coached by Mick Tynan since they were Under-8s, gaining promotion 5 times in 9 seasons. They are sponsored by local dealership Motorfair.
This summer, Marston Green and the 10 other Hyundai FC teams were given the ultimate football experience – the chance to play on Chelsea's Stamford Bridge pitch, bespoke coaching sessions with Chelsea Foundation coaches and new Nike clubs kits and tracksuits.
Speaking about the team and the Hyundai FC initiative, Marston coach, Mick Tynan said: "I've coached the boys for nine years since they were Under-8s. The key is to talk to them properly in order to get them to listen. That's how I get the most out of them."
"The pitch day has been absolutely fantastic and the Chelsea foundation coaches have been brilliant. They're really good at judging what players can do and adjusting the coaching to help them – it's definitely something I'm going to take forward in my sessions."
Mick Tynan, Marston Green FC Coach
In September, Mick and the other Hyundai FC coaches were given the opportunity to visit Chelsea's Cobham training ground to watch Frank Lampard and the first team in action before being put through their paces as they participated in a coaching education session with the club's training staff.
Later in October the Chelsea Foundation coaches will be paying all the Hyundai FC teams another visit to give them an in-depth training session and progress the skills they've been learning.
Check back here throughout 2019 to find out more about the rest of our Hyundai FC clubs.
Hyundai.co.uk
© 2020 Hyundai Motor UK


Jared Unzipped: An Update On The Saturday Night Stories.
As I transition into a new year of writing fiction, I'd like to share some information with my audience. Over the past year, I've published many short stories. I wrote in numerous genres -- horror, romance, science fiction, drama. Through my journey behind this keyboard, I've explored many different plot devices and characterizations. Some of the stories turned out wonderful. Others, I didn't care for. Either way, I made sure to complete the stories and let them stand on their own, good or bad.
Ultimately, this was an exercise in preparation for my next step as a writer.
Keeping with tradition on Saturdays, I will continue to create and publish an original work of fiction. Whereas in the past these works have been short stories without much, if any, entanglement, this is all about to change. Starting next Saturday, I will begin publishing a sequential story told chapter by chapter. Hopefully, this tale will eventually become the size of a full-fledged novel. It will be my first genuine attempt at writing a larger narrative. Honestly, I'm a little frightened of the task before me, but I know that it's a step in the right direction. While I've cut my teeth on short stories, I want to craft an entire world filled with various characters that carryover, week after week. Eventually, I'd like to collect these stories into one larger book for proper print publication. My fingers are crossed.
Obviously, this means you willll have to keep up with my story if you'll want to maintain any sense of clarity. Otherwise, chapters read out of context might not make much sense. This is a hefty request, but I'd appreciate it if you joined me for the ride. Hopefully, you'll like where this adventure takes us.


I love vintage...especially this picture. The girl is so happy! This one shows her new pearls appearing. Poor baby's getting a bunch of teeth all at once, but it hasn't diminished her smile. The next image shows her chubby little leg. Her sister and brother were blowing bubbles her way, which entertained her quite a bit. One of the larger bubbles landed right next to her and didn't pop. It was beautiful.


4. Apulian Red-Figured Bell Krater (96.AE.29). Acquired from Fritz Bürki. Fleischman, Passion, no. 56.
5. Bronze Mirror with Relief-Decorated Cover (96.AC.132). Apparently found at Tarquinia. Fleischman, Passion, no. 83.
6. Statuette of Tyche (96.AA.49). Purchased from Robin Symes; purchased from the Fleischmans for US$2 million. Fleischman, Passion, no. 120.
7. Fragment of a fresco: lunette with mask of Hercules – (96.AG.171). Purchased from Fritz Bürki. Associated with a fragment in the Shelby White collection. Fleischman, Passion, no. 126.
The remaining pieces include the acrolithic statue, perhaps from Morgantina, as well as several pieces of Attic pottery.
10. Attic Red-Figured Calyx Krater ("Birds") (82.AE.83).
13. Attic Red-Figured Kylix (83.AE.287). Attributed to Epiktetos.
Other items appear in the Polaroids from the Geneva Freeport - so there may be additions to this list.
A full discussion of the November 2006 items (and with a prediction about some of the additional items) is now in press.


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TheStreet CEO Callaway paid $718,000 in 2016 compensation
by Chris Roush · May 1, 2017
David Callaway, who became the chief executive officer of TheStreet.com last July, was paid $718,859 in compensation from the financial news site in 2016, according to a filing with the Securities and Exchange Commission.
Callaway was paid a salary of $244,493. His contract calls for a base salary of $500,000 for a year.
In addition, Callaway received $363,248 in stock option awards and a bonus of $61,123. He also received $43,981 in non-equity incentive plan compensation.
The former chief executive officer, Elisabeth DeMarse, received $1.38 million from the company in 2016, which included $1.1 million in a severance package.
Company founder Jim Cramer received $3.05 million in compensation in 2016 as part of an agreement that includes the licensing fee for use of his name and likeness, a royalty payment and reimbursement for certain expenses.
Cramer's current contract with the company expires Dec. 31, 2017.
Callaway and chairman Larry Kramer were brought into the struggling company in 2016 to turn around its financial performance. Since that time, the company has laid off more than a dozen journalists.
However, its stock price has fallen below $1 per share and the company risks being delisted. A hedge fund is also taking aim at the company. The stock closed Monday at 85 cents, unchanged.
TheStreet's annual meeting will be held May 31 at 8:30 a.m., at the offices of Orrick, Herrington & Sutcliffe LLP, 51 West 52nd Street, New York.
The SEC filing can be found here.
Next story Thomson Reuters reports better-than-expected earnings
Previous story Columbia names Knight-Bagehot fellows for 17-18


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GAUSS es un lenguaje de programación matricial diseñado para trabajos matemáticos y estadísticos, desarrollado y comercializado por Aptech Systems. Su propósito primario es la solución de problemas numéricos en estadística, econometría, series temporales, optimización y visualización 2D y 3D. Fue publicado por primera vez en 1984 para MS-DOS y posteriormente también está disponible para Linux, Mac OS X y Windows.

Ejemplos de las funciones disponibles
 GAUSS tiene varios Módulos de Aplicación así como funciones en su biblioteca de funciones:
 Qprog — Programación cuadrática
 SqpSolvemt — Programación cuadrática secuencial
 QNewton — Optimización Quasi-Newtoniana sin restricciones
 EQsolve — Resolución de Ecuaciones no lineales

Enlaces externos
 Internacional homepage
 GAUSS Mailing Lista
 Revisión de versión 7.0
 Algunos más enlaces
 Software para Economistas

Paquetes de software estadístico

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Every time I try to collect from y sheep, the game crashes. I am playing on an IPad with all available updates.
Hi, Thanks for the report about those wily sheep! We recommend that you reinstall the game, restart your device, and check for available memory on your device before re-opening the game and collecting from the sheep. Please let us know if this works or if the issue happens again.