Denmark’s PKA to expand pioneering ‘risk-premia’ strategies

first_imgPKA, the DKK195bn (€26.1bn) administrator for five Danish pension funds, is to expand a pioneering equity investment management strategy put in place in 2012 to a range of other asset classes during 2014.The funds began to adopt a strategy designed to get exposure to specific risk-premia and ‘market effects’ in equities two years ago, in collaboration with a number of investment bank and asset management advisers that included Deutsche Bank, JP Morgan and AQR.Instead of simply allocating long-only to traditional global, regional or sector equity portfolios, PKA’s strategy combines developed, emerging, frontier and small-cap mandates with around 15 alternative sources of risk and return.These include premia extractable from dividends risk, merger risk and implied volatility risk, factor exposures such as value and momentum, and other market ‘effects’ such as the low-volatility anomaly, and they are implemented using long/short strategies and derivatives. Implementation of the new strategy was completed towards the end of 2012.During 2013, the traditional equity risks returned 22%; the alternative risks, 13%.The funds’ investment portfolios (excluding liability-hedging) returned 9% overall in 2013.Now Jannik Teigen Hjelmsted, a senior portfolio manager at PKA, has revealed to IPE that the funds are set to expand some aspects of this approach into rates, currencies and commodity markets.“Last year, we did a big study internally to see if it is possible to get exposure to value, carry, momentum, volatility arbitrage and the low-volatility effect in other asset classes,” he said.“The high-level conclusion was that we do see those return sources outside equities, and we are now working on ways of getting exposure to them, building on the experience we have working with equities to create an even more robust portfolio.“With the same overall risk budget, we think we can earn a higher return for the total portfolio by having exposure to these new return sources.”He added: “We have some strategies in commodities and currencies already, but, on the back of this study, we will expand those and ramp them up for a more meaningful contribution to the returns of the fund.”In many ways, these new markets lend themselves naturally to the strategies PKA has been applying to equities.Most have deep and liquid derivative markets, and, as Teigen Hjelmsted pointed out, most are also risk-management markets.Unconstrained investors can be well-compensated by other market participants looking to lay-off their risks, and those risks often have low correlation to traditional return sources, he said.The same risk-transfer concept underlies several of the premia PKA seeks out in its equity portfolio, such as dividends and volatility risk premia.“PKA’s investment committee has approved a re-allocation of risk budget to these new strategies, and we expect that, by the end of 2014, we will have most of the strategies in place, as we complete the due diligence on each of them,” Teigen Hjelmsted said.“As with the equity risk premium project, we expect implementation to take about a year.”last_img read more

Carrasco returns to Atletico on loan from Dalian Yifang

first_imgAdvertisement Read Also: Atletico Madrid reject advances for CavaniAtletico described Carrasco as “a player who knows our team and has a lot of talent and provides penetration from both sides”.The club have also been attempting to sign a striker this month, with both Diego Costa and Joao Felix out injured, and the team struggling for goals.But a deal for Edinson Cavani is yet to materialise as Atletico and Paris Saint-Germain have been unable to agree a fee.FacebookTwitterWhatsAppEmail分享 Atletico Madrid have signed Yannick Carrasco from Chinese side Dalian Yifang on loan until the end of the season, the Spanish club confirmed on Friday. Promoted Content6 Interesting Ways To Make Money With A DroneWhich Country Is The Most Romantic In The World?6 Best Natural History Museums You Won’t Regret VisitingEver Thought Of Sleeping Next To Celebs? This Guy Will Show YouThe Best Cars Of All Time10 Of The Dirtiest Seas In The WorldYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime6 Incredibly Strange Facts About Hurricanes7 Black Hole Facts That Will Change Your View Of The UniverseBirds Enjoy Living In A Gallery Space Created For ThemThe 10 Biggest Historical Mysteries That Can’t Be SolvedTop 7 Best Car Manufacturers Of All Time “Our club has reached an agreement with Dalian Yifang for the loan of Yannick Carrasco until the end of the current season,” an Atletico statement read.“The player returns to Atletico, where he spent three seasons and played a total of 124 games, scoring 23 goals.”Carrasco signed for Atletico from Monaco in 2015 and he played as a forward, predominantly out wide.The Belgian scored in the 2016 Champions League final, as Atletico drew 1-1 with Real Madrid before losing on penalties.He has spent the last two years in China, where he played 52 games while registering an impressive 24 goals and 17 assists. Carrasco returns to Atletico, where he spent three years before moving to China in 2018. Loading… last_img read more

Iloilo province’s ASF pork ban now covers Mindanao, too

first_imgOn Feb. 5 he issued Executive OrderNo. 027-A expanding the existing temporary ban (Executive Order No. 027 issuedon Jan. 20, 2020) on live swine, pork, pork products and byproducts coveringLuzon and the countries of Latvia, Poland, Romania, Russia, Ukraine,Luxembourg, Belgium, Bulgaria, Moldova, Czech Republic, South Africa, Zambia,Hong Kong, Mongolia, Vietnam, Cambodia, Myanmar, Lao peoples Republic, SouthKorea, and China. “Considering damo kita pork products and live animals nga nagahalin didto sa Mindanaoand naga-agi sa Iloilo Airportand Dumangas seaport, nakita ni Governor nga may threat gid kita sa ASF, amo na gin-entireMindanao ang ban,” said Tabuada. Despite the ban, Iloilo has notexperienced a shortage in pork, pork products and by-products as there are lotsof local suppliers and hog raisers./PN ASF is a highly contagious hemorrhagicviral disease that spreads rapidly in pigs. Since there is no known vaccineagainst it yet – sick pigs die in two to 10 days – ASF is destructive to theswine industry. According to Dr. Darel Tabuada, Iloiloprovince’s supervising veterinarian, the Department of Agriculture confirmed thatthe towns of Don Marcelino and Maita in Davao Occidental have ASF cases. ILOILO – The provincial government hasexpanded its ban on live swine, pork, pork products and byproducts to cover thewhole of Mindanao.center_img The goal, according to Gov. ArthurDefensor Jr., is to protect Iloilo’s swine industry from the African swinefever (ASF) which has hit Mindanao’s swine. The province of Davao Occidental whichis part of Region 11 declared a state of calamity, with up to 10,000 hogsaffected by ASF. In fact, he added, last month theprovincial government ordered tighter monitoring at the Iloilo Airport andDumangas seaport in coordination with the Bureau of Animal Industry. Last week, the city government ofIloilo also expanded its swine ban coverage to include the Davao Region (Region11).last_img read more

Batesville High School junior earns Eagle Scout Badge

first_imgMorris, In. — Recently Joseph Hartman, junior at Batesville High School was awarded the Eagle Scout Badge at a ceremony at St. Anthony’s church. A crowd of 75 acknowledged his accomplishments as a Boy Scout and recognized him as an Eagle Scout with a special certificate from Indiana state senator Jean Leising.last_img

GSA boys’ basketball team wins first state title in 13 years

first_img Part 2: When the injury is inside your head, some “don’t get it” – July 26, 2016 EHS names new boys’ soccer coach – July 13, 2016 Bio Part 1: Invisible, incapacitating concussions are sidelining high school athletes – July 19, 2016 Latest posts by Taylor Vortherms (see all)center_img GSA sophomore Max Mattson receives a half-court-pass in the Eagles’ 59-46 Class C state championship win over Waynflete Saturday night. PHOTO BY TIM SUELLENTROPAUGUSTA – The George Stevens Academy boys’ basketball team won its first state championship in 13 years Saturday night at the Augusta Civic Center.The GSA Eagles defeated the Waynflete Flyers 59-46 for the Class C title.“I’m a little in shock,” GSA coach Dwayne Carter said. “They deserve it.”Sophomore guard Taylor Schildroth led the Eagles (21-1) with 23 points while junior guard Beckett Slayton contributed 14.This is placeholder textThis is placeholder textBut Carter said it was GSA’s defense that won the game, noting the efforts of his centers Max Mattson and Nick Szwez as well as forward Jarrod Chase.“It was easier to play offense when the defense creates turnovers,” Carter said. “Everyone stepped up.”GSA came out hot, outscoring Waynflete 14-7 in the first quarter. Schildroth scored half of those points.“What more can you say, he’s just amazing,” Carter said of Schildroth. “He can break down a defense.”Waynflete’s Will Nelligan opened the second period with a basket, but Schildroth quickly cancelled it out with two of his nine points that quarter.With three minutes left before halftime, Schildroth hit a field goal to pull the Eagles up 23-15.Abel Alemayo snatched back momentum for the Flyers with a 3-pointer to kick off a seven-point run that cut GSA’s lead to 23-22. Chase scored at the end of the quarter for GSA, and the Eagles entered halftime up just 25-22.Despite the close game, Carter said his players seemed relaxed in the locker room.“They were making me laugh,” Carter said. “Unlike against Bucksport, I thought we played loose.”It was Slayton who led the Eagles in the third period. Twenty seconds in, he hit a 3, which Schildroth followed with another basket from behind the arc.Waynflete would go on another six-point run, and the Eagles watched their lead dwindle to 33-32.Chase and Nick Szwez both scored next for GSA, but Belleau answered with a basket to keep the Flyers within striking distance.With a minute left in the quarter and GSA up 37-34, a scrambled ensued. Chase dove to keep the ball in bounds, which Slayton grabbed and put up for 3. GSA entered the final period up 40-35.“Beckett Slayton hit a couple really big shots in the third when it was close,” Carter said. “That was the game-changer.”It wouldn’t remain close for much longer. The Eagles pulled away in the final period, with Schildroth, Chase, Mattson and Szwez all contributing points.Belleau led the Flyers (19-3) with 13 points while Nelligan added 11.This is Carter’s third state championship with GSA – once as a player on the team in 1979, once as an assistant coach in 2003 and, now, as head coach.“This was one of my goals,” Carter said. “It’s all because of them.”The George Stevens Academy boys’ basketball team poses with its Class C state championship trophy Saturday at the Augusta Civic Center. PHOTO BY TIM SUELLENTROP Taylor VorthermsSports Editor at The Ellsworth AmericanTaylor Vortherms covers sports in Hancock County. The St. Louis, Missouri native recently graduated from the Missouri School of Journalism and joined The Ellsworth American in 2013. Latest Postslast_img read more

Leaders Jaguars face hosts Scorpions, as Regional 4-Day resumes today

first_img… Reifer, Joseph make returnFRONT-RUNNERS and defending champions Guyana Jaguars will look to extend their dominance when Cricket West Indies (CWI) Professional Cricket League Regional 4-Day Tournament resumes today.The Jaguars, who enjoyed home advantage for the past three rounds, will resume outside of their home territory against hosts Jamaican Scorpions at Sabina Park.Currently, the Jaguars sit on 118.0 points, 42.8 points ahead of second-placed Barbados Pride (75.2). Trinidad and Tobago Red Force (71.6), Jamaica Scorpions (71.4), Leeward Islands Hurricanes (61), and Windward Islands Volcanoes (52.2) complete the points table after seven rounds.Complacency will be the only thing that Leon Johnson and company will have to resist, but the Jaguars have never given the impression that this is something they have to guard against by the way they operate.Raymond ReiferThey have won five games in convincing fashion, drew against the Hurricanes and recorded a tied against the Windward Islands Volcanoes in round six.Recent history favours the Jaguars – the three-time reigning champions started their quest for a fourth-straight title in style when they crushed the Scorpions by 263 runs in round one last October.Meanwhile, the Jaguars have made two changes to their squad from the last game, with the inclusion of new West Indies recruit Raymon Reifer and West Indies A team fast bowler Keon Joseph.Reifer, the Barbados-born all-rounder returned from New Zealand where he made his Test debut in the second Test last December, while Joseph recovered from a slight injury.Anthony Adams and Sherfane Rutherford are the players making way. While Adams has not played a game this season, Rutherford has played in all seven rounds.Rutherford has chalked up 239 runs at an average of 29.88 and picked up 19 wickets at 20.26.Devendra Bishoo was not selected for this round, as he is still recovering from an injury.The Jaguars, three-time defending champions of the competition, are on course for a fourth consecutive title. They will play hosts Barbados Pride from January 11 to 14; and return home to face Trinidad and Tobago Red Force in the final round January 18-21.Guyana Jaguars squad reads: Leon Johnson (captain), Vishaul Singh, Chandrapaul Hemraj, Tagenarine Chanderpaul, Shivnarine Chanderpaul, Keemo Paul, Akshaya Persaud, Raymon Reifer, Anthony Bramble (wicketkeeper), Gudakesh Motie, Veerasammy Permaul, Romario Shepherd and Keon Joseph.last_img read more

USC, NASA send fungi to space for drug research

first_imgResearchers at USC and NASA’s Jet Propulsion Lab are working toward observing the growth of fungi in space that could help create useful drugs in the future.Clay Wang, a professor of pharmacology, pharmaceutical sciences and chemistry at the USC School of Pharmacy and the USC Dornsife College of Letters, Arts and Sciences, said the team wants to examine how the organisms behave in the new environment.“In this project we’re utilizing the space station to understand how microorganisms, specifically fungi react to space conditions. And we are interested to see whether we can find new drugs from them,” Wang said.According to studies, the vast majority of molecules that fungi can produce remain undiscovered. The study is specifically based on the fungus Aspergillus nidulans. The space station will be used to understand the growth, gene expression and physiological responses of these organisms and compare them to earth. In most cases, the mechanisms to make these drugs are not turned on, and these organisms make drugs only when they have to. The space condition is used to test how the organisms behave under the stressful environment of the International Space Station.Fungi have the potential to produce many substances that could be useful for drugs, such as penicillin, but in most cases they are not produced. There is potential to find new molecules produced by these organisms when they grow on the space station.“We are going study how these microorganisms behave and also its gene expression,” Wang said. “If we can figure out whether they are being made more on the space station and what are the switches to make more, we can repeat that on Earth. Once we know what the genes are, we can genetically modify them on earth so we will be able to make drugs in large amounts and bring down their costs.”This project originated in NASA’s space biology division and NASA provided the grant to USC. This research mission, called Micro-10, examines the effects of space conditions on fungal cells and seeks to understand the changes in the types of molecules that these cells produce as a response to different conditions.Kasthuri Venkateswaran, a scientist at NASA’s JPL, was the main collaborator with Wang in this research. Two members of Wang’s research team, Jillian Rohmsdahl and Adriana Blachowicz are graduate students at USC.Wang stressed how crucial the work of Rohmsdahl and Blachowicz has been to this experiment.“I think it’s important to highlight the graduate students who are the main drivers on this project and the opportunities here at USC to be able to do things,” Wang said. “It is a very exciting point that School of Pharmacy is now doing space research. It was a very good collaboration with NASA and Dr. Venkat because he gave his expertise, but we at USC gave the pharmaceutical science expertise.”The samples of the organisms have been provided to NASA by Wang and his team. The first attempt of the space launch of the samples Friday.last_img read more

With a title in mind, USC is set to tee off

first_imgFor the No. 2 USC women’s golf team, this season is all about redemption.After falling just short of their goal of a national championship last season, the Women of Troy seek to reclaim the title that eluded them last year.Sizing it up · USC sophomore Jennifer Song returns this season in an attempt to build on an accolade-filled freshman year, in which she finished in the top 10 nine times. But after finishing second in the National Championship, Song is out to improve. – Photo courtesy of USC Sports Information“We look forward to getting back that national championship in the spring,” said junior Lizette Salas, a first team All-American last season.After winning the 2008 NCAA title, the team led the 2009 National Championship going into the final round only to finish third, nine strokes back of Arizona State. For then-freshman Jennifer Song, the heartbreak was doubled by her second-place finish after leading on the final day. Song led by two strokes heading into the final round, only to see it slip away on the final hole to finish one stroke behind Purdue’s Maria Hernandez.This year, the team is determined to get back to the top. The Women of Troy return their top six golfers from last season, including everyone that traveled to the National Championship. Led by an All-American trio — Song, Salas and senior Belen Mozo — the team’s expectations are nothing short of another NCAA title.Song, now a sophomore, returns to attempt to top a phenomenal season that culminated in her breaking the school single-season scoring record. She finished the season as the top female collegiate golfer in the country, with nine top-10 finishes during the season and a scoring average of .18 strokes below par. After the season, she was named a First Team All-American and the NCGA Freshman of the Year.Instead of using the summer to rest, Song continued her torrid pace and became just the second woman to win two USGA titles in one year. After winning the US Women’s Amateur Public Links Championship by the largest margin in tournament history, she went on to win the US Women’s Amateur Championship. In between, she finished 13th at the US Women’s Open Championship — the top finish by an amateur.Now that she’s back in school, Song isn’t planning on slowing down.“It definitely gave me a lot of confidence, and going into the season I’m full of energy and really excited,” Song said.Still, she doesn’t dwell on last season’s success, saying, “I just try to hit one shot at a time.”Salas, now a two-time All-American, finished last season ranked fourth in the nation. Her nine top-10 finishes, which included two victories, earned her the Pac-10 Women’s Golfer of the Year award. Salas also broke the school’s scoring record last season, with an average of only .09 strokes over par. Salas, however, isn’t satisfied with last season’s finish.“I kind of struggled towards the end of last year,” she said, referring to her 18th-place finishes at the NCAA West Regional Tournament and the National Championship.Over the summer, Salas also struggled with a back injury at the end of last season. Though her competitive schedule was limited, she competed in the US Women’s Amateur and the US Women’s Public Links this summer. After making it to the round of 16 in the Public Links, she fell in the second round of the US Amateur to the eventual champion: Song.“I learned a lot this summer and I’m just now getting healthy and back into competitive golf,” Salas said. “I’m just going to keep getting stronger and come back better this year.”Mozo seeks to become the first ever four-time All-American for the Trojans this season after being named a Second Team All-American last year. While struggling with a shoulder injury last season, Mozo’s game was inconsistent. She earned three top-10 finishes and set a personal record with a 65 at the 2009 UCF Challenge, besting her previous low score by three strokes. Her 65 tied with Song for the lowest round on the team last season and marked the third-lowest score of any golfer in the country.Mozo underwent shoulder surgery over the summer and is just beginning to recover.“She’s starting to swing now, but we don’t have her swinging drivers yet,” USC coach Andrea Gaston said. “We’ll see if she can come back for any of our October tournaments, but we don’t want to rush anything.”Also returning is 2008 All-American Stefanie Endstrasser. The senior struggled with her game last season, but showed flashes of brilliance in her third place finish at the 2008 Mason Rudolph Championship.“Stephanie hasn’t been up to form, but she’s been working really hard,” Gaston said. “She played a few events over the summer while attending summer school in Europe.”The team is also looking for continuing contributions from senior Caroline Kim and sophomore Inah Park. Both became regular contributors for the Women of Troy last season, but they’ll be challenged for their roster spots by Endstrasser and incoming freshman Cyna Rodriguez.Rodriguez, a native of the Philippines, recently attended the prestigious David Leadbetter Golf Academy in Florida to prepare for collegiate competition. Her victories on the amateur circuit make her an instant contender for a roster spot.The road to redemption for the Women of Troy begins this Friday at the Mason Rudolph Championship at the Legends Golf Club in Nashville, Tenn. Gaston sees the fall season as a time for “everyone to get the competitive experience so we can have more depth and count on every player.”last_img read more

Cody Stahmer stars for DIII Massacachusetts Maritime Academy following recovery from testicular cancer

first_imgCody Stahmer told his mother to come pick him up as soon as possible.Nichole Stahmer was in the car driving her younger son, Austin Stahmer, home from the hospital where he’d just been declared cancer-free.Something in Cody’s voice told Nichole this was urgent. And when she arrived at Massachusetts Maritime Academy, she found out her older son had already scheduled surgery. He’d felt a lump in his testicle one day in the shower and drove to a distant hospital to get tests to keep it to himself after several meetings with an on-campus doctor. Stahmer’s football season had ended and he’d finished his finals. He left school without telling anyone.“I didn’t like the fact that people would know I had testicular cancer,” Stahmer said. “Honestly, I was embarrassed. … It was the scariest moment of my life. I didn’t know what to do. And I don’t think anyone around me knew what to do either.”Stahmer doubted that he wanted to — or even could — return to football. But after a bit of thought, he created a goal to return to the gridiron. About 18 months later, he became a starter and one of the most productive members of the Division III Buccaneers’ offense. He had the tumor surgically removed and fought through days of treatment. After surgery, doctors still monitored Stahmer, but he was cancer-free by June. He fought that battle away from everyone except his family.   AdvertisementThis is placeholder text“It was awful,” Nichole said. “Coming off the football season he seemed so strong and just finishing his first semester he was getting his life together … Football was a huge motivator. Cancer wasn’t going to take something he worked so hard for away from him.”Stahmer knew the chemotherapy would leech the muscle from his body, so he planned ahead. Christmas morning, he unwrapped boxes of Serious Mass High Protein Weight Gainer, a muscle-building shake. The next day, he had his first round.Chemo sapped Stahmer of energy, grayed his skin and made his hair fall out. He refused to stay overnight at Dana Farber Hospital in Boston. He awoke at 5 a.m. daily for treatment in exchange for the comfort of home and to have his pitbull, Chief, by his side in bed. All the while, he kept in constant contact with the school nutritionist.At Mass Maritime, second semester is “sea term,” which most students spend aboard a ship. That term doesn’t begin until March and stretches until June. Stahmer used that extra, two-and-a-half-month-long break to fight his private battle.“I probably should’ve talked to people earlier, if I could go back,” Stahmer said. “Dealing with it yourself isn’t what you have to do. I was scared and I probably shouldn’t have been.”He finally told his head coach, Jeremy Cameron, one winter day while playing basketball. He told some of his teammates when they unknowingly teased him about keeping his hair so short to fit military guidelines. He was still thin and weak, but when spring football started in May, Stahmer suited up.He didn’t miss a single team activity.“I was nervous when he came back,” Cameron said. “I didn’t know how hard he could go … I’d just never seen anyone do that before. I was impressed by him. He could’ve easily said, ‘I just want to get my degree and get healthy.’ But he’s a competitor.”Over the summer, he built strength by lifting bigger weights and running longer times in a town gym with former teammate E.J. Bennett. Dinnertime conversation centered on gaining weight. His mother noticed the difference. When he arrived back on campus, Cameron thought he looked in better shape than ever.In his first game back, Stahmer caught two touchdown passes — one was theatrical and “miraculous,” Cameron said — in a blowout win.“When he scored that first touchdown, oh my God,” Cameron said. “Storybook.”Cameron sees a new focus an air of seriousness about Stahmer in practice.But Nichole sees a joy just to be on the field. In his last game on Oct. 31, Stahmer caught a 14-yard touchdown pass, his third of the season, and ran off the field with a smile, despite his team trailing by 22 points.“Every time I see him play football, it’s the coolest thing just to see him out there. He always flashes this smile,” Nichole said, her voice trailing off. “He knows that he’s better.”He doesn’t like losing, she said, but it’s in perspective. He’s already beaten something bigger. Comments Facebook Twitter Google+ Published on November 3, 2015 at 10:32 pm Contact Sam: | @Sam4TRlast_img read more

Mixed fortunes for Irish fighters at World Championships

first_imgKatie Taylor has set up an Olympic final rematch, with victory this morning in the last-16 of the AIBA Women’s World Boxing Championships. The Bray fighter will face Russian Sofya Ochigava tomorrow, the woman she beat to claim gold in London two years ago. There was disappointment for Belfast’s Michaela Walsh, who lost her 54 k-g bout on a split decision to Azerbaijan’s Anna Alimardanova.last_img