The £11.6bn (€15.7bn) West Midlands Pension Fund outperformed its benchmark by 1.7 percentage points last year, citing strong performance from its private equity and other alternatives holdings.The UK local government pension scheme (LGPS), however, reported losses across nearly all equity holdings, the notable exception being its North American portfolio, reflecting an overall decline in stock markets during the 2015-16 financial year.The fund’s equity portfolio overall underperformed its benchmark by 2 basis points, losing 2.67% in value over the course of the year, with particularly steep losses of 7.5% from emerging market holdings.The scheme’s global equity portfolio, which grew by £500m last year after it decided to actively manage a portfolio internally, lost 2.2% compared with a benchmark loss of just 0.49%. West Midlands hailed the in-house move as part of an attempt to be more cost-effective.In the forward of the scheme’s draft annual report, Geik Drever, head of the pension fund, said: “[The] restructuring of our portfolio has continued during the last year, including the introduction of an in-house, actively managed global equities portfolio.“This, along with other changes to the portfolio over the last few years, has yielded ongoing savings of almost £25m per year.”The remaining developed-market equity holdings were largely passively managed.The best performing asset class was private equity, which returned 15.8%, followed by an 11.3% return on property and a 9.9% return on real assets and equity holdings.The fund’s 2.4% return was significantly down from the 2014-15 return of 15.5% and also below its 10-year annualised return of 5.6%.Because inflation stood at 1.5% last financial year, however, the fund still managed an absolute return of 0.90%.
Associated Press Television News Last Updated: 4th September, 2020 09:51 IST Panthers’ Rhule Dealing With Eye Issue As Season Approaches Panthers first-year head coach Matt Rhule said there is a reason why he’s been looking like “Darth Vader” recently at practice LIVE TV First Published: 4th September, 2020 09:51 IST WATCH US LIVE COMMENT FOLLOW US Written By Panthers first-year head coach Matt Rhule said there is a reason why he’s been looking like “Darth Vader” recently at practice.Rhule revealed Thursday that he’s been dealing with a painful cornea issue for weeks, which has left his eye sensitive to light. That has prompted him to wear a black bucket hat and dark sunglasses to go along with his black mask due to the coronavirus pandemic.“I’ll be fine,” Rhule said. “But it’s just really, really painful and really hard to see. It’s light sensitive at times. I was raised under coach (Tom) Coughlin with no sunglasses. You can’t even find a hat on my head in the last 20 years of coaching. Now, I look like a Storm Trooper or Darth Vader, or whatever.”Rhule has had plenty of issues to deal with this year, including making the transition from Baylor to the NFL and trying to get a young, rebuilding team ready for the season in the midst of a coronavirus pandemic. The Panthers are the only team in the league with a new coach, two new coordinators and a new quarterback.Rhule said he can still see, and expects the cornea will be almost completely healed in time for Carolina’s Sept. 13 regular-season opener against the Raiders.“We all have to deal with things, so it is has been good for me just to remind myself to practice what I preach,” Rhule said.Image credits: AP SUBSCRIBE TO US
The first three picks of the NBA Draft are pretty much set in stone, but things could get interesting with the fourth overall pick. The Lakers technically hold the pick, but they’ve agreed to trade the draft rights to the Pelicans as a result of the Anthony Davis deal. But New Orleans is reportedly shopping the pick around, which would lead to a confusing trade inception. If the Pelicans do make a deal, ESPN’s NBA analyst Jalen Rose predicts the Bulls will be involved. Sometimes @jalenrose makes a mistake and says things into microphones he shouldn’t. Then I put them on the internet because that’s what friends do: pic.twitter.com/gOLx53xRMw— Jacoby (@djacoby) June 20, 2019MORE: Full first round 2019 NBA Mock Draft What Rose reported isn’t quite as interesting as how he reported it. The social copy promoting the video says “sometimes [Rose] makes a mistake and says things into microphones he shouldn’t.” And in the video, Rose wonders aloud if he’s even allowed to say what he does.”I guess I’m gonna say this,” Rose said. “I was about to look at my phone and see if I was able to say this or not.”Here’s Rose’s proposal:Pelicans get: 7th pick, Zach LaVineBulls get: 4th pick, Lonzo BallThis isn’t the first time LaVine’s name has been tied to the Pelicans. ESPN’s Zach Lowe suggested the deal in a recent podcast appearance, although he made sure to point out there was no reporting behind it.One clarification: Beck and I had a spitballing session on who the Lakers/Pels might be able to get for 4th pick. I mentioned a bunch of potential targets, including Zach LaVine. That was just me speculating, not reporting. Worded it inelegantly, apologies for that. https://t.co/cxcbe1Pd01— Zach Lowe (@ZachLowe_NBA) June 13, 2019Ball’s name was also tied to the Bulls before the Lakers deal. There was speculation from some saying the Bulls were trying to get in on the Davis deal. Essentially the talk was the Bulls would receive what they ended up getting in Rose’s proposal. Would it make sense for the Pelicans and Bulls to make this trade?This trade is a good idea for the Bulls. They get to move up in the draft and take on a player still on his rookie contract in Ball. LaVine currently has an average salary of $19,500,000 until 2022 when he becomes a free agent. Ball, meanwhile, has an average salary of $7,489,280 until 2021. The deal doesn’t make a ton of sense for New Orleans, unless the Pelicans truly view LaVine as a much better option than Ball. LaVine is the better player, but is it worth taking on the extra salary and moving down three spots in the draft? It depends on how much the Pelicans really like LaVine.Rose seems to think some version of this deal could go down on draft night.