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West Midlands lauds alternatives portfolio in 2015 outperformance

first_imgThe £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%.last_img read more

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JE Pistons awards renewed for four IMCA divisions

first_imgIRVINE, Calif. – Nine sets of pistons and more than $9,000 worth of product certificates will be awarded to IMCA drivers racing built engines again this season by JE Pistons.Champions in each of the five Xtreme Motor Sports IMCA Modified regions and both IMCA Sunoco Stock Car regions, as well as national IMCA Late Model and IMCA EMI RaceSaver Sprint Car champions all receive pistons from the Irvine, Calif., manufacturer.Product certificates valued at $400, $300, $200 and $150, respectively, will be awarded to eligible second through fifth place drivers in regional Modified and Stock Car, and national Late Model and Sprint Car standings.“Everyone at JE is a proud supporter of the IMCA and circle track racing,” said Director of Marketing Sean Crawford. “We’re happy to support the racers and help keep their engines running strong and on the race track.”Awards will be presented during the national IMCA banquet in November or mailed beginning the following week from the IMCA home office.JE Pistons returned to the IMCA marketing partner ranks last season.“We are in our sixth season overall partnering with JE Pistons and it is a pleasure to work with aftermarket engine parts manufacturers who continue to support IMCA racers,” commented IMCA Marketing Director Kevin Yoder. “Modified drivers racing a claim engine, and all drivers in the other divisions have a shot at high quality sets of pistons through this program and we hope they support JE at every opportunity.”Information about JE-manufactured pistons and piston kits is available by calling 714 898-9763, on Facebook and at the www.jepistons.com website.last_img read more

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Boys soccer Warriors, Wildcats earn league wins

first_img Tags: Bishop Luddenboys soccerWest GeneseeWesthill WG featured a well-balanced attack where four different players – Tom Shields, Jacob Sachar, Josh Rimauldo and David Puma – found the net. Nolan Merritt and Jesper Behr earned assists, with Alex Toumbarcis and Josh Farrell combining for 11 saves.Bishop Ludden, having moved to no. 11 in the state Class C rankings, reinforced that high status in last Tuesday’s 6-1 romp over the LaFayette Lancers, where Michael Gaughan again stood out.Already up 2-0, at halftime, the Gaelic Knights got away with Gaughan pouring in four goals and adding an assist. Mark Collins and Luke Infanti also found the net as Liam Mahar got two assists and Charlie Colella added an assist.At Tully two days later, Ludden again jumped out in front with a pair of first-half goals, only here that was the only thing needed to gain a 2-0 shutout of the Black Knights.Gaughan and Mahar earned the goals, with Colella adding an assist. Tully had plenty of its own chances throughout the game, but goalie Jim McGarvey turned back all 10 of the Black Knights’ shots.Solvay lost, 5-0 to Chittenango last Monday, and then struggled again two days later in a 7-2 defeat to Cazenovia, though Ty Martineau did score a goal and assist on Alex Wilsch’s tally. Jonathan Gonzalez Perez had 15 saves. Humbled on Sept. 16 by Marcellus when it was undefeated and held the top spot in the state Class B rankings, the Westhill boys soccer team fell to no. 13 in the state poll, but quickly resumed its winning form.The Warriors hosted Mexico exactly one week after the defeat to the Mustangs, getting away in the second half to blank The Tigers 4-0.A well-balanced attack included one goal and one assist from Bo BenYehuda, with Andrew Centore, Brian Kenny and Jackson Powers also getting goals. Will Delano added an assist. Share this:FacebookTwitterLinkedInRedditComment on this Story When West Genesee hosted state Class AA no. 12-ranked Fayetteville-Manlius last Tuesday, it expected to make the Hornets worry, just as it did to Baldwinsville a week earlier.But the Hornets had none of it, topping WG 3-0 as Cheech Pagano netted two of F-M’s three goals. Ziad Abdul-Malik had the other goal as none of the Wildcats’ nine shots got past Chris Szidat or Will Summers.This loss didn’t shake up the Wildcats too much, though, for on Thursday night it hosted Cicero-North Syracuse and unleashed its attack on the Northstars, not letting up until it had earned a 4-2 victory.last_img read more

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