De Beursvloer #105: STAMPEDE op het Damrak. Stieren op hol.

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Op dinsdag 18 augustus 2009 16:30 schreef SeLang het volgende:
"Geachte heer SeLang,

Hartelijk dank voor uw e-mail. In uw e-mail vraagt u of BinckBank plannen heeft om de Zwitserse beurs aan te bieden. Momenteel is BinckBank bezig met het ontwikkelen van een nieuw handelssysteem. In dit nieuwe handelssysteem wordt de Zwitserse beurs ook aangeboden. Het nieuwe handelssysteem wordt binnen enkele maanden actief. Wij informeren onze klanten hierover als dit wordt geactiveerd."

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Op dinsdag 18 augustus 2009 16:23 schreef SeLang het volgende:

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"Kosten gemaximaliseerd op 2,5%"

Think about it....
Beleggers kunnen als groep de markt niet verslaan. Totaal reel rendement op aandelen op lange termijn is 6-7% geweest, en daar zijn dus nog geen belastingen vanaf zoals dividend belasting. Verder haalt zo'n pensioenverzekeraar waarschijnlijk een veel lager rendement dan die 6-7% omdat ze een groot % in staatsobligaties beleggen. Als je je dat realiseert, dan zijn die 2,5% kosten astronomisch hoog!

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Op dinsdag 18 augustus 2009 16:48 schreef pberends het volgende:

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Inderdaad, een beleggingsfonds zou nooit meer dan 0,25% moeten rekenen, want ze kunnen al het geld in 1 keer beleggen.

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Op dinsdag 18 augustus 2009 17:01 schreef Mendeljev het volgende:

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2.5% vragen en dan vervolgens al het geld op een tracker dumpen. Ik verwacht eigenlijk niet eens iets anders van de wat kleinere fondjes en polisjes.

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Op maandag 17 augustus 2009 16:24 schreef SeLang het volgende:

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Yep
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Ik snap ook niet waarom iemand daarvoor z'n bed uitkomt

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Op maandag 17 augustus 2009 17:18 schreef pberends het volgende:

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Ik denk dat het zeer korte termijn neerwaarts risico vrij beperkt is

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Op dinsdag 18 augustus 2009 18:23 schreef LXIV het volgende:
Bergen slecht nieuws en toch een gematigd plusje. Het kan verkeren. Er stroomt gewoon zo'n hoeveelheid geld de markt in dat de beurs toch wel stijgt.

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Op dinsdag 18 augustus 2009 18:23 schreef LXIV het volgende:
Er stroomt gewoon zo'n hoeveelheid geld de markt in dat de beurs toch wel stijgt.

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Op dinsdag 18 augustus 2009 18:44 schreef SeLang het volgende:

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Je vraagt je af van wie. Pensioenfondsen zijn de laatste maanden netto verkopers geweest en zijn dat nu nog steeds.

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Op dinsdag 18 augustus 2009 18:44 schreef SeLang het volgende:

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Je vraagt je af van wie. Pensioenfondsen zijn de laatste maanden netto verkopers geweest en zijn dat nu nog steeds.

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Recorddaling producentenprijzen VS

De producentenprijzen zijn in juli veel meer gedaald dan was verwacht: met maar liefst 6,8% op jaarbasis. de Fed hoeft zich voorlopig geen zorgen te maken over inflatie.

Tegenvallend
De producentenprijzen in de VS daalden in juli met 0,9% ten opzichte van juni. Door persbureau Reuters geraadpleegde analisten dachten dat de prijzen die Amerikaanse boeren en fabrikanten vragen voor hun producten in juli met 0,3% zouden dalen op maandbasis. In juni gingen de prijzen op maandbasis nog met 1,8% omhoog.

Kerninflatie
Marktvorsers kijken ook vaak naar de voor voeding en brandstof geschoonde prijsontwikkeling, omdat deze veel schommelingen vertonen. Zonder voeding en brandstof daalden de prijzen met 0,1% in vergelijking met een maand eerder. De brandstofprijzen daalden ten opzichte van juni met 2,4% en de voedselprijzen daalden met 1,5%.

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Op dinsdag 18 augustus 2009 18:44 schreef SeLang het volgende:

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Je vraagt je af van wie. Pensioenfondsen zijn de laatste maanden netto verkopers geweest en zijn dat nu nog steeds.

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Op dinsdag 18 augustus 2009 18:48 schreef pberends het volgende:

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Ja, waar kon ik dat bericht vinden van pensioenfondsen en aandelen verkopen? Nergens te vinden.

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Pension Funds Pare Stocks, Ignoring Economic Rebound

Aug. 17 (Bloomberg) -- The world’s biggest pension funds lost confidence in stocks as the best long-term investment, cutting holdings or leaving them unchanged during the steepest rally since the 1930s.

Funds overseeing money for California teachers and public workers, Dutch government retirees and South Korean private- sector employees reduced their target weightings for equities this year, data compiled by Bloomberg show. The rest of the 10 largest kept them the same. U.K. pensions have cut stock allocations to the lowest since 1974, according to Citigroup Inc. Managers handling Oxford and Cambridge University professors’ assets have been selling shares as the MSCI World Index posted a five-month, 51 percent rally.

“Given the storm in financial markets that we have seen, the name of the game is risk management,” said Dirk Popielas, head of the Pension Advisory Group at JPMorgan Chase & Co. in Frankfurt. “The majority of pension funds have not finished taking risk off their portfolios. Some have not even started.”

Losses suffered in the worst decade for stocks versus bonds since at least 1900 drove pension funds to pour more money into fixed income, commodities and derivatives just as signs the global recession is easing helped equities rebound from the MSCI World’s biggest annual drop on record.

The average return for U.S. stocks has trailed government bonds by about 8.6 percentage points annually since 1999, after outperforming by 8.2 points last century, based on data compiled by the London Business School and Zurich-based Credit Suisse Group AG.

New Century

Equities appreciated an average 12.91 percent a year from 1900 to 1999, while bonds returned 4.69 percent annually, according to the data from the London Business School and Credit Suisse. Since the start of the new century, bonds gained 6.36 percent, compared with a loss of 2.27 percent for shares.

Stock indexes retreated from Shanghai to London and New York today as foreign direct investment in China fell and Japan’s economy grew less than economists estimated. The MSCI World slid 2.5 percent at 9:35 a.m. in New York, while the Standard & Poor’s 500 Index sank 2.1 percent.

The MSCI World’s 42 percent slump last year decimated equity allocations at pensions. The largest funds oversee a total of about $3 trillion, according to data compiled by Bloomberg, magnifying the impact of their decisions on the performance of stocks worldwide.

Decade of Stagflation

Equity assets in the U.K. fell to 41 percent of holdings at the end of 2008, according to data compiled by New York-based Citigroup. The last time British pension funds held so little in equities was in 1974, after the Middle East oil embargo ushered in a decade of stagnant growth and price increases known as stagflation.

Funds aren’t returning to their previous levels, according to Andy Maguire, a senior partner at Boston-based Boston Consulting Group. The proportion of equities in U.K. pensions exceeded bonds by 1.6 percentage points in the first quarter, the smallest gap since 1962, annual data compiled by Citigroup show.

Equity losses have hit the pension industry just as liabilities increase. The number of people worldwide 65 and older may jump to 1.3 billion by 2040 from 506 million last year. Their proportion of the total population will double to 14 percent in the same period, according to a June report from the U.S. Census Bureau.

‘Right Thing’

“The real issue is they don’t want the volatility they had,” said Louise Kay, head of U.K. institutional business development at Standard Life Investments Ltd. in Edinburgh, which oversaw the equivalent of $34 billion for U.K. pension firms as of December. “Funds normally have to look whether they rebalance or not after one asset class loses value, and this time they are wondering whether this is the right thing to do.”

The FTSE 100 Index of U.K. stocks advanced 6.3 percent this year through last week, the smallest gain among the world’s 20 biggest equity markets, according to data compiled by Bloomberg.

Four of the world’s seven largest pension funds -- Sacramento, California-based California State Teachers’ Retirement System and California Public Employees’ Retirement System; Heerlen, Netherlands-based Stichting Pensioenfonds ABP; and South Korea’s National Pension Service -- have cut their equity target allocations, data compiled by Bloomberg show.

Calstrs, Calpers

The $119 billion California State Teachers’ Retirement System, which oversees the pensions of 833,000 members, said on July 21 that it had temporarily shifted 5 percent from equities to fixed income, real estate and private equity, and permanently moved 5 percent from stocks to “absolute return” products that target gains even as markets fall.

“The shift out of equities is still in progress,” Calstrs’ spokesman, Ricardo Duran, said in an e-mail on Aug. 12. The value of the fund’s investments slid 25 percent in the fiscal year ended in June.

The $181 billion California Public Employees’ Retirement System, which managed retirement benefits for 1.6 million current and retired public workers as of June 30, lowered its equities target to 49 percent from 56 percent on June 15. Calpers lost 23.4 percent in the fiscal year ended June 30, erasing six years of earnings.

ABP, which oversees the equivalent of $256 billion for more than 2.7 million Dutch government workers and teachers, reduced stock holdings to 29 percent from 32 percent in the first months of this year to reduce risks, according to spokesman Thijs Steger. ABP, the euro region’s biggest pension fund, said the value of investments increased 4.5 percent in the first half.

Rodgers and Hammerstein

The Dutch pension fund is turning to so-called alternative investments to boost returns. It outbid music publishers in April for the works of Richard Rodgers and Oscar Hammerstein II, including “The Sound of Music” and “Oklahoma!” The songs are managed by ABP’s Imagem Music Group, which has rights to more than 200,000 compositions, including Michael Jackson’s “You Are Not Alone.”

South Korea’s National Pension Service cut its 2009 domestic stocks allocation in June for the second time in a year as it predicted a “slow” economic rebound.

The fund posted a 0.2 percent loss on assets in 2008, according to South Korea’s Ministry for Health, Welfare and Family Affairs, even as the country’s benchmark Kospi Index of stocks slid 41 percent. The hedge-fund industry had its worst year on record in 2008, losing 18.3 percent, according to data compiled by Chicago-based Hedge Fund Research Inc.

South Korea’s National Pension, which was set up in 1988 to cover private-sector workers and people who are self-employed, posted returns of more than 5 percent a year between 2003 and 2007.

Norway Oil Fund

Norway’s sovereign wealth fund, which invests the country’s oil money abroad to avoid stoking domestic inflation, has been a buyer of stocks this year even as its target allocation held steady. The fund, which raised its equity weighting to 60 percent in 2007 from 40 percent, said in a presentation on Aug. 14 that its stock holdings stood at 60.3 percent of assets.

The sovereign fund, Europe’s biggest stock owner, said last week the value of its investments rose a record 12.7 percent in the second quarter as the MSCI World posted its biggest gain since 1998, climbing 20 percent in the April-to-June period.

Signs the global economy is rebounding from its first recession since World War II sent the MSCI World up another 10 percent this quarter through last week, while the S&P 500 of U.S. stocks extended its five-month rally to 48 percent.

The U.S. unemployment rate dropped in July for the first time since April 2008, data from the Labor Department showed this month, while the German and French economies unexpectedly grew last quarter, government figures indicated last week.

Valuations, Oxbridge Dons

European pensions reduced their weightings even after the MSCI World fell to 9.4 times the average per-share earnings of its companies in November, the cheapest valuation since at least 1995, according to weekly data compiled by Bloomberg.

“Human emotion comes into the investment-making decision process, and managers are just as prone to it as individuals,” said Neil Hennessy, who oversees $850 million as president of Hennessy Advisors Inc. in Novato, California. His Focus 30 Fund beat 99 percent of rivals in the past five years. “These managers are good, but you can see how they got whipsawed.”

Universities Superannuation Scheme Ltd., which oversees the pensions of employees at more than 400 universities and higher education institutions including Oxford and Cambridge, is shunning stocks, said Elizabeth Fernando, an adviser to the fund’s investment committee.

‘An Awakening’

The U.K.’s second-largest pension fund, which managed 23.1 billion pounds ($38.1 billion) in Liverpool at the end of 2008, is diversifying investments after trustee boards got “scared enormously” during the bear market, Fernando said. The fund is boosting its allocation to alternatives that deliver “equity- type returns” but are uncorrelated with stocks, she said in an interview Aug. 4. She declined to give more details.

A third of U.K. pension funds in an April survey by Mercer Investment Consulting said they plan to cut domestic equities. Only 2 percent planned an increase, according to Mercer, a unit of New York-based Marsh & McLennan Cos. There has been no update of the survey since then.

“The fact is there has been an awakening towards the risk of equities and the part that equities should play in the overall pension-fund strategy,” Tom Geraghty, the Dublin-based head of Mercer’s European investment consulting business, said in an interview. “Not to say that equities should not be part of a pension’s asset-allocation arrangement, but that they will have a less influential part to play.”


The following are the world’s 10 largest pension funds as
ranked in September by Pensions & Investments and Watson Wyatt
Worldwide. The right column shows their equity target allocation
and whether they have cut or left it unchanged.

1. Government Pension Investment Japan Held at 20%
2. Government Pension Norway Held at 60%
3. ABP Netherlands Cut to 29% from 32%
4. California Public Employees U.S. Cut to 49% from 56%
5. National Pension Korea Cut to 15% from 17%@
6. Federal Retirement Thrift U.S. #
7. California State Teachers U.S. Cut *
8. New York State Common U.S. Held at 51%
9. Local Government Officials Japan Held at 25%
10. Florida State Board Held at 56%

@ Domestic equities.
# Doesn’t maintain a target.
* Calstrs said on July 21 that it had shifted 10% from global
equities and would adopt a new asset allocation mix to further
diversify the portfolio and reduce its stake in stocks.

Bron: Bloomberg

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Op dinsdag 18 augustus 2009 18:59 schreef SeLang het volgende:

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Pensioenfondsen stappen in grondstoffen

grondstoffenexploitatie

Meerdere pensioenfondsen in Nederland, Zwitserland en het Verenigd Koninkrijk hebben hun exposure naar grondstoffen verhoogd.

Zo heeft Stichting Pensioenfonds Aon Groep Nederland, dat 320 miljoen euro aan pensioenvermogen beheert, nu 4 procent belegd in grondstoffen.

Dat ging ten koste van het aandeel in fixed income, stelt fondsbeheerder Fred Dozy.

Het pensioenfonds heeft zijn allocatie naar fixed income verlaagd van 65 naar 61 procent. 'Daarmee willen we de diversificatie verhogen', stelt Dozy.

Allocatie
Ook andere pensioenfondsen alloceren ten gunste van grondstoffen: de Zwitserse Pensioenkasse Phonak, dat 140 miljoen beheert, verhoogde het aandeel van grondstoffen in de totale portefeuille van 5 naar 10 procent.

Dat ging ten koste van een allocatie naar hedgefondsen, van wie volgens Phonak intern het gevoel bestaat dat je niet precies weet wat ze doen.

Ook in Engeland zijn voorbeelden van pensioenfondsen die een groter deel van het vermogen in grondstoffen hebben gestoken, zoals de Lewisham Local Authority Pension Scheme.

Aandelenbelang
Volgens onderzoeksgegevens van Bloomberg hebben de grootste pensioenfondsen ter wereld, waaronder Nederlandse, hun vertrouwen in aandelen grotendeels verloren. Geld wordt vooral gealloceerd ten gunste van fixed income, derivaten en grondstoffen.

Zo heeft ABP zijn belang in aandelen verlaagd van 32 naar 29 procent, zegt een woordvoerder.

Gegarandeerde bonus
De toenemende belangstelling voor grondstoffen onder beleggers, blijkt ook uit het aannamebeleid van de grote banken in de wereld.

Op Wall Street worden handelaren, die gespecialiseerd zijn in grondstoffen, weer aangetrokken met gegarandeerde bonussen van 1 miljoen dollar per jaar.

Grondstoffenprijzen zijn in de eerste helft van dit jaar met 25 procent gestegen, waarbij voor grondstoffen als koper en suiker zelfs sprake was van een explosie.

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ABP, which oversees the equivalent of $256 billion for more than 2.7 million Dutch government workers and teachers, reduced stock holdings to 29 percent from 32 percent in the first months of this year to reduce risks, according to spokesman Thijs Steger. ABP, the euro region’s biggest pension fund, said the value of investments increased 4.5 percent in the first half.

Rodgers and Hammerstein

The Dutch pension fund is turning to so-called alternative investments to boost returns. It outbid music publishers in April for the works of Richard Rodgers and Oscar Hammerstein II, including “The Sound of Music” and “Oklahoma!” The songs are managed by ABP’s Imagem Music Group, which has rights to more than 200,000 compositions, including Michael Jackson’s “You Are Not Alone.”

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South Korea’s National Pension Service cut its 2009 domestic stocks allocation in June for the second time in a year as it predicted a “slow” economic rebound.

The fund posted a 0.2 percent loss on assets in 2008

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Op dinsdag 18 augustus 2009 19:06 schreef pberends het volgende:

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Op dinsdag 18 augustus 2009 19:02 schreef pberends het volgende:
Ik vind eigenlijk dat pensioenfondsen niet in aandelen moeten beleggen, 1) of ze moeten helemaal afgeslacht zijn, cq historisch lage waarderingen, 2) of ze moeten een stabiel en lekker dividend geven.

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Op dinsdag 18 augustus 2009 19:10 schreef One_conundrum het volgende:

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Daar zit mijn pensioenetje ook