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Sweden’s AP7 to rein in leverage of equities fund


first_imgSweden’s seventh AP fund (AP7) has said its board decided in the first half of this year to reduce the gearing in its SEK261bn (€27.7bn) equities fund gradually to 125% from 150%.In its interim report for January to June 2015, the state pension fund said that, as part of this plan, it had trimmed the fund’s gross leverage to 139.5% by the end of June.While the normal level of leverage had been set at 150% of the fund’s capital, its board is allowed to reduce this on the chief executive’s recommendation – in situations where it is seen as appropriate to lower exposure to the stock market, for example.The pension fund said it produced a 9.8% return for savers in its balanced Såfa pension fund in the six-month period, which outperformed the average 8.3% return for competitor funds in Sweden’s premium pension system. AP7 operates as a state-owned alternative to the private investment funds in the country’s first-pillar premium pension system.Its Såfa fund is composed of AP7’s “building-block” equity and fixed income funds, with the proportions set depending on customer age profiles.The equity fund generated a 10.5% return in the first half of the year, in line with the benchmark.In absolute terms, the return was SEK24.6bn, and the fund’s total assets increased to SEK260.7bn at the end of June.AP7 said: “The positive development seen in the fund is due to the upswing on global equities markets in 2015, which was intensified by the fund’s leverage as well as the weakening of the Swedish krona.”Active management contributed positively to the result, it said, adding SEK12m, although tactical allocation reduced returns to the tune of SEK38m in the reporting period.It blamed the tactical asset allocation underperformance on the fact the fund had had a lower global equity exposure than the benchmark, adding that this had also had the effect of reducing the fund’s risk level.Meanwhile, the fixed income fund produced a 0.6% return in the period, identical to the benchmark return.The return was SEK99m, while total assets in the fund rose to SEK18.3bn.last_img read more


QBE Housing Outlook: Gold Coast property prices tipped to soar in the next three years


first_imgHouse prices are tipped to rise most.“Given the greater rise in the supply of units, unit prices are projected to show slower growth, averaging 0.8 per cent per annum to take the median unit price to $435,000 over the same period.”More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoReal Estate Institute of Queensland Gold Coast director John Newlands believed the predictions were possible given the number of people who were expected to move to the city during the three year period.“That’s basically where that’s all stemming from,” he said.“If that is the case … people are going to need places to stay and supply and demand is going to push prices up.”He tipped suburbs like Ashmore, Carrara, Burleigh Waters and Hope Island to become more popular as people started to consider them central locations instead of outer areas. Property prices on the Gold Coast are expected to soar in the next few years.IT was a rough start to the year for the Gold Coast property market but its future is looking bright, according to new research.QBE Insurance has this week released its Australian Housing Outlook 2019-2022 report, which predicted the city’s median house ($625,000) and apartment ($425,000) prices would increase in the next three years.The report attributed population growth, a steady supply of infrastructure projects and a strong tourism industry to the expected rises.“House price growth to 2022 is expected to remain positive, albeit at a slower rate than the previous upturn at an average rate of 2.9 per cent per annum,” the report said.“This will take the median house price to $680,000 by June 2022. MORE NEWS: Luxury living in a new light With Melbourne’s median house price forecast to reach $810,000 and Sydney’s $1.04 million by June 2022, Mr Newlands said people would continue to move to the Coast.“Affordability here on the Gold Coast is still very good,” he said.Chief realestate.com.au economist Nerida Conisbee said while the Coast would be considered much cheaper than other cities, some buyers would need to reconsider their property plans.“We often do celebrate price increases but it’s never good for first home buyers … and upgraders,” she said.“With the Gold Coast, it will get more and more expensive over time because it’s a great place to live but also because it’s relatively constrained in its land.”“The land shortage will probably be a big issue.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:29Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:29 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWays to get into the property market for less00:29 MORE NEWS: Home fetches almost $1 million for charity at auctionlast_img read more