The Hewlett Packard scheme, which reported an annual loss of 1.3%, added that it was still seeking a new manager for its credit mandate.As it still had to decide whether the mandate would focus on European or global credit as well as on whether to be actively or passively managed, it would address the issue in a new ALM study this year, it indicated.The scheme has hedged 60% of the interest risk on liabilities, and said it would consider raising the cover to 80% if its funding – 110.2% at the end of last July – exceeded 120%, it said.It has fully hedged the currency risk of its holdings in US dollars, sterling and yen in its return portfolio.Administration costs up as supervisor demands heededThe scheme’s administration costs rose 40% to €680 per participant, which Marcel Lasonder, the pension fund’s chairman, attributed largely to the implementation of an instruction from supervisor De Nederlandsche Bank (DNB).He said the watchdog had not been satisfied with the scheme’s improvement in risk analysis and non-financial risk policy it had recommended in 2015.According to Lasonder, DNB had also concluded that the scheme’s board had not provided the pensions provider with sufficient guidance.Speaking to Dutch pensions publication Pensioen Pro, Lasonder said he could not specify the material improvements the pension fund had made, but noted that it had not received any complaints from members in the past.Lasonder said that the costs increase had also been due to the scheme responding to three participating employers’ desire for clarity about their individual assets in the pension fund as well as the coverage ratio per “compartment”.The Hewlett Packard scheme has 1,375 active participants, 6,355 deferred members and 2,325 pensioners. The €2bn Dutch pension fund of Hewlett Packard said it had divested its hedge funds holdings and had invested in Dutch residential mortgages at the expense of global bonds.In its annual report for 2018, it also said it had sold part of its stake in developed equities in favour of indirect real estate, and had replaced asset-backed securities with credit.The changes came in the wake of an asset-liability (ALM) study conducted in 2015, which had led to a matching portfolio comprising holdings in BlackRock liability-matching funds (40% of the scheme’s total portfolio), European credit (5%) and mortgages (10%).The strategic asset mix in the scheme’s return portfolio now consists of global equity (20%), emerging market equities (7.5%), indirect real estate (7.5%) as well as emerging market debt and high yield credit, with 5% each.
England girl international Lily May Humphreys has been shortlisted for SportsAid’s prestigious One-to-Watch Award, in recognition of a spectacular season.The 15-year-old has won the British girls’ championship, the European Young Masters and the English women’s championship during 2017 – as well as helping England to win the girls’ Home Internationals.Humphreys, a member of the England Golf girls’ squad, is one of 10 athletes on the shortlist for this year’s One-to-Watch Award. The annual award, set to be presented at the charity’s SportsBall in London on Thursday 23 November, was launched in 2006 and shines a spotlight on the achievements of Britain’s brightest young sporting prospects.Past winners include the double Olympic medallist and current diving world champion Tom Daley, while five fellow recipients competed at the Rio Games.Humphreys, who gets a SportsAid grant from Suffolk SportsAid Foundation, admits this latest accolade is one to savour.“I was really happy to be on the shortlist, finding out that my hard work had paid off and that I’d been recognised was just really nice,” said Humphreys, who is a member of Stoke by Nayland Golf Club, Essex.“A lot of time goes into it, you have to practice whatever the weather, even if it’s raining or cold, you just have to keep going and try to make sure you’re improving all the time.“Having SportsAid support has been really helpful, it’s allowed me to play in competitions around the country and doing that has allowed me to be picked for England to play around Europe.”Humphreys has played in events far and wide, including the World girls’ championship in Canada and the Asia Pacific junior championship in Hong Kong – with top ten finishes in both – but she will never get complacent about representing her country.“Playing for England is always a real honour, you feel proud that you can go out there and play, see different places and see different people around the world – it’s really great,” she added.Humphreys took up golf six years ago and remarked: “I first hit a ball when I was nine, first went on a golf course when I was ten and by 11 it became a thing I was going to do for quite a while – there’s been a lot of hard work that goes into that.”Dame Katherine Grainger, Britain’s most decorated female Olympian, and five-time Paralympic champion Natasha Baker are among the panel of judges for the award.The winner of SportsAid’s prestigious One-to-Watch Award will be revealed at the charity’s annual SportsBall in London on Thursday 23 November. All the funds raised from the SportsBall help to support the next generation of British athletes. Please visit www.sportsball.org.uk for details of all the award contenders and for ticket information. 7 Nov 2017 Lily May shortlisted for SportsAid’s One-to-Watch award Tags: Lily May Humphreys, SportsAid
TeamsMen, captained by Roy Smethurst (Crewe, Cheshire):Ian Attoe (Worplesdon, Surrey)Stephen East (Wyke Ridge, Yorkshire)Trevor Foster (Accriungton & District, Lancashire)Rupert Kellock (Sunningdale, Berkshire)Richard Latham (Woodhall Spa, Lincolnshire)Richard Partridge (Wildernesse, Kent) 5 Sep 2018 England teams march ahead in European championships Women, captained by Debbie Richards (Burhill, Surrey).Aileen Greenfield (Pyecombe, Sussex)Sue Spencer (Whittington Heath, Straffordshire)Jackie Foster (Bishops Stortford, Hertfordshire)Julie Brown (Trentham, Staffordshire)Cath Rawthore (Sale, Cheshire)Helen Lowe (Scraptoft, Leicestershire) England marched into the match play stages of the European senior team championships, with the men going through as top seeds and the women in fourth place.The men, playing at the Diamond Club in Austria, had only one round to make an impact in qualifying after yesterday’s play was washed out.They made no mistakes today and won the qualifying round by four shots. Their team total, with their best five scores from six counting, was three-over par.British Senior Champion Trevor Foster (pictured) led the way for the team with a score of one-under 71, one behind the individual winners. Ian Attoe, Rupert Kellock and Richard Latham added par scores and Stephen East contributed four-over 76.The top eight teams qualified for the championship knock-out stage and tomorrow England will play Sweden in the quarter finals.The women, competing in Mont du Golf Garni in Belgium, played steadily over their two days of qualifying. Top scorer was Cath Rawthore, who shared third place in the individual table on two-over par.They will also play Sweden in their quarter-final tomorrow. Tags: European, Senior Team Championship