Environment Agency Pension Fund drops currency hedge

first_imgAccording to the active fund’s annual report, it decided to wind down its hedging programme over the course of the last financial year following questions over its effectiveness in reducing equity risk.“Potentially more effective approaches to managing and reducing risks are currently under review,” the report added.Until the end of the 2012-13 financial year, the EAPF hedged well over half of its £1bn non-sterling exposure, leaving only £387m in assets unhedged.The fund also calculated that its foreign exchange volatility stood at 13%, resulting in a potential £88.9m change in the value of its current overseas listed equity, a £41.6m change in the pooled equity holdings and a £9.8m change in overseas private equity.The EAPF also revealed that it was close to meeting its 25% target for exposure to what it regarded as the sustainable and green economy, noting that the £558m exposure at the end of March meant 24% of assets were allocated to the strategy.It added that, of the 24%, nearly half was invested in firms with more than 20% of revenues from energy efficiency or alternative energy projects, as well as waste water treatment or public transport.“A key part of our progress to meet our target was the allocation of £250m to real assets covering real estate, infrastructure, forestry and agricultural land to Townsend Group,” it said.“The mandate places a high priority on long-term responsible investments that meet our financial targets, with a preference to invest positively in sustainable real assets such as energy efficient buildings, renewable energy projects, public transport, water treatment facilities, eco-friendly farming and sustainable forestry.”However, it noted that its attempts to monitor the environmental impact of its holdings had revealed the recent shift towards clean and sustainable technologies had increased its environmental footprint, resulting in the active equity holdings exceeding the average MSCI All County World indices’ exposure.“Many of these companies are focusing on delivering sustainable solutions within their specific industries, whereby the environmental benefits … will be realised in their use downstream,” the fund said.,WebsitesWe are not responsible for the content of external sitesEnvironment Agency Pension Fund’s annual report The Environment Agency Pension Fund (EAPF) has stopped hedging its overseas currency exposure completely, estimating that changes in exchange rates are unlikely to trigger more than a 13% shift in asset value.The fund said it returned 8.4% over the course of the last year, below its 14.2% return in 2013.However, the results nevertheless saw funding within the EAPF’s £2.3bn (€2.9bn) active fund increase to 99%.It has recently implemented a new investment strategy that seeks “maximum value […] while minimising risk”.last_img read more

Syracuse struggles to convert on scoring chances in 5-2 loss to Robert Morris

first_img Facebook Twitter Google+ Published on January 5, 2018 at 9:46 pm Contact Adam: adhillma@syr.edu | @_adamhillman Syracuse (5-12-2, 4-4-1 CHA) fell to Robert Morris (12-3-3, 6-1-2) 5-2, on Friday in the Orange’s first game since Dec. 9. This is Syracuse’s fifth consecutive loss and fourth straight in league play. After the loss, the Orange remains with nine points on the season, and now stands five points behind RMU, the conference leader.The two squads played to a stalemate in the first 20 minutes, as neither team found the back of the net.Syracuse limped to a 2-0 early deficit in the second period, as the Colonials began to capitalize on their massive advantage in shots. Midway through the period, the Orange got on the scoreboard thanks to senior forward Alysha Burriss’ second goal of the year. However, RMU junior Amber Rennie’s goal with just under three minutes remaining pushed her team’s lead back to two.Five minutes into the third period, a goal scored by Colonials senior defender Natalie Fraser stretched the RMU lead to three, but Syracuse wasn’t done yet. Burriss tallied her second goal of the game only forty seconds later off a Kelli Rowswell assist, Rowswell’s team-leading 12th point of the season. After twelve minutes in which neither team got anything going offensively, Brittany Howard closed out any chance for a Syracuse comeback with her CHA-leading 18th goal of the season.The struggles on Friday for the Orange were a result of its lack of success on shot opportunities. While SU only attempted nine fewer shots on goal than Robert Morris, the Colonials tallied three more goals than the Orange. Thanks to 17 of its attempts blocked by RMU defenders, Syracuse’s shots struggled to even reach the net.AdvertisementThis is placeholder text Commentslast_img read more

State regulators pass new rules on restraints and seclusion rooms for schools

first_imgDES MOINES — The State Board of Education this week approved new rules for the use of restraints and seclusion rooms in the state’s schools.The Board of Ed had prepared rules about one year ago, but decided to hold more forums on the issue after getting a large amount of response. Department Attorney Thomas Mayes says the rules were put on hold by the COVID-19 emergency — but they are now ready.“Three big areas of dispute that we had attempted to address — the size of the room, notice to parents, and sort of the risk to teachers of injury before they could engage in seclusion and restraint,” Mayes says. He says they’ve had a lot of cooperation and input as they moved forward with changes to the rules.“We’re trying to sort of take into account both student safety as well as parents’ rights and faculty safety in balancing those three. The Department looks forward to any public comment,” Mayes says. Mayes was asked by a board member how harm to a teacher would be defined. He says that will come through training.“Everybody who worked on these rules throughout this process has known that the rules will not be self-executing. Teachers will need to have these sorts of global ideas explained in a concrete way,” according to Mayes.He says the rules do address one specific concern. “One thing that the rules emphasize is there’s no Monday morning quarterback. If the classroom teacher, if the paraeducator, if the school psychologist engaged in restraint that was reasonable at that time — the rules will continue to command that that person not be second-guessed with the benefit of hindsight,” Mayes explains.The Iowa ACLU is one of the groups which has been working with the Board of Education on the rule changes. Spokesperson Veronica Fowler told the board they want to see restraints and seclusion rooms as the very last option. “And only used in the rarest of circumstances. And we believe that ideally their use would be banned,” Folwer says. “That’s not going to happen with the proposed rules — but rules can make the use of seclusion and restraint rare — and the last thing schools do,” Fowler says.A public hearing will be held on the rules on September 15th in the Department of Education board room in Des Moines. An online option for the hearing will also be available.last_img read more