Austria’s fair-finance fund moves to decrease bond sensitivity

first_imgThe €230m fair-finance fund – the youngest Vorsorgekasse, or ‘provident’ fund, in Austria – has reported a 5.95% return for 2014, outperforming the market average of 3.98%.Markus Zeilinger, founder and chairman at fair-finance, cited the held-to-maturity bond portfolio, as well as the Vorsorgekasse’s own bond fund, as chief contributors to the performance.The bond Spezialfonds was set up in 2013 together with ESPA, a subsidiary of Austrian Erste Bank, which still manages this part of the portfolio.Zeilinger, speaking at an event marking fair-finance’s fifth anniversary, also pointed to “large amounts” of monthly inflows (approximately €4m), which enabled the Vorsorgekasse to shift into longer-duration bonds. He added that only one-quarter of the new mandatory contributions each company must pay to cover severance pay for staff is re-invested in non-held-to-maturity bonds.Currently, the held-to-maturity portfolio comprises one-third of the overall portfolio, while other bond investments make up another half.There are no high-yield bonds, emerging market debt or bonds from Cyprus or Greece in the portfolio.To reduce its dependency on bonds, fair-finance has set up a fund to invest directly in real estate, to which it plans to commit 10% of its portfolio by the end of 2015.“This is all we are allowed under the law, which does not make sense,” Zeilinger added, describing the asset class as a stable, long-term investment.He said the maximum equity allocation would be 30% but added that fair-finance only invested approximately 6% of its assets in listed shares.The real estate investments will mainly be into Viennese multi-tenant assets, so-called Zinshäuser.Another new investment was made in the field of microfinance, which now makes up just under 3% of the portfolio.Zeilinger acknowledged that it was “difficult for a Vorsorgekasse to invest in this asset class”, due to regulatory hurdles.But he said he and his team had identified a bond and certificate based on a fund that complied with both the legal framework and fair-finance’s “strict” sustainability criteria.This year, the three-time winner of IPE’s country award for Austria said it aimed to get its complete portfolio certified under the country’s environmental standard, the Umweltzeichen.Its investments are checked regularly by oekom research, as well as the Austrian ÖGut, which awarded three Vorsorgekassen in the market, including fair-finance, gold certificates last year.last_img read more

Clash at Daytona 2019: Odds, prediction, sleepers, drivers to watch

first_imgAustin Dillon has been quietly solid at The Clash with fifth- and 12th-place finishes in his career there, and he is 30/1 to win the thing so he might be worth taking a chance on — emphasis on might.Denny Hamlin didn’t get his win last season, but he could easily start this one with a victory as he is tied with Harvick as the active leader in career wins with three. NASCAR’s season is so close to beginning and a select few drivers will get a chance to take home one title before the season even starts at the Advance Auto Parts Clash on Sunday at Daytona International Speedway.Any driver who won a pole will make their way to Daytona this weekend for the race and the usual suspects are all there. Denny Hamlin and Kevin Harvick, who are the active leaders with three wins at The Clash, are on the card as well as Joey Logano, who won the race in 2016. Brad Keselowski is also on the lineup and was the 2018 winner. MORE: Live stream Clash at Daytona on fuboTV (7-day free trial)There are some new drivers on the course too. Aric Almirola, who won at a similar track at Talladega last year, is racing and of course, Kyle and Kurt Busch are there as well.It’s hard to predict a 75-lap race such as this, one that doesn’t factor into the Cup Series race at all, but if last year is any indicator, this event may be a bit easier to predict than some might think.Taking that into account, we are picking Kevin Harvick to pick up right where he left off last season with his fourth career victory at The Clash and Joey Logano, who will defend his Cup championship this year, could be right on his heels.The Advance Auto Parts Clash at Daytona can be seen Sunday at 3 p.m. ET on FS1.What are the betting odds for The Clash?Kevin Harvick 7/1Brad Keselowski 7/1Joey Logano 7/1Aric Almirola 10/1Clint Bowyer 10/1Chase Elliott 10/1Denny Hamlin 10/1Ryan Blaney 12/1Kyle Busch 12/1Daniel Suarez 16/1Kurt Busch 16/1Martin Truex Jr. 20/1Alex Bowman 20/1Erik Jones 25/1Jimmie Johnson 25/1Kyle Larson 30/1Paul Menard 30/1Jamie McMurray 30/1Austin Dillon 30/1Ryan Newman 30/1Which NASCAR drivers should you watch at the Clash?Kyle Busch is always competitive no matter what track he is on and he has two top-10 finishes in his last two trips there, including a runner-up at The Clash two years ago.Ryan Blaney hasn’t had a ton of opportunities at The Clash, but he finished fourth there a year ago, and he loves wide-open racing.last_img read more