AP2 creates standalone green bond portfolio citing market’s ‘maturity’

first_img“We are therefore breaking out our holdings in green bonds from the fixed income portfolio, to manage them in accordance with a dedicated investment strategy,” he said.The new approach will see AP2 use the Barclays MSCI Green Bond index, launched in late 2014, to benchmark its performance.“This strategic move offers the Fund a clear means of combining solid returns with an allocation of resources to the global sustainability challenge,” Lindblom said.Lindblom told IPE that, while much of AP2’s green bond exposure to date had come from supranational issuers and national development banks, the consistency of the Barclays MSCI index was “a little bit different”, leading to a gradual shift in allocation through the acquisition of corporate green bonds.Since 2014, there has been steady growth in the number and volume of green bond issuances.The first three months of 2016 has already seen $15.6bn (€13.9bn) in green bonds issued, according to the Climate Bonds Initiative, including a $600m issuance by Kommuninvest, Sweden’s local government debt office, and a $1.5bn issuance by Apple.This compares to more than $36bn in 2014 and nearly $42bn in 2015.German development bank KfW was responsible for the largest single issuance last year, a €1.5bn bond that attracted interest from AP2 and Dutch pension manager APG, signatories to the Paris Green Bond Statement.AP2’s decision to establish a standalone portfolio comes after fellow buffer fund AP3 pledged to treble its green bond holdings to SEK15bn by 2018, while AP4 grew its green bond holdings by SEK2.9bn in 2015, ending the year with nearly SEK4bn. Sweden’s AP2 is to establish a standalone green bond portfolio, arguing the market has matured enough to warrant classifying its holdings as a distinct asset class.The buffer fund, which has invested in green bonds since 2008 when the World Bank first entered the market, said it would implement a strategic allocation of 1%, or SEK3bn (€327m), despite having already exceeded the target through its current holdings worth SEK4.2bn.It said the decision to establish a standalone portfolio was “strategically important”, as it would enhance the fund’s sustainable investment efforts.Lars Lindblom, fixed income portfolio manager, said AP2 felt the green bond market had now “achieved a maturity and size” to justify the fund’s implementing a separate investment strategy and declaring it an asset class.last_img read more

Hughes wants regular football

first_img With Michael O’Neill’s side currently second in their Euro 2016 qualifying group and on course for their first major tournament in 30 years, Hughes knows he cannot afford another bit-part role next term. He will hope to feature again in a non-cap international against the Republic of Ireland next week, before the crucial Group F clash against Romania on June 13. But after that, Hughes will begin searching for the right deal. “Right now I’m just focused on the upcoming games and then in the summer it’s about finding a club which will enable me to come back for the internationals,” he said. “The focus leading into this week was just to come back fit and get through this game, and the one behind closed doors before the big one against Romania. “Once that is out the way I’ll really be concentrating on it but I don’t want to let it concern me or distract me now. “The move has to be right for me. I’m getting to the back-end of my career now so I’d like to go somewhere I will probably play a few more games than I have this year. “At this stage of my career I don’t want to be sitting watching games tick past. I want to play football, it’s what I train every day to do. Aaron Hughes became Northern Ireland’s most capped outfield player against Qatar but needs regular football next season to keep his European Championship dream alive. “It has to be somewhere I’ve got a chance of playing. You can never walk in somewhere and expect to play every game, your performances and fitness have to be good, but I’m looking for somewhere with a realistic chance. “It’s about staying in contention for Northern Ireland but also for my own enjoyment too.” With competition stiff at the heart of defence – Hughes was left out against Finland as O’Neill preferred Gareth McAuley and Jonny Evans – Hughes might also need the Euros to achieve his long-awaited century of caps. “The record hasn’t really sunk in yet, but I’ve been lucky enough to hang around this long and get there. “It’s something I’m proud of and when it starts to sink in I’ll realise what an achievement it is. It’s the same with the hundredth, it hasn’t happened and there’s a lot of other things I need to focus on first. “But if we got to the Euros that would take care of the 100, it would come at some point during that, so the Euros is the big thing at the moment, and if I got there then fantastic.” Press Association The 35-year-old captained the side in a 1-1 draw in Crewe, his 96th international appearance taking him past David Healy and leaving him behind only goalkeeper Pat Jennings in the country’s history books. But the centre-half managed just 13 games for Brighton last season, the last of which came in January, and has now been released. last_img read more

Travelers Championship daily fantasy golf picks, sleepers, fades, strategy

first_imgAfter one of the most popular weeks for PGA DFS contests, the Travelers Championship provides an excellent opportunity to target elite golfers who underperformed at the U.S. Open. This week’s GPPs will collect spillover entries from less experienced daily fantasy golf players that started or just resumed playing during last week’s major.Recency bias has a stronger impact on newer players. The optimal way to leverage this is by targeting premier golfers who flopped and burnt those who bought in on them at the U.S. Open, as the best long-term players are always the likeliest to bounce back with the most authority.  Continuing to make his way back from a wrist injury, Justin Thomas missed the cut last week. Thomas was a popular option as one of the lower-priced elite golfers at the U.S. Open, but he ended up burning lineups that included him. Since his return, Thomas has missed two of three cuts. I expect this to scare off DFS players who may sense that something could still be wrong with his wrist. Instead of guessing about the status of his injury, however, I would rather leverage his low ownership. Thomas is one of the premier golfers on tour, and the bad recent results may simply be explained by him knocking off some rust. As far as I am concerned, Thomas will be fully himself this week, and I expect him to be less coveted than similarly priced golfers like Jason Day and Paul Casey. On top of low ownership, Thomas is being discounted due to the recent missed cuts. Leverage the recent injury and last week’s missed cut for a double discount on both ownership and price.Tony Finau has endured a very uncharacteristic slump recently with missed cuts in his past two tournaments and fishes of T60th or worse in three of the five tournaments before that. I might be more concerned if not for a solo second-play finish at the Charles Schwab Challenge and a T5th at the Masters smack dab in the middle of the bad results. Finau is most likely just fine and has proven incredibly consistent outside of this minislump. His price has been heavily discounted, and yet I expect him to receive much lower ownership than he normally does this week. While many expect TPC River Highlands to favor shorter hitters, which certainly doesn’t describe Finau, he has never finished worse than 25th at this event. In fact, Bubba Watson, another golfer who is generally thought of more for his distance than finesse, has won here twice. With many DFS players recently having soured on Finau and looking to pay up for several studs above his price level, he may fly completely under the radar. Rarely do you get the opportunity to roster such an electrifying golfer at such low ownership.Aaron White graduated from Northwestern University with a B.A. in Economics. He has played DFS professionally for several years and has won featured NFL, NBA, MLB, NHL and golf GPPs on both FanDuel and DraftKings. MORE ROTOQL: Lineup Builder | Travelers Championship betting advice*If you are interested in taking your DFS golf lineup building strategy to the next level, you should consider using a lineup optimizer, and RotoQL offers the best optimizer available in the industry.Travelers Championship picks and PGA DFS strategyTarget GolfersJordan Spieth didn’t miss the cut last week, but he completely disappeared down the stretch after a relatively promising first couple of days. It seemed Spieth was finally turning his season around with three straight top-10 finishes coming into the U.S. Open, but he couldn’t keep his momentum and certainly didn’t help out anybody who rostered him at a premium. What Spieth continues to possess, though, despite his struggles over the past two seasons, is a level of talent that is arguably unmatched. The recent top-10 finishes show that regardless of last week’s disappointment, Spieth is finding his stride once again. I expect Spieth to be far overlooked compared to the likes of other top options Brooks Koepka and Patrick Cantlay, which may be a mistake. Spieth is of similar caliber and priced cheaper, and what you sacrifice in form I believe you more than make up for in leverage. It doesn’t hurt that Spieth won here in 2017 either. Buy in before Spieth finally gets all aspects of his game clicking.last_img read more