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first_imgSimilarly, exposure to euros or US dollars is capped at 2% and 6%, respectively, with 100 basis points of leeway either way.“FX has to be seen as a separate asset class, and the portfolio has to be actively positioned to optimise the risk/return profile,” Kunz said.He emphasised that SBB, which won the IPE Country Award for Switzerland last year, was changing its foreign-currency exposure to minimise risk, “not for currency speculation”.Kunz added that there was no risk premium in currency overlays or investment strategies, and that, over the long term, it was “a zero-sum game return-wise”.To find the optimal positioning for the SBB portfolio, he said he and his team took into account not only the asset side but also the liabilities as a short position.In addition to the slight exposure to yen, euros and the US dollar, Kunz has also left emerging market currencies fully unhedged, although “in recent years, this has proven to be not such a good idea”.“However,” he added, “the general assumption remains that these countries and their currencies have room to appreciate in real terms over the long run regarding productivity and international competitiveness.”Australian and Canadian dollars, as well as UK sterling, are fully hedged due to their high correlation and volatility.Speaking at the conference, Kunz also lamented the lack of academic research on currency risk in institutional portfolios.“With equities, because they have a higher risk profile anyway, FX risk only makes up a small portion, but with some bonds, the FX risk can make up to half of the total risk exposure,” he said.“So the correlation between currencies and bonds is much higher than with equities.” SBB, the CHF16.7bn (€15bn) pension fund for Switzerland’s federal railways, is leaving some of its exposure to the Japanese yen and the US dollar unhedged.Speaking at the CFA Society Switzerland’s recent pensions conference in Zurich, Roger Kunz, head of investment research at the SBB, said: “Up to a certain minimum exposure, both currencies reduce risk in our portfolio.”After hedging, currency exposure in the portfolio is 85.2% Swiss franc, 6.9% US dollar, 2.6% euro, 1.1% yen and 2.8% emerging market currencies, plus some small exposure to minor currencies.But Kunz stressed that, beyond a certain threshold, the diversification and risk-mitigating effects are wiped out by volatility risks – “in our case, this is just over 2% for yen”.last_img read more

first_img For all the Latest Sports News News, Football News News, Download News Nation Android and iOS Mobile Apps. London: England’s plan to celebrate their 1,000th international by qualifying for Euro 2020 in serene style against Montenegro at Wembley on Thursday has been ripped up by Gareth Southgate’s decision to drop Raheem Sterling. The Manchester City winger was involved in a physical confrontation with Liverpool defender Joe Gomez at England’s training base on Monday as emotions spilled over from the highly-anticipated Premier League clash between the two clubs on Sunday. Sterling has been the star of a qualifying campaign dominated by off-field issues where the Three Lions have largely let their football do the talking on it. Bar a shock defeat to the Czech Republic last month, the World Cup semi-finalists have shown why they will be among the favourites to win a first major tournament in 54 years next summer.Sterling has scored eight of his side’s 26 goals in six games as he has blossomed into one of the world’s best players for club and country since failing to find his best form at the World Cup 18 months ago. He has also been a leading figure as England have stood up to the racist abuse suffered by a number of players in Montenegro and Bulgaria. One of Southgate’s strengths since taking charge three years ago has been to foster a unity in the camp, far removed from the club-aligned cliques that hampered the chances of talented England sides of the past.That now faces its biggest test as the bubbling rivalry between Liverpool and City threatens to spill over. Southgate’s first instinct was reportedly to send Sterling home, but the intervention of senior players, principally Liverpool captain Jordan Henderson, helped ease the feud and the 24-year-old has remained with the squad to train.”I always have to find the right solution for the group and that’s a very difficult line,” said Southgate on Tuesday. “We have a very good understanding of the way that we have worked over the last couple of years, which has brought us a lot of togetherness that is still there. We are a united group. Now we have to turn our focus onto the football. We have a hugely important qualifier to reach a European Championship.” Sterling has since apologised to Gomez and the rest of the squad. “I am man enough to admit when emotions got the better of me,” he said in an Instagram post. “Me and Joe Gomez are good, we both understand it was a five to 10-second thing… it’s done, we move forward and not make this bigger than it is.”Sterling could even return to action as soon as Sunday when Southgate’s men travel to Kosovo. England will hope there is nothing riding on that match for them as a point against the side ranked 61st in the world on Thursday will be enough to guarantee qualification. Even in Sterling’s absence, Southgate is blessed with an array of attacking talent including Harry Kane, Jadon Sancho and Marcus Rashford that should continue England’s free-scoring form.Also Read | Raheem Sterling Sparkles As Manchester City See Off Aston VillaBut Southgate’s action has been criticised by some for bringing a private incident into the public eye and putting Sterling under more scrutiny as a result. “Why this couldn’t be handled internally?” said former England defender Rio Ferdinand. “Now Raheem is left to defend himself from all of the haters that had had their keyboards turned off due to him becoming a very worthy ambassador for the English game.” If England’s long wait to win a major tournament is to come to an end, Southgate needs to continue getting the best out of Sterling. The question remains what lasting impact the developments of the last two days will have on their relationship going forward.last_img read more

first_imgThe shirt has not been in use since full-back Antonio Valencia departed the Red Devils last summer. Other previous owners of the number 25 include the likes of former goalkeeper Kevin Pilkington, Jordi Cruyff, Quinton Fortune and right-back Danny Simpson. Speaking following the confirmation of the move last week, Ole Gunnar Solskjaer said: “Odion is an experienced player. He will come in and give us an option of a different type of centre-forward for the short spell he’s staying with us. He’s a great lad and very professional, he will make the most of his time here.”Solskjaer hopes Ighalo will add depth and quality to his frontline which is without the injured Rashford until at least March.“We will give him time to settle,” Solskjaer said, adding, “He is a striker, has a physical presence and is a goalscorer so he will give us a lot. You would be thrilled when you have been a Manchester United supporter your whole life and you’ve been working your whole life.“Being the top scorer in the African Cup of Nations tells you a lot about the qualities we are going to get. He’s a different type of striker. He’s a proven goalscorer, physical presence.“It also gives us a chance to rest Mason Greenwood and to rest Anthony Martial at times with so many games coming up. We want to go far in the Europa League, we want to go far in the FA Cup, we’ve got league games to go.“It was important we had another type of striker to use. Marcus Rashford is going to be out for a little while but when he comes back as well we’ll be a different team.”Ighalo told Sky Sports News that he was a boyhood fan of Manchester United and is looking forward to starting work with the Premier League side.“It’s a dream come true because since I was a kid I followed and dreamt of Manchester United. But it is a reality now. I cannot say much more now until I get started. It’s been crazy. Obviously, I am happy to be in Manchester first of all.“This is a great opportunity for me and I am grateful to God, and to my agent, and the coach who has given me this opportunity to be here. I am happy to be here and to work out with the team and finish very well this season.”While Ighalo is thrilled to joining the Red Devils on a short term loan, the striker turned down a move to Nou Camp when Barcelona found themselves almost in the same position as the former English champions and the Spanish champions wanted him on a six months loan deal.Giving reason on why he turned down a move to Barcelona last year January to continue his career in the Chinese Super League, he said: “My agent spoke to me about a loan interest from Barcelona. The club wanted a striker with La Liga experience and someone who understands Spanish football.“It was meant to be a six-month loan and strictly as a back-up striker. It was nice to hear that Barcelona were interested and any footballer would be more than happy to take it. But with due respect I had just finished as the second top scorer in China with 21 goals, I deserve better and didn’t want to be a short-term player somewhere.“We rejected it, it was an easy decision to make and I chose to stay in China by joining Shanghai Shenhua on a longer contract,” Ighalo added.The former Watford striker, who previously spent five years at Granada, rejected an opportunity to play in the UEFA Champions League and potentially claim a first European league title with the 25-time Spanish champions.Ighalo insists he has no regrets over his decision to snub Barcelona and sign a three-year deal at Shanghai Shenhua as he believes he had to adopt a long-term plan for his career.“You need to weigh things up properly in life and ask yourself if it is your call to make, or one to satisfy others,” said Ighalo.“I respect my decision. I needed to focus on what is good for my career long-term and when you decide to do something – you stay true to yourself. It wasn’t for me and I am happy where I am.”Ighalo’s Manchester United signing is a shock as he has spent the last three years playing in China. The Chinese Super League is largely seen as an inferior competition and one where players move after their prime to see out their careers with often lucrative contracts.Ighalo does have plenty of Premier League experience. He played for Watford between 2014 and 2017, scoring 16 goals in 55 top-flight appearances for the Hornets.The striker was also a key player for Nigeria before announcing his international retirement in July 2019, scoring 16 goals in 35 outings for the Super Eagles. He was the top scorer at the 2019 Africa Cup of Nations with five goals in five appearances to help the Super Eagles to the semi-finals.Ighalo will add to United’s attacking options following an injury to top scorer Rashford. The club only have Anthony Martial and 18-year-old Mason Greenwood currently available, meaning Ighalo can expect plenty of game time.However, former Chelsea forward Jimmy Floyd Hasselbaink is of the opinion that Ighalo’s move to Old Trafford only highlights the difference between Manchester United and Premier League rivals Liverpool and Manchester City.Surprised by the move, Hasselbaink said Ighalo was neither United’s number one nor number two transfer target in January, but he believes the 2019 AFCON top scorer rode his luck to the Theatre of Dreams.“He must be the luckiest man! Going to China, being away from Europe nobody seeing him for two and a half years since he was at Watford and then getting a loan move at United,” the ex-Netherlands striker told SkySports.“Wow. That doesn’t happen!“It says how far behind United are from Liverpool, Manchester City and even Chelsea. They have got a big job ahead.“They needed somebody in. I think he was not their number one and I would be surprised if he was their number two or three as well.“He is getting an opportunity and he will definitely get minutes and we will see if he can do it.”The former Watford attacker arrived in Manchester on Sunday ahead of his formal unveiling by the Red Devils.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram During the 2018/19 winter transfer season, with Barcelona striker, Luiz Suarez, far from his best, the Catalan Club turned their direction to Nigerian striker, Odion Ighalo, to save their season but the 2019 AFCON top scorer turned the Spanish giants down. The same situation again played out in the just concluded winter transfer. With Manchester United Marcus Rashford out till the end of March, attention was again turned to the Chinese Super League top goal poacher for their top-four ambition. Will Ighalo be a lion in the winter at Old Trafford? This is the big question as he prepares to debut for his new clubWhat was initially thought to be mere rumour turned out to be a reality on the night of Friday, February 29,  when Manchester United beat the winter transfer deadline to sign Nigeria’s Odion Ighalo in a £3 million loan deal from Shanghai Shenhua in what is no doubt the most shocking transfer of the January window.Ighalo will be on loan at Old Trafford for the rest of the season as cover for Marcus Rashford, who has been ruled out for at least six weeks with a back injury and the striker has since been handed the number 25 jersey ahead of his possible debut against Chelsea following the Premier League winter break. Odion Ighalolast_img read more

first_img“She’s as good as I’ve seen all year,” Mike said “She can do everything. Pressure at the top of the key and post up down low.” Valencia tried to stay close in the first half behind the shooting of junior Chelsey Hastigan, but 11 turnovers didn’t help. Hastigan hit two 3-pointers and had 11 points at halftime, but she was held to two free throws and no field goals in the second half. Charise Hall and Brooke Sansone each scored 13 points for Valencia as well. All of Sansone’s points came in the second half. Courtney Price finished with 12 points for Redondo while teammates Ashley Bookman and Molly Pfohl chipped in with nine and eight, respectively. Pfohl was especially effective from her high-post position as she found Nyinfiga on the baseline for easy baskets all night. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! “Their speed and size were too much for us to handle,” Valencia coach Jerry Mike said. “We didn’t take care of the ball enough. Redondo threw that half-court trap in there, and we struggled with it. That’s a good team. They definitely can win the championship. I just thought we might have been able to give them a better game.” Valencia took an early 7-6 lead five minutes into the game, but a 12-2 Redondo run keyed by junior forward Atonye Nyingifa put the Seahawks on top to stay. Nyingifa, a junior being recruited by USC, scored 17 points in the first half and finished with 22points and 14 rebounds. center_img Valencia High’s hopes of reaching the girls’ basketball Southern Section Div. I-A finals for a possible rematch with Foothill League rival and No. 1-seed Hart of Newhall were dashed as it lost 67-44 at Redondo Union in a quarterfinal game. Trailing 24-19 late in the second quarter, Valencia gave up seven straight points and found itself in a 12-point hole at halftime. The trend continued at the beginning of the second, as Redondo went on a 12-2 run to go comfortably ahead 43-21. last_img read more