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  #381  
Old 02-05-2019, 01:49 PM
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Mary Pat Campbell
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JAPAN

https://www.ai-cio.com/news/stocks-h...-last-quarter/

Quote:
Stocks Hurt the World’s Largest Pension Fund Last Quarter
Japan’s GPIF lost a staggering $136 billion due to Q4’s rout in equities.


Spoiler:
As 2018’s fourth quarter shockwaves jolted investors worldwide, Japan’s Government Pension Fund Global (GPIF) was no exception, losing 9.06% of its assets, or $136 billion, in just three months.

The world’s biggest pension fund released materials showing the fund’s total assets fell from its record 165 trillion yen in September to December’s 150 trillion yen, its worst slippage since April 2008. The plan was down 4.31% for the fiscal year.

Foreign and domestic equities, which accounted for nearly half of the pension giant’s assets under management, supplied the most damage, declining 15.71% and 17.57%, respectively, in the quarter. For the fiscal year so far, which ends in March, they dropped 5.08% and 11.82%, respectively.

The fund’s benchmarks for the asset classes, the TOPIX and MSCI ACWI indexes, were down 15.58% and 17.60% in the quarter. For the fiscal year ending in March, they lost 4.88% and 11.86%.

The slide included the fund’s foreign bonds holdings, although the results were less bloody. That asset class took a 2.74% hit for the quarter, and only lost 0.45% over the current fiscal year. Foreign bonds were 17.41% of the Japanese pension fund’s portfolio.

The FTSE World Government Bond index lost 2.49% in the quarter, and shrank 0.38% in the fiscal year.

Domestic bonds, which were 28.20% of the fund’s portfolio, was the outlier with positive results, returning 1.01% for the quarter, and 0.36% in the fiscal year.

The composite benchmark was up 1.02% for the quarter, and 0.35% in the plan’s current fiscal year.

Short-term assets, the remaining 6.38% of the Japanese fund’s portfolio, were flat.



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  #382  
Old 02-18-2019, 10:29 AM
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Mary Pat Campbell
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BRAZIL

https://news.yahoo.com/brazil-presid...005131795.html
Quote:
Brazil’s President Bolsonaro may lose cabinet member amid pension debate

Spoiler:
(Bloomberg) -- Brazilian President Jair Bolsonaro may suffer the first loss of a cabinet member and key political ally just as he prepares to send his flagship pension reform proposal to Congress, local media reported.

Bolsonaro will probably fire his Secretary-General Gustavo Bebianno, formerly the president of the ruling PSL party, following allegations the party misused campaign funds during last year’s election, according to Folha de S.Paulo and O Globo newspapers. O Globo added that the president will make a final decision over the weekend.

Bebianno, speaking to journalists on Saturday, confirmed he’s likely to be fired but refused to resign, putting the burden of his dismissal on Bolsonaro. A spokeswoman for the presidential palace said she didn’t have information on the matter and couldn’t confirm or deny the reports.

The crisis in Bolsonaro’s inner circle, only 45 days into his government, comes at an inopportune moment when the administration pushes for a controversial pension overhaul that may determine Brazil’s economic path. The bill will arrive at the lower house on Wednesday and the government will need all the votes it can get to approve it -- Bebianno’s PSL currently rivals with the opposition PT as the largest party in the house.

“If the government is focused on approving the pension reform, it can’t be positive to fire someone who is supported by congressional allies in such a controversial manner,” XP Investimentos’ political analysts wrote in a note to clients.

The accusations of improper handling of campaign funds, which Bebianno denies, have rocked Bolsonaro’s inner circle over the past few days, with one of his sons publicly calling the minister a liar. Commenting on the crisis, Vice President Hamilton Mourao said the president’s family should wash dirty laundry at home.

Bolsonaro and Bebianno had a tense meeting in Brasilia late on Friday, the newspapers reported. If confirmed, his resignation would be published in the official gazette on Monday, according to Folha.

(Adds comment from Bebianno in third paragraph, quote from analyst in fifth paragraph.)


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