Denmark’s AP Pension boosts China exposure to 5% of equities

first_imgDanish pension fund AP Pension has boosted its investment in China and now has more than DKK1bn (€134m), or 5% of its equities allocation, held in Chinese stocks, in the expectation the market will rebound from its current lows.Many investors are steering clear of the Chinese market right now, with some having suffered losses over the last few years.Since the spring of 2011, the Shanghai Composite Index has lost around 23% of its value.Søren Dal Thomsen, chief executive of the commercial mutual pension provider, told IPE: “We were overweight Asian and Chinese stocks over the last 24 months, so now we have increased our position in Chinese equities.” The pension fund, which had around DKK94bn in assets under management at the end of June 2014, now has 5% of its equities investments in Chinese companies.“We’ve done that because it seems to us Chinese stocks have become very cheap compared with other markets and also to developed markets,” Dal Thomsen said.AP Pension’s analysis of price/earnings ratios in markets around the world has shown that while equities in the US and other developed countries have risen strongly over the last few years, the ratios of Chinese shares have remained stable, making current prices there 42% cheaper than those of US equities on this basis.“The market focus is that there might be a bubble in Chinese banks and in the building of residential property in China, and that is keeping a lot of investors away from the country,” Dal Thomsen said.But he said it was possible to have investments in Chinese equities without having exposure to those sectors.“We don’t have exposure to banks, for example,” he said. “We have exposure to every sector except banks and residential property.”Dal Thomsen said AP Pension was now hoping Chinese equities prices would rise from their current low levels.However, more weakness in Chinese stock markets will be no deterrent to AP Pension’s strategy.“If the market drops further, then we’ll buy some more stocks,” said Dal Thomsen.last_img read more

Mixed results for Premier League teams in EFL Cup

first_imgChelsea came from two goals down to beat 10-man Leicester City 4-2 after extra-time in the pick of last night’s third round ties in the League Cup.Elsewhere, there were comfortable wins for Liverpool and Arsenal but Everton and Bournemouth both suffered surprise defeats to Championship opponents.Everton were beaten 2-0 by Norwich at Goodison Park, while Preston needed extra-time to defeat Bournemouth 3-2. There’s more third round action tonight.Manchester United will be hoping to avoid their fourth consecutive defeat across all competitions when they travel to face League One side Northampton.There’s also three all-Premier Division match-ups.Southampton host Crystal Palace, Man City travel to Swansea and Stoke are up against Hull at the Britannia Stadium.last_img read more

Kane strikes early as Everton overcome the odds

first_imgThis article is more than 11 years old Kane strikes early as Everton overcome the odds Share on Messenger Share on Twitter Soccer Share on Twitter Women’s football Reuse this content Topics Share on Facebook Tony Leighton at the Matchroom Stadium Amy Kane’s early goal gave Everton a famous victory last night as the Merseysiders carried off the League Cup for the first time and in the process ended the remarkable run by Arsenal of 58 successive wins in domestic competitions since losing to Charlton Athletic in the 2006 League Cup final.It was in the 2005 FA Cup semi-final that the Gunners had last lost to Everton, whose manager, Mo Marley, said: “It’s the first time in the three years since then that the players have shown the absolute belief in themselves that they showed on that occasion.”I’m not sure they believed how good they could be but they’ve proved it to themselves and everybody else tonight, and now we have to build on this. Hopefully it will be the start of Everton becoming a successful team winning trophies on a regular basis.”Arsenal’s manager, Vic Akers, has rarely been a loser but admitted: “We just didn’t perform on the night. We were lacklustre and didn’t want it as much as they did. All runs have to come to an end but, although it’s bitterly disappointing for us at the moment, we just have to pick ourselves up and start another run going.”Arsenal were fielding eight of England’s current squad to which Everton supply six and it was the Gunners, nine times the previous winners of the League Cup, who went into the final as the overwhelming favourites.But they were chasing the game from the moment Kane swept the ball into the far corner of their net following a perfectly weighted pass by her fellow midfielder Jill Scott. “I’ve been ballooning chances over the bar of late,” said Kane, “and the girls reckoned I couldn’t score. But I kept telling them I was waiting for the cup final – and I showed them.”Arsenal hit back with a series of attacks that should have put them level before the interval but Kelly Smith was twice denied. First, the goalkeeper Danielle Hill finger-tipped the striker’s 20-yard drive over the bar, then the left-back Rachel Unitt turned Smith’s clever 24th-minute lob against the underside of the same woodwork.In the first minutes of the second half Hill made important saves from Lianne Sanderson and Julie Fleeting. At the other end Natasha Dowie wasted a good chance on 55 minutes but, as the second half progressed, Everton looked increasingly comfortable. For all that their lead was slender, Arsenal’s attacking efforts became more frantic than threatening. Share on WhatsAppcenter_img Soccer Thu 28 Feb 2008 22.25 EST news First published on Thu 28 Feb 2008 22.25 EST Share on LinkedIn This article is more than 11 years old Share via Email Share on Pinterest Share on Facebook Shares00 Share via Emaillast_img read more