The unit-link product Skandia Basic similarly ended the quarter with higher returns than those posted in the first quarter – 2.5% to 4.4% versus 0.7% and 1.3% – but underperformed the benchmark in the second quarter.“This is because the reference index is denominated in US dollars, which rose significantly in value during the period,” Skandia Denmark said.Because of this, the Basic portfolio – although it was hedged against currency risk versus US dollars – lost ground against the reference index, it said.Skandia said its investment department had decided to overweight equities in the portfolio compared with bonds because financial markets had been hit in the second quarter by a series of measures from central banks to ease credit.But with Danish mortgage bonds making up the bulk of Skandia Denmark’s fixed income portfolio, fixed income returns had been boosted by a further reduction in interest rates, as well as the European Central Bank’s lending programme to the financial sector at the end of the quarter.“On top of this,” it added, “as a result of positive tendencies in emerging markets, we increased our exposure to government bonds from these countries.”In other news, PensionDanmark is investing DKK175m (€23.5m) in a commercial property in Copenhagen already let to a government agency.It is buying the asset from MP Pension, the Danish labour-market pension fund for academics run by Unipension.The building in the Østerbro district of the Danish capital is currently leased by the Danish Working Environment Authority (Arbejdstilsynet), and contains 14,273sqm of space.Torben Möger Pedersen, PensionDanmark’s chief executive, said: “We see this as a good real estate investment in an attractive location close to the S-train (urban rail network) and the coming metro station on the Cityring.”He said the pension fund had a very solid tenant in the Danish Working Environment Authority – and therefore the state – so the investment would give scheme members a good and stable return.PensionDanmark said, since it sold its entire residential property portfolio in June, it now had just under DKK10bn in overall real estate investments.In the next few years, the fund said it expected to make new investments in residential as well as commercial property of DKK2bn a year.At the moment, PensionDanmark is the developer of six large commercial construction projects, either alone or in cooperation with other investors.These include the Alfa Laval headquarters in Ålborg, Semco Maritime in Esbjerg, Nordea Bank Danmark in Ørestaden, NCC in Gladsaxe and, soon, MTH in Søborg, as well as the new psychiatric hospital in Vejle.Its next big residential project will be the construction on Islands Brygge in Copenhagen, which will include 550 new homes. Investment returns on unit-link pension products at Skandia Denmark undercut benchmarks in the second quarter of 2014, prompting the unit of Nordic financial group Skandia to sell shares in US companies.Reporting some results for the April to June period, Skandia Denmark said its Skandia Match unit-link pensions product had produced between 2.9% and 3.8%, up from the 2.6% to 3.1% range reported for the first quarter but lower than the reference index.The company said: “A significant reason for this are the falls partly on the Japanese stock market but particularly on the US market at the start of the quarter.“Skandia’s investment department has since reduced the exposure to both small and large US companies.”
By Ryan BergesonWEBSTER CITY, Iowa (Sept. 28) – Richie Gustin took home the biggest check while Randy Embrey reached a big career win mark Saturday at Hamilton County Speedway’s inaugural Dave Hubbard Memorial. Gustin capitalized on his pole start and led all 20 laps of the IMCA Xtreme Motor Sports Modified main event, earning $1,500 for his efforts. Ryan Ruter raced to second from the ninth starting position but could not reel in Gustin.Tyler Droste raced to a third place finish from the sixth row and Jason Murray finished fourth from the fifth row. Gustin was already on the ballot for the 2014 Fast Shafts All-Star Invitational.Charging to the front of the field from his fifth row start, Embrey won for the 100th time in his IMCA Sunoco Hobby Stock career, earning $750. David Rieks, Bill Bonnett and John Watson finished out the top four. Continuing his torrid September, Carter VanDenBerg added the $1,000 Karl Chevrolet Northern SportMod checkers to his resume. Matt Lettow and VanDenBerg battled up front for several laps before VanDenBerg got the upper hand. Curtis Van Der Wal cruised to the second position but could not reel in the leader. Vandenberg pocketed the winning prize followed by Van Der Wal, Brett Lowry and Matt Hoeft. Merv Chandler powered to the front of the field in the Mach-1 Sport Compact feature. He dominated a 13-car field and was first to the $200 checkered flag, followed by John Whalen, Joseph DeBoer and Nate Evans. In all, 184 drivers packed the pits at Hamilton County for the final night of racing this season and thanks to numerous and generous donations from sponsors, the purse for the event totaled nearly $40,000. Former speedway regular Dave Hubbard, who died last spring, was remembered. Todd Cooney’s IMCA Late Model featured a paint scheme to honor “Racer 5.” The door skins, quarter panels and roof were auctioned off during intermission and all proceeds went to the Hubbard family. Feature Results Modifieds – 1. Richie Gustin; 2. Ryan Ruter; 3. Tyler Droste; 4. Jacob Murray; 5. Mark Elliott; 6. Cayden Carter; 7. Ronn Lauritzen; 8. Greg Elliott; 9. Randy Havlik; 10. Levi Nielsen; 11. Scott Hogan; 12. Dakota Hayden; 13. Scott Williams; 14. Mark Schulte; 15. David Brown; 16. Bill Davis Jr.; 17. Russ Dickerson; 18. Shane Monson; 19. Devin Havlik; 20. Jim Cole; 21. Jeff Waterman; 22. Jimmy Gustin; 23. Scott Olson; 24. Zach Less. Hobby Stocks – 1. Randy Embrey; 2. David Rieks; 3. Bill Bonnett; 4. John Watson; 5. Austin Wolfgram; 6. Ty Griffith; 7. Craig Graham; 8. Cody Nielsen; 9. Mike Hughes; 10. Matt Mundt; 11. August Bach; 12. Jeremy Morriss; 13. Cory Roe; 14. Dustin Tapp; 15. Nate Bonin; 16. Matt White; 17. T.J. Mortenson; 18. Andrew Burg; 19. Seth Janssen; 20. Ruben Stanbrough; 21. Shaun Wirtz; 22. Adam Strunk; 23. Myles Michehl; 24. Jacob Keiser.Northern SportMods – 1. Carter VanDenBerg; 2. Curtis Van Der Wal; 3. Brett Lowry; 4. Matt Hoeft; 5. Matt Lettow; 6. Jared VanDeest; 7. Bob Sutherland; 8. Jeremy Embrey; 9. Sam Wieben; 10. Nick West; 11. Nate Hughes; 12. Duane Van Deest; 13. Tony Johnson; 14. Bill Hildreth; 15. Coty Albers; 16. Paul Price; 17. Tim Judd; 18. Taylor Musselman; 19. Nick Roberts; 20. Johnathan Logue; 21. Nick Meyer; 22. Brad Iverson; 23. Brandon Leeman; 24. Jerid Ratzke. Sport Compacts – 1. Merv Chandler; 2. John Whalen; 3. Joseph DeBoer; 4. Nate Evans; 5. Duane Ferguson; 6. Adam Strunk; 7. Dustin Haggard; 8. Tommy Beekman; 9. Adam Gates; 10. Kalan Guthrie; 11. Mike Nehring; 12. Cody Cleghorn; 13. Stephanie Nielson.