Investors must be prepared to scrutinise complex equity overlay strategies as downside protection comes to the fore, according to consultancy Bfinance.A number of pension funds have turned to such strategies over the last year to protect portfolios against falling market prices.Toby Goodworth, managing director for risk and diversifying strategies at Bfinance, said: “We have seen a clear trend among investors seeking more explicit forms of protection against equity losses over the past 12 months as artificially stimulated asset prices have given way to increased market volatility, geopolitical tensions and trade war concerns.”The prospect of severe downturns had bolstered the case for more explicit safeguards on investment portfolios, he said, in contrast to the past decade when investors had instead built up implicit downside protection through diversifying strategies. However, changing approach in this way involved several critical choices, Goodworth said – some of which were relatively complex from a technical point of view.Usually, equity protection strategies involve a derivative overlay designed to limit how much an equity portfolio falls in value.“They also need to be considered from the perspective of governance and stakeholder buy-in, as even the most cautious investor can find that their stakeholders run out of patience before protective measures pay off,” Goodworth warned.“When it comes to applying overlays, simplicity is not always straightforward so investors should ensure they are well-equipped to consider the level of customisation required with the desired level of tactical adjustment and the types of instruments to be employed with an awareness of the trade-offs that are involved.”The South Yorkshire Pensions Authority (SYPA) was among the large pension schemes to have put a strategy in place over the past year to mitigate possible falls in equity markets. In June 2018, it tasked Schroders with a £2.6bn (€3bn) equity risk management strategy.In December, the £1.4bn London Borough of Tower Hamlets Pension Fund also hired Schroders to run a “risk management solution” protecting around half of its portfolio.Also in December, multi-sector Dutch pension fund PGB hired BMO Global Asset Management to implement a protection strategy for its €12bn equity portfolio.
26 Jul 2013 Amor triumphs at second extra hole after three-way tie For the second successive year, extra holes were required to decide the Carris Trophy at West Lancashire Golf Club before Ben Amor came up trumps to secure the biggest win of his young career.The 18 year old from Marlborough had finished tied on 286, two under par, with Italy’s Renato Paratore and Jamie Li from Bath. Paratore was eliminated with a bogey five after an errant drive at the par four tenth, which left a head-to-head battle between the two West Country boys.At the short 17th, the second playoff hole, Li missed the green with his tee shot and took three more to get down for bogey while a solid par was enough to see Amor home. “I’m in shock but this win means a lot,” said Amor (image © Leaderboard Photography).“Words can’t describe it but it is special. It was nice to win it at 17 because it would have been a little difficult going down the 18th again. “Jamie is a fine player and hit some quality shots but I suppose everything clicked for me at the right time.”Amor began the day tied with Paratore and fellow Italian Lorenzo Scalise but after an eagle at the second and a birdie at the fifth he had opened a three-shot advantage. He turned in 34 and was still in charge.But he faltered on the homeward stretch with three bogeys in the last seven holes and while Paratore wasn’t setting the course on fire, the gap closed and the Italian drew level with a birdie-two at 17.They were tied with one to play but neither could land the knockout blow although both had birdie chances on the final green before signing for 73s and finding that Li had set the target with a fine 70 to set up the three-way tie.After sealing his win, Amor paid tribute to Andy McGeorge, who posted 78 before rushing to Amor’s side to take on caddying duties. “On the 17th in the playoff I wanted to hit a seven iron but Andy convinced me it was an eight,” added Amor. “It worked perfectly and I can’t thank him enough.“I suppose I had to win this championship twice. I knew I had a good lead but a few nerves got to me on the back nine. I putted off the green at 16 but Andy calmed me down and at 18 I raced my putt past and had to hole a tricky one back for my par.“But having worked so hard on my game and the backing I have received from my parents, it’s nice to see I’m getting some rewards.”Billy Spooner from Lincolnshire and Staffordshire’s Robert Burlison carded closing 69s to finish fifth and sixth respectively, while Li had the consolation of collecting the Hazards Salver for the lowest aggregate from this event and the McEvoy Trophy.Harrison Woan from Northamptonshire experienced the highs and lows of the game during his round of 76. He holed-in-one with a six-iron at the 159-yard third hole to complete the fifth ‘ace’ of his golfing life and he’s only just turned 18.“I hit my tee shot to the left side of the green and the ball rolled round into the hole,” he said. “It was my fifth hole-in-one and four have been in competitions. I’ve had two at my home club of Overstone Park and two more at Northants County, so this is the first one outside my home county.”With eight pars to go with the eagle, Woan reached the turn in 34 but ran into trouble at the tenth when he lost his ball with his approach shot. He dropped another but fired that into scrub behind the green, took three more to escape and eventually signed for a nine.
FridayDFiT, Dusit Thani Pattaya: Visitors using the group fitness membership can avail of the THB 2,000 offer for five visits to the gym after their membership has expired. The offer includes unlimited use of DFiT facilities including tennis courts. For more information, call 038-425611 ext. DFiT.1:00 p.m. The Pattaya Bridge Club meets upstairs at Altos Restaurant, 144/99 Thappraya Road near flyover. Contact Jeremy Watson 085 818 2172, www.pattayabridge.org.2:00 p.m. Pattaya Sports Club Bowling at PS Bowl on the top floor of Tops Supermarket at the junction of Central and Second Roads. Contact La at PS after 1:30 p.m.SaturdayPattaya Archery Club meets between 10am and 12 midday every Saturday, Sunday, Tuesday and Thursday at our dedicated shooting range within easy reach of Pattaya, near the new railway road. Beginners of all ages are welcome, and equipment and coaching are free. For more information call Eric, the club President , on 089 535 1193 or visit www.pattayaarcheryclub.com Ocean Marina Yacht Club invites experienced sailors and learners for racing weekends and funsail/training weekends. The club has 5 star clubhouse facilities and a fleet of 25′ racing yachts available. www.omycsailing.com, phone Kev Scott 087 825 0011.8:00 a.m. Diving with Mermaid’s Dive School. Contact Mermaid’s Dive Center, tel. 038 232 219 – 20, email: [email protected]:00 a.m. – noon & 2 – 6 p.m. (Sat & Sun – Also Monday to Friday) Horseback riding at the Horseshoe Point Riding Academy, the biggest equestrian center in South-East Asia. Show jumping, hacking, trail, dressage and classical dressage. Training courses from beginners to advanced riders with English speaking instructors. Leisure trail riding, group and private classes. All levels of riders welcome. Over 100 horses and ponies available. Located on 1,500 acres of beautiful tropical garden land just outside Pattaya. Free shuttle service available. For more information: phone (+66) 3873 – 5050 (ext. 4016-18), fax (+66) 3873 – 4973 or email: [email protected]:30 am. -10:00 am. International Players Academy meets every Sat. morning for Jr. Intermediate level Tennis at Ambassador City Tennis Courts. Visitors are welcome, just bring your tennis racket, ages range from 10-16. For more details call CJ on 086 086 2121Indoor Lawn Bowls Free at Coco Club every Saturday for school or college aged children from 11.00am – 2.00pm, with Male – English and Female Thai tutors. Parents can sit at the bar and watch. New champions needed! Call Sue on 087 135 8357 or pop in to the club at Baan Amphur – signposted behind Phoenix Golf.3.00 pm – Pattaya Cricket Club practice nets at Horseshoe Point next to Siam Country Club. All ages and abilities welcome. Please contact Simon at [email protected] players are invited to play 3 mornings a week at X-zyte Sports Club on Third Road. We play 10-12am Sunday, Tuesday and Friday with a mix of mostly 50+ farangs and younger Thai’s.The Amazing Sunday Golfers are a friendly group of average index who welcome new players. Each Sunday they have friendly games on different courses with a meeting point at the course. Contact Philippe at 082 546 0770 or email [email protected] to be updated each week for the upcoming game.8:00 a.m. Diving with Mermaid’s Dive School. Contact Mermaid’s Dive Center, tel. 038 232 219 – 20, email: [email protected]:00 p.m. Pattaya Sports Club Softball plays slow pitch recreational pick-ups games at every Sunday at 12 noon. New players always welcome regardless of skill level, experience, age or time away from the game. For more information and directions see the softball page at the Pattaya Sports Club website www.pattayasports.org or contact John at scrabbleking @yahoo.com or call 089-932-54332:00 p.m. The Pattaya Backgammon League (PBL) meets every Sunday at B.G. House & Restaurant @ 2 p.m. For further details phone 081 664 9085 or email [email protected] pattayabackgammonleague.com3:00 p.m. Pattaya Jungle H3 meets every 1st and 3rd Sunday of each month and departure is from the Lek Hotel on 2nd Rd at 3pm. For more info please call Kai on 01 863 5095.Monday1:00 p.m. The Pattaya Bridge Club meets upstairs at Altos Restaurant, 144/99 Thappraya Road near flyover. Contact Jeremy Watson 085 818 2172, www.pattayabridge.org.3:15 p.m. Pattaya Hash House Harriers: The club for drinking people with a running problem meets every Monday at 3:15 pm on Pattaya 3rd Road in front of the Buffalo Bar, opposite Soi Lengkee. The bus leaves at 3.30 pm sharp. More info at www.pattayah3.comTuesdayChess and Scrabble Club: every Tuesday 12pm – 5pm at Hoek-Van-Holland in Jomtien. Take Thappraya Road to intersection with Beach Road. Dong Tan Police sub-station is right there. Walk back towards Pattaya 10 meters along walking path. Hoek-Van-Holland is on the right, before the parking lot. Bring your own chess set and/or scrabble board. For more information please see website www.hoek-van-holland.com – Everyone welcome.The Pattaya Chess Club meets every Tuesday evening from 6:30 p.m. onwards at Brauhaus on 2nd Road between Soi 7 and Soi 8. Learners and anybody who would like to play chess are most welcome. Boards and clocks are provided.Pattaya Ladies Netball Club: 7.30 pm every Tuesday at Fairtex Sports Club. All ages and abilities are welcome. 100 baht per person. Please email [email protected] to confirm or find us on Facebook – ‘Pattaya Ladies Tuesday Night Netball’Wednesday1:00 p.m. The Pattaya Bridge Club meets upstairs at Altos Restaurant, 144/99 Thappraya Road near flyover. Contact Jeremy Watson 085 818 2172, www.pattayabridge.org.3.00 pm – Pattaya Cricket Club practice nets at Horseshoe Point next to Siam Country Club. All ages and abilities welcome. Please contact Simon at [email protected] pm – Club Petanque Thailand plays Wednesdays and Saturdays from 4 p.m. until 9 p.m. The court is open for groups every day. New and bigger surface. Very good drainage as well as better lighting. No membership fee. Find us at Soi Nernplabwan 100/2 Moo7, next to Sutawas Temple and small Banglamung Police station. Contact: 085 280 7182, fax 038 248 067, email: [email protected] (English, French, German, Scandinavian); (Thai & Chinese: 080 618 2831.)Thursday7:00 p.m. Pattaya Panthers and Panties (mixed) Touch Rugby every Thursday night at Horseshoe Point next to Siam Country Club. New players are always welcome – we are a very sociable team! Please contact Paul Crouch on 089 902 6286 or [email protected]