Cyprus Hotel Employees scheme grows hedge-fund allocation

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first_imgThe Hotel Employees Provident Fund — the largest pension fund in Cyprus — is expanding its hedge fund portfolio to include global macro hedge fund strategies along with the fund-of-funds it already holds.The €300m pension fund said it would allocate 25% of its strategic hedge fund allocation to a combination of systematic and discretionary macro strategies, and had just completed a manager selection exercise with its advisers Aon Hewitt to this end.Marinos Gialelis, general manager of the fund, said: “One of the key reasons for investing in the global macro strategy is the diversification it can offer, both to traditional bond and equity portfolios as well as other hedge fund strategies.”With this in mind, the pension fund had decided to diversify its growth portfolio and consider the inclusion of global macro hedge funds as a satellite allocation to its core fund of hedge funds portfolio, he said. The managers chosen for the global macros are Capula, Lynx Asset Management and Winton, he said.The pension fund’s strategic hedge fund allocation is now 15% of total assets, with 11% on multi-strategy and 4% on global macros as a satellite, Gialelis said.Hedge fund strategies had higher expected returns than bonds, he said, provided a good hedge against inflation and had much lower volatility than equities. “In the current high volatility phase that has been triggered by the large fall in crude oil prices in late 2014, we expect hedge funds to perform well and global macro hedge funds — systematic and discretionary — provide a high conviction strategy in the medium term,” he added.The pension fund said its management committee acknowledged that prudential asset management required enough diversification across and within asset classes, and was trying to make sure it considered a very broad range of asset classes for investment.Gialelis said global macro funds had historically delivered strong returns that were uncorrelated with traditional asset classes. The Cyprus pension fund first invested in the hedge fund sector in 2011 when it allocated assets to a fund of hedge funds.last_img read more

Lakers deliver bounce-back win in Denver

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first_img Lakers, Clippers schedules set for first round of NBA playoffs Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersAfter an unsettling loss to the Dallas Mavericks ended their 10-game winning streak on Sunday afternoon, the Lakers vowed not to lose back-to-back games. It was a bold claim knowing their next opponent boasted the top-ranked defense in the league and also happened to be the No. 2 team in the Western Conference standings, but James (25 points, nine assists) and Davis (25 points, 10 rebounds) and company delivered.“We like to challenge ourselves throughout the season,” James said. “Like you said, ‘Can we do it?’ We did it tonight. You can only live in the moment.”After Coach Frank Vogel acknowledged Davis was “under the weather” pregame with flu-like symptoms, the All-Star big man took time to warm up. He didn’t score until the 6:48 mark of the second quarter, but the jump shot seemed to release him, as he scored nine points in the frame. Still feeling “lousy” at halftime, Davis took an IV drip in the hopes that he could feel better.After the Nuggets pushed back at the start of the third quarter to briefly take the lead, Davis found a rhythm playing alongside Rajon Rondo (11 points, six assists) with three straight looks at the rim, including an alley-oop dunk. But his defense was the keystone of the win – the Nuggets simply could not run through him.Denver finished shooting under 41 percent from the floor, and just 6 for 29 from 3-point range. The Nuggets didn’t score a field goal for the final 2:59 of the game, as two attempts each by Jokic and Jamal Murray (22 points) wouldn’t go down. “I take pride in my defense,” Davis said afterward, through the occasional sniffle. “Anytime they came with guys thinking they could score on me, I take it personal.”In general, the Lakers played above the rim while the Nuggets played below. Other highlights, including dunks from James and Alex Caruso, stirred a crowd with plenty of Lakers fans sprinkled in. After a disappointing rebounding performance against Dallas on Sunday, the Lakers made a point to pound the glass, leading to an overwhelming 56-35 margin.The critical stretch might have just been a third quarter that eerily mirrored Sunday’s loss. The Nuggets started out with a 23-11 advantage after halftime, with the Lakers looking sluggish at mile-high altitude, and battling in equal measure with Denver and the officials. After a Paul Millsap 3-pointer, the Nuggets took the lead 72-71 after once being down by 13.Vogel went wide-eyed as he considered how close the Lakers were to slipping down a similar path to the one they took against the Mavericks. But he admired their composure as they cauterized the run and took back a lead that they kept for the stretch.“The number one lesson we learned from the Dallas game is you can’t let a couple of bad calls impact your focus,” he said. “And our guys, tonight we played through it with poise and composure and calm mental adjustment, rather than anger and frustration.”Denver’s franchise star and All-NBA first-team selection Jokic looked as if he were laboring for much of the night, on his way to a pedestrian 13 points, eight assists and five rebounds in 34 minutes. The Lakers’ Dwight Howard, who put up 13 points and six rebounds in 19 minutes off the bench, often looked like the superior player.Related Articles PreviousLos Angeles Lakers forward Kyle Kuzma, right, trades jerseys with Denver Broncos linebacker Von Miller following an NBA basketball game between the Nuggets and the Los Angeles Lakers on Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Lakers guard Rajon Rondo drives against the Nuggets’ Monte Morris during the second quarter of Tuesday’s game at Pepsi Center in Denver. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Danny Green #14 of the Los Angeles Lakers puts up a shot over Mason Plumlee #24 of the Denver Nuggets in the second quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images) SoundThe gallery will resume insecondsThe Lakers’ Lebron James drives past the Nuggets’ Jamal Murray during the first quarter of Tuesday’s game at Pepsi Center in Denver. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Anthony Davis #3 of the Los Angeles Lakers puts up a shot against the Denver Nuggets in the first quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Malik Beasley #25 of the Denver Nuggets dunks the ball against the Los Angeles Lakers in the second quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)Los Angeles Lakers forward LeBron James goes up for a shot against the Denver Nuggets during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers center Dwight Howard (39) fouls Denver Nuggets center Nikola Jokic (15) during the second quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)DENVER, COLORADO – DECEMBER 03: Rajon Rondo #9 of the Los Angeles Lakers drives against Monte Morris #11 of the Denver Nuggets in the second quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)Los Angeles Lakers guard Danny Green (14) moves around Denver Nuggets guard Gary Harris (14) during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James dunks against the Denver Nuggets during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James dunks against the Denver Nuggets during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Denver Nuggets head coach Michael Malone talks with Gary Harris (14) during the second quarter an NBA basketball game against the Los Angeles Lakers Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers guard Alex Caruso (4) goes up for a shot against Denver Nuggets forward Jerami Grant (9) during the second quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James (23) and Denver Nuggets forward Paul Millsap (4) reach for a loose ball during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Denver Nuggets forward Paul Millsap (4) makes a basket against Los Angeles Lakers forward Anthony Davis (3) with help from teammate Nikola Jokic (15) during the second quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers guard Danny Green (14) grabs a rebound from Denver Nuggets center Nikola Jokic (15)during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Denver Nuggets guard Gary Harris (14) knocks the ball from the hands of Los Angeles Lakers center JaVale McGee (7) during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Denver Nuggets guard Monte Morris celebrates a 3-point shot against the Los Angeles Lakers during the second quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)DENVER, COLORADO – DECEMBER 03: Lebron James #23 of the Los Angeles Lakers puts up a shot against the Denver Nuggets in the first quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)Los Angeles Lakers forward LeBron James reacts to a dunk against the Denver Nuggets during the first quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Denver Nuggets forward Mason Plumlee (24) knocks the ball from the hands of Los Angeles Lakers center Dwight Howard (39) during the second quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)DENVER, COLORADO – DECEMBER 03: Anthony Davis #3 of the Los Angeles Lakers is restrained by Kentavious Caldwell-Pope #1 and Lebron James #23 after being called for a foul against the Denver Nuggets in the third quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Lebron James #23 of the Los Angeles Lakers dunks against the Denver Nuggets in the third quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Anthony Davis #3 of the Los Angeles Lakers puts up a shot against the Denver Nuggets in the third quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Anthony Davis #3 of the Los Angeles Lakers puts up a shot against the Denver Nuggets in the third quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Malik Beasley #25 of the Denver Nuggets drives against Troy Daniels #30 of the Los Angeles Lakers in the third quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Nikola Jokic #15 of the Denver Nuggets puts up a shot over Anthony Davis #3 of the Los Angeles Lakers in the third quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Jamal Murray #27 of the Denver Nuggets drives against Anthony Davis #3 of the Los Angeles Lakers in the fourth quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Jamal Murray #27 of the Denver Nuggets drives against Anthony Davis #3 of the Los Angeles Lakers in the fourth quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)DENVER, COLORADO – DECEMBER 03: Dwight Howard #39 of the Los Angeles Lakers dunks against Nikola Jokic #15 of the Denver Nuggets in the fourth quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)Los Angeles Lakers center Dwight Howard smiles against the Denver Nuggets during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers beat the Nuggets 105-96. (AP Photo/Jack Dempsey)DENVER, COLORADO – DECEMBER 03: Kyle Kuzma #0 of the Los Angeles Lakers puts up a shot against Mason Plumlee #24 and Juancho Hernangomez #41 of the Denver Nuggets in the fourth quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)Los Angeles Lakers guard Alex Caruso celebrates a Denver Nuggets foul during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)DENVER, COLORADO – DECEMBER 03: Head coach Frank Vogel of the Los Angeles Lakers shouts instructions to his team as they play the Denver Nuggets in the fourth quarter at Pepsi Center on December 03, 2019 in Denver, Colorado. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Matthew Stockman/Getty Images)Denver Nuggets guard Will Barton argues with referee Michael Smith (38) during the second half of the team’s NBA basketball game against the Los Angeles Lakers on Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers center Dwight Howard (39) knocks the ball from the hands from Denver Nuggets guard Will Barton (5) during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Denver Nuggets guard Will Barton sits on the court looking at a referee, hoping for a foul call against the Los Angeles Lakers during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers forward Anthony Davis looks on against the Denver Nuggets during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers beat the Nuggets 105-96. (AP Photo/Jack Dempsey)Denver Nuggets forward Paul Millsap goes up for a shot against the Los Angeles Lakers during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers forward Anthony Davis goes up for a shot against the Denver Nuggets during the second quarter an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James celebrates a basket during the second half of the team’s NBA basketball game against the Denver Nuggets on Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James (23), Denver Nuggets center Nikola Jokic (15) and Lakers guard Kentavious Caldwell-Pope go after a rebound during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Denver Nuggets forward Paul Millsap (4) shoots between Los Angeles Lakers’ Kyle Kuzma (0) and Anthony Davis (3) during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers center Dwight Howard smiles against the Denver Nuggets during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers beat the Nuggets 105-96. (AP Photo/Jack Dempsey)Denver Nuggets forward Paul Millsap (4) drives past Los Angeles Lakers forward Kyle Kuzma during the second half of an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James (23) congratulates Anthony Davis (3) following the team’s 105-96 win against the Denver Nuggets in an NBA basketball game Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James signs autographs following the team’s NBA basketball game against the Denver Nuggets on Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Los Angeles Lakers forward LeBron James shakes hands with Peyton Manning before the start of an NBA basketball game against the Denver Nuggets Tuesday, Dec. 3, 2019, in Denver. (AP Photo/Jack Dempsey)Los Angeles Lakers forward Kyle Kuzma, right, trades jerseys with Denver Broncos linebacker Von Miller following an NBA basketball game between the Nuggets and the Los Angeles Lakers on Tuesday, Dec. 3, 2019, in Denver. The Lakers won 105-96. (AP Photo/Jack Dempsey)Lakers guard Rajon Rondo drives against the Nuggets’ Monte Morris during the second quarter of Tuesday’s game at Pepsi Center in Denver. (Photo by Matthew Stockman/Getty Images)NextShow Caption1 of 49Lakers guard Rajon Rondo drives against the Nuggets’ Monte Morris during the second quarter of Tuesday’s game at Pepsi Center in Denver. (Photo by Matthew Stockman/Getty Images)ExpandDENVER — As Nikola Jokic waited with outstretched arms, LeBron James was less patient.He took off near the restricted area, found the ball with both hands, and slammed it down in the face of his Denver opponent standing several feet below. The late fourth-quarter putback dunk served two purposes: It put the Lakers ahead for good while also hammering home a statement.Nuggets coach Mike Malone had said leading up to the game that the Lakers were on a different level than his team, which was nipping at their heels in the standings. That level is above the rim.It was also clear in the numerous failed attempts the Nuggets (13-5) made to knock off the Lakers (18-3) at the rim, as Anthony Davis turned back drives multiple times in the closing minutes to seal a 105-96 victory in Denver, perhaps the most difficult road opponent the Lakers have knocked off to date. Still, Jokic didn’t shirk at the finish, going front and center of Denver’s offense. The only problem was that the Serbian was trying to back down Davis, who blocked one of his late post-ups, then forced another awkward hook shot with under two minutes to go.Naturally, both times, the Lakers got the rebound.“He got stop after stop after stop,” James said. “Just a monster game.”The Lakers’ Western tour will continue to be difficult: They next face Utah in the second game of a back-to-back, followed by a game at Portland on Friday.Kyle Kuzma estimated half the team is dealing with sickness at the moment, adverse conditions to continue their road winning streak which now stands at nine games. But the Lakers acknowledged that there won’t be any tears for their colds.“No excuses. Nobody cares,” Danny Green said. “We gotta come out and play a basketball game.”center_img Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed Lakers practice early hoping to answer all questions Newsroom GuidelinesNews TipsContact UsReport an Error How athletes protesting the national anthem has evolved over 17 years last_img read more