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af den endelige artikel, der vil være at læse i et engelsk tidsskrift,
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Danish Pensions A/S er altså blevet betragteligt reduceret.
"The EUR3.5bn Danish pension fund, which does not use a consultant, is considering hiring
a currency overlay manager
later this year and plans to increase its private equity allocation
from 2% to 5% over the next 2-5 years. State Street Global Advisors and Pareto Partners
have recently been
appointed to run a USD40m Japanese equity brief and a USD100m high
yield corporate bond brief
respectively. The scheme is currently developing a new Asset Liability
Model.
A decision as to whether to
hire a currency overlay manager is expected before the end
of the year. The scheme
stated that there are no further changes planned in relation
to regional mandates,
although the current arrangements will be re-examined in roughly
two years time. SSgA’s new
Japanese equity brief was sourced mainly from cash, while
Pareto joins incumbent high
yield corporate bonds manager T Rowe Price. The contracts
for the mandates are
ongoing and may be terminated at any time.
Equity allocation was cut
from 36% to 21% between 2000 and 2002 but has now been
increased to roughly 30%.
Overall asset allocation currently stands at: 36.4% in Danish
nominal bonds, 11.9% in
foreign nominal bonds, 7.2% in Danish index bonds, 5% in
foreign high-yield
corporate bonds, 4.9% in emerging market bonds, 8.8% in Danish
listed equities, 21.7% in
foreign listed equities, 2% in private equity, 0.3% in real estate
and 1.9% in cash".