Chapter 360 Wish them good luck
On February 15, Caesars Fund received another injection of capital from several government-managed pension funds in the UK, investing a total of 1 billion pounds in Caesars Funds .
This includes the National Occupational Savings Trust (NEST), the largest pension fund in the UK. These pension funds collectively manage more than 20 billion pounds of funds.
Before this, the investments of British government pension funds were very conservative, mainly in bank deposits and British government bonds. At most, the Ministry of Finance specially issued a part of non-market treasury bonds NILO for them. Thanks to the recent years The market benchmark interest rate in the UK has reached 5% Above, the rate of return of the state pension in the past two years has been maintained at an average of more than 3%...
After all, in terms of investment, the return is always matched with the risk, although the risk of such an investment strategy is very low , but the average income of more than 3% is indeed difficult to satisfy.
Some media, including The Independent, have recently compared the relevant data of pension funds in many countries. Among them, including pension funds in some major European and American countries, it can be said that the income of the British government pension funds is The rate is listed at the end, not to mention compared with the Norwegian Global Pension Fund (GPFG), a relatively successful pension fund with a relatively high rate of return, compared with government pension funds in countries including the United States, France and other countries, the British Government Pension Fund The return rate of the fund is far inferior.
For this reason, the British media criticized the "inaction" of the government pension fund, preferring to put funds in government accounts at such a low rate of return rather than investing part of it. And support the development of some domestic companies...
For example, the Norwegian Global Pension Fund , although half of their funds were invested in extremely low-risk government bonds and bank bonds like the British Government Pension Fund, they still invested a huge proportion in stocks, real estate and other assets, and gained A satisfactory rate of return, its comprehensive rate of return is more than twice that of the British Government Pension Fund!
Amidst such criticism, the British government's financial department also decided to make certain changes. It will allocate part of the funds from some of the pension funds managed by the government to invest in some relatively stable institutions. , but among products with higher returns.
This time, several government pension funds spent a total of about 3 billion pounds in funds and selected three fund products with relatively high yields for investment, including Caesars Fund. It is a fixed income fund product with a closing period of 5 years and an average annual return of 12%.
The other two are fixed income financial products developed for these pension funds by Barclays Bank and Royal Bank of Scotland.
In fact, during his previous meeting with Finance Minister Brown, Barron had already reached a tacit understanding with the other party...
In the end, Brown agreed to provide a certain level of financial support to the Caesar Fund. Support, but correspondingly, these funds will mainly be used to invest in domestic companies to enhance the competitiveness of British companies.
As for Barclays Bank and Royal Bank of Scotland, Brown will naturally reach consensus with each other on certain aspects - of course these so-called "consensus" still generally seek the interests of local British companies, but It doesn't mean that Brown himself is not involved - there will certainly not be a direct transfer of benefits, but it will also be helpful for Brown to obtain the support of these capitals at some point.
After all, if only Caesars Fund benefits from this policy of liberalizing government pension fund investment, then other financial institutions will definitely be dissatisfied. But now that three powerful institutions have benefited, it seems Much more aboveboard.
"It is said that the funds received by the Royal Bank of Scotland are partly due to the fixed income they give to the government pension fund, which is slightly higher than ours..."
Daisy also got some of the news and expressed her concern for Pakistan. Lun said: "The Royal Bank of Scotland has previously invested part of its funds into the famous Madoff Fund in the United States. Therefore, they have established a good cooperative relationship with the other party and are able to invest funds into this high-profit fund with extremely high thresholds. . As we all know, the return rate of this investment fund is extremely high, which has a lot to do with Madoff's position in the American securities industry. In the years 1982-1992, when this fund performed best, its return on investment was able to reach 13.5%-20%. Even now, it is often between 10%-15%. Therefore, if the Royal Bank of Scotland can invest this part of the funds obtained in the Madoff Fund, it can eat without doing anything. If the profit difference of one or two percentage points is removed, the average annual return they can give is slightly higher than ours..."
"Sounds good..."< br>
Barron didn't have much reaction to Daisy's words. After all, it was impossible for him not to know what the so-called "Madoff Fund" was. He could only say, wish them good luck.
However, Barron was not prepared to talk much in this regard, but said to Daisy as if nothing had happened:
“We need to hurry up and build a long position in the international crude oil price futures again.”
“ We had already started to build positions before this. Since the beginning of January, the international crude oil price has returned to below 40 US dollars again. During this period, we have been carefully controlling the pace of position building to avoid causing too much fluctuation in oil prices. It is expected that it will continue to In a week, we will be able to complete the position opening and keep the average price of our positions below $42."
Seeing Barron stretching, Daisy hesitated a little, just like Wang Wanting before. As he did, he stood up and walked behind him, put his hands on Barron's shoulders, massaged him, and said:
"This time we deliberately used U.S. dollars and WTI New York crude oil. Futures are the main battlefield. I came to build a position and looked at the international oil prices..."
DS Investment Company, managed by Daisy, has established a fund specifically to invest in crude oil futures this time. Caesar Fund invested US$1 billion to conduct operations based on international oil prices - also because this operation is relatively A long-term one, unlike before, would last for three or four years, so we deliberately used this form to operate.
The reason why U.S. dollars are used for operations is that in the future, the pound will face a long-term exchange rate decline against the U.S. dollar. Using U.S. dollars, in a few years, in addition to being able to make profits on crude oil futures In addition, in terms of foreign exchange exchange rates, you can also make a lot of extra money.
This is also the reason why currently a large proportion of the loans and liabilities of DS Capital and other subsidiaries are settled in pounds sterling.
This kind of liability is reflected in pounds. For Barron's, another advantage is that before the end of last year, the exchange rate of pounds against the US dollar continued to rise.
The properties directly under Barron's name have liabilities in pounds sterling. Compared to calculating his net worth in dollars, the appreciation of pounds sterling has increased his liabilities a lot when expressed in dollars, which also offsets the increase. In addition to part of the appreciation of his assets, Barron's asset valuation, which can be queried through public information, will be significantly underestimated in various rich rankings that will be announced soon. This is also in line with Barron's wishes. .
(End of this chapter)