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New Mexico SIC FY Investment Returns of 22.5%

According to the press release, “The State Investment Council (NMSIC) today announced record returns of 22.5% for the fiscal year ending June 30, 2011.  The investment returns helped grow the total funds managed by the NMSIC more than $2.5 billion year-over-year, and placed it in the top third among peer funds of more than $1 billion.

“The State Investment Council was well positioned for the bull market we experienced for much of the year,” said State Investment Officer Steve Moise. “The Council is also working diligently to diversify its assets, and create a balanced portfolio of quality investments that will be less vulnerable to the volatility we have seen recently on Wall Street.”

The Council in July voted to take steps to reduce overall exposure to the public equities (stock) market from a target of 60% to 46%.  New long-term investment targets include increased allocations to core real estate and real return assets such as timber and infrastructure.

The 22.5% investment performance for the year marks the highest returns experienced by the permanent funds since the legislature voted to allow greater exposure to the stock market back in the late 1980s.  The previous investment returns peak of 21.5% came in 1998, in the middle of the internet “dot-com” stock bubble.

For the fiscal year ending June 30, the Permanent Funds were valued at $15.35 billion.  The Funds also distributed $763 million over the past 12 months.  Permanent Fund distributions continue to be a vital source of revenue for New Mexico, directly benefitting public schools and universities, and reducing the tax burden on our citizens.

Read more: New Mexico State Investment Council

Qatar Central Bank Deals with MSCI

MSCI, a stock index company whose benchmarks influence investor behavior, has tremendous indirect power impacting the stock markets of smaller economies. In 1988, MSCI released its emerging markets index, a now-widely-used benchmark for many institutional investors wanting access to growth markets. China and South Korea make up the majority of the benchmark, but smaller economies such as Poland, Chile and even Qatar make up other pieces of it.

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bcIMC Buys into Bottling Business with PAI in €1.623 Billion Takeover of Refresco

Dutch soft-drink bottler Refresco Group N.V. has agreed to a buyout offer for all 81.2 million of its shares from French private equity firm PAI Partners SAS (PAI) and Canadian pension manager British Columbia Investment Management Corporation (bcIMC) in exchange for €20 in cash per ordinary share for a total consideration of €1.623 billion. Refresco’s major shareholders, which includes 3i Group, and shareholding members of its boards, who represent 26.5% of outstanding shares, have said they stand behind the deal.

Refresco’s board rejected an initial offer from PAI in April 2017 of €1.4 billion, which they felt did not adequately capture the value added by their plans to bolster its presence in North America through the acquisition of Canadian bottler Cott TB, a deal that went through in July for US$ 1.25 billion.

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Digital Insurance Distributor BGL Opts for CPPIB Money Over IPO

Canada Pension Plan Investment Board (CPPIB) is investing £675 million (US$ 895.715 million) for a 30% stake in Peterborough-based BGL Group, a digital distributor of insurance and household financial services to 8.5 million customers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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