1 46236 Avoiding energy plays How do you get exposure to commodities? <p><em>Nina Roehrbein speaks with Anders Svennesen, deputy director of pensions and investments at Denmark's ATP; Philip Latham, pension fund manager at Clwyd in the UK; and Jaime Martinez-Gómez</em><em>, CIO at Spain's Fonditel, about how they </em><em>How do yoget exposure to commodities?</em></p> <p> </p> <p><strong>Anders Svennesen, ATP<br /> &bull; Danish labour market supplementary pension <br /> &bull; Invested assets: DKK570bn (&euro;76.7bn) <br /> &bull; DB scheme <br /> &bull; Date established: 1964</strong></p> <p>ATP's investment approach is based on a risk factor model and two different portfolios: an absolute return-seeking investment portfolio and a hedge portfolio. <br /> <br /> The hedge portfolio hedges the interest rate risk of our liabilities, which can be done using interest rate swaps or long-dated government bonds. If the hedge is implemented on a funded basis, the investment portfolio uses any excess liquidity. In addition it can use derivatives.<br /> <br /> The investment portfolio has five different risk classes: interest rates, credit, equities, inflation and commodities, most of which are managed in-house.<br /> We invest 10% of the risk of our investment portfolio in commodities and we exclusively invest in oil.<br /> <br /> To meet the balance sheet requirements set out by the Danish regulator, our exposure to oil takes place through investments in structured bonds, which are linked to a commodity index. Rather than using the standard Goldman Sachs Commodities index (GSCI) we have created our own in-house indices in order to achieve the desired exposure on the curve.<br /> <br /> We started to invest in oil mainly to gain diversification. We have looked at various ways and forms of commodity investments, for example, metals and other energy sources such as gas.<br /> <br /> However, as oil is the biggest inflation driver in western economies and it gives the best diversification in case of geopolitical crises, we came to the conclusion that an exposure to oil would give us the best portfolio properties. Nevertheless, we continue to look at other types of commodities. <br /> <br /> Since we started to invest in oil in 2006, the performance of the commodities portfolio has been good. Things may have been different if we had just opted for an exposure through the GSCI. However, we run different strategies at different points in time, depending on the overall markets. Furthermore we use insurance strategies to avoid big draw downs, which helped us obtain a positive return in 2008.<br /> <br /> The portfolio has also fulfilled our expectations in terms of diversification.<br /> <br /> One of our long-term goals was to have a 10% exposure to commodities and we have had a similar allocation to that target since 2006. We believe it is appropriate for our scheme and there are no plans to change this strategic goal.</p> <p> </p> <p><strong>Philip Latham, Clwyd<br /> &bull; Local government pension fund<br /> &bull; Invested assets: £1.1bn (&euro;1.4bn) <br /> &bull; Members: around 30,000<br /> &bull; DB<br /> &bull; Funding level: 72% (2010)<br /> &bull; Date established: 1974</strong></p> <p>Our main exposure to commodities - 4% of the portfolio - takes place through a benchmark approach. We achieve a range of exposure to energy, industrial metals, precious metals and agriculture through an equally weighted version of the Goldman Sachs Commodity index (GSCI). <br /> <br /> When we first started to invest in commodities in 2007 as a separate asset class, initially with 2%, we not did want to invest through the main GSCI because for us it was too heavily weighted towards energy.<br /> <br /> We are looking at commodities as part of an inflation hedge but due to the challenging fundamentals - increasing demand but falling supply - we hope it will generate some alpha for us.<br /> <br /> The index sits within our portfolio of real assets, which in addition to commodities contains property, infrastructure as well as timber and agriculture. <br /> <br /> Driven by the obvious alignment and correlation between timber and our liabilities, the fund started to invest in timber in 2007 through two fund managers within our property allocation. However, following a fundamental review of the pension fund in 2010, we formally recognised timber/agriculture as a separate asset class, allocating 2% within real assets. At the moment, we are looking to make some additional allocations to agriculture but the capital we plan to invest will probably amount to less than 1% of our overall portfolio.<br /> <br /> Furthermore, we have some exposure to commodities through our global tactical asset allocation managers. Depending how they are run, some of the currency plays inevitably have an exposure to the asset class.<br /> <br /> We also hold a fund of hedge funds in our investment portfolio, which again will hold some additional, but relatively small, exposure to commodities.<br /> <br /> To date we have been satisfied with the performance of our equally weighted index because it has outperformed both commodities benchmarks - the GSCI and the Dow Jones index - since inception. We review our asset allocation every three to four years.  At our next review, due in 2013 or 2014, we will look at our commodities portfolio again.<br /> Most of the day-to-day risk management is left with our fund manager. We have tried to minimise the risk in our commodity investments by avoiding being dominated by energy and the volatility that it brings with it.</p> <p> </p> <p><strong>Jaime Martinez-Gómez, Fonditel<br /> &bull; The pension fund of Telefonica de España and other Spanish companies<br /> &bull; Invested assets: &euro;4bn <br /> &bull; Members: 71,000<br /> &bull; DC<br /> &bull; Date established: 1992</strong><br /> <br /> The long-term benefits of commodity investments differ substantially between sub-asset classes, so we have separated our commodity investments into four sub-asset classes - gold, oil, agriculture and the rest of commodities. <br /> <br /> When we started to invest in commodities four years ago we had a broader exposure through a general commodities index. However, two years ago we decided to invest in gold and agriculture only.<br /> <br /> By giving us a different approach than our other investments, those two fit into our portfolio. They work well in the very long term and hedge our portfolio against some of the scenarios that we feel are likely to happen. Gold, for example, has worked very well over the last four years because one of the negative scenarios we anticipated arose.<br /> Agriculture reflects the growing global demand for grains and meats, as the average income in emerging markets increases.<br /> <br /> Gold and agriculture should not be part of our long-term strategic portfolio because they are basically beta and contain the same risk factors that we already have in the portfolio. Oil is dependent on external factors such as geopolitics and we do not really want to play that theme. <br /> <br /> Therefore the other two sub-asset classes only appear when there is a tactical bet and then only with a much smaller weighting.<br /> <br /> We get exposure to gold through listed futures, while over-the-counter (OTC) derivatives enable us to invest in agriculture with the weighting we want. <br /> <br /> We have also analysed other investment vehicles such as indices and exchange-traded funds but found that listed futures and OTC derivatives were the most efficient instruments for gold and agriculture respectively.<br /> <br /> The returns of our gold and agriculture allocations have been much more positive than those of other risky asset classes we invest in.<br /> <br /> With an allocation of 5% to commodities, our exposure is probably higher than many other Spanish pension funds. Gold is not an asset class you typically find in other Spanish funds. They might have an allocation to commodities via an index but it would probably not exceed 1-2% of their portfolio.<br /> <br /> We recently reviewed our weightings and are happy with them. They are likely to change <br /> only when there is a significant price movement in either gold or agriculture. If not, we expect to keep this exposure at least until the end of the year.</p> 1 <p><em>Nina Roehrbein speaks with Anders Svennesen, deputy director of pensions and investments at Denmark's ATP; Philip Latham, pension fund manager at Clwyd in the UK; and Jaime Martinez-Gómez</em><em>, CIO at Spain's Fonditel, about how they </em><em>How do yoget exposure to commodities?</em></p><p> </p><p><strong>Anders Svennesen, ATP<br>&bull; Danish labour market supplementary pension <br>&bull; Invested assets: DKK570bn (&euro;76.7bn) <br>&bull; DB scheme <br>&bull; Date established: 1964</strong></p><p>ATP's investment approach is based on a risk factor model and two different portfolios: an absolute return-seeking investment portfolio and a hedge portfolio. <br><br>The hedge portfolio hedges the interest rate risk of our liabilities, which can be done using interest rate swaps or long-dated government bonds. If the hedge is implemented on a funded basis, the investment portfolio uses any excess liquidity. In addition it can use derivatives.<br><br>The investment portfolio has five different risk classes: interest rates, credit, equities, inflation and commodities, most of which are managed in-house.<br>We invest 10% of the risk of our investment portfolio in commodities and we exclusively invest in oil.<br><br>To meet the balance sheet requirements set out by the Danish regulator, our exposure to oil takes place through investments in structured bonds, which are linked to a commodity index. Rather than using the standard Goldman Sachs Commodities index (GSCI) we have created our own in-house indices in order to achieve the desired exposure on the curve.<br><br>We started to invest in oil mainly to gain diversification. We have looked at various ways and forms of commodity investments, for example, metals and other energy sources such as gas.<br><br>However, as oil is the biggest inflation driver in western economies and it gives the best diversification in case of geopolitical crises, we came to the conclusion that an exposure to oil would give us the best portfolio properties. Nevertheless, we continue to look at other types of commodities. <br><br>Since we started to invest in oil in 2006, the performance of the commodities portfolio has been good. Things may have been different if we had just opted for an exposure through the GSCI. However, we run different strategies at different points in time, depending on the overall markets. Furthermore we use insurance strategies to avoid big draw downs, which helped us obtain a positive return in 2008.<br><br>The portfolio has also fulfilled our expectations in terms of diversification.<br><br>One of our long-term goals was to have a 10% exposure to commodities and we have had a similar allocation to that target since 2006. We believe it is appropriate for our scheme and there are no plans to change this strategic goal.</p><div class="ad"> <script type="text/javascript"> sas_pageid='48963/337103'; // Page : IPE.COM/ros sas_formatid=22203; // Format : MPU - article 300x250 sas_target=''; // Targeting SmartAdServer(sas_pageid,sas_formatid,sas_target); </script> <noscript> <a href="http://www6.smartadserver.com/call/pubjumpi/48963/337103/22203/S/[timestamp]/?" target="_blank"> <img src="http://www6.smartadserver.com/call/pubi/48963/337103/22203/S/[timestamp]/?" border="0" alt="" /></a> </noscript> </div><p> </p><p><strong>Philip Latham, Clwyd<br>&bull; Local government pension fund<br>&bull; Invested assets: £1.1bn (&euro;1.4bn) <br>&bull; Members: around 30,000<br>&bull; DB<br>&bull; Funding level: 72% (2010)<br>&bull; Date established: 1974</strong></p><p>Our main exposure to commodities - 4% of the portfolio - takes place through a benchmark approach. We achieve a range of exposure to energy, industrial metals, precious metals and agriculture through an equally weighted version of the Goldman Sachs Commodity index (GSCI). <br><br>When we first started to invest in commodities in 2007 as a separate asset class, initially with 2%, we not did want to invest through the main GSCI because for us it was too heavily weighted towards energy.<br><br>We are looking at commodities as part of an inflation hedge but due to the challenging fundamentals - increasing demand but falling supply - we hope it will generate some alpha for us.<br><br>The index sits within our portfolio of real assets, which in addition to commodities contains property, infrastructure as well as timber and agriculture. <br><br>Driven by the obvious alignment and correlation between timber and our liabilities, the fund started to invest in timber in 2007 through two fund managers within our property allocation. However, following a fundamental review of the pension fund in 2010, we formally recognised timber/agriculture as a separate asset class, allocating 2% within real assets. At the moment, we are looking to make some additional allocations to agriculture but the capital we plan to invest will probably amount to less than 1% of our overall portfolio.<br><br>Furthermore, we have some exposure to commodities through our global tactical asset allocation managers. Depending how they are run, some of the currency plays inevitably have an exposure to the asset class.<br><br>We also hold a fund of hedge funds in our investment portfolio, which again will hold some additional, but relatively small, exposure to commodities.<br><br>To date we have been satisfied with the performance of our equally weighted index because it has outperformed both commodities benchmarks - the GSCI and the Dow Jones index - since inception. We review our asset allocation every three to four years.  At our next review, due in 2013 or 2014, we will look at our commodities portfolio again.<br>Most of the day-to-day risk management is left with our fund manager. We have tried to minimise the risk in our commodity investments by avoiding being dominated by energy and the volatility that it brings with it.</p><p> </p><p><strong>Jaime Martinez-Gómez, Fonditel<br>&bull; The pension fund of Telefonica de España and other Spanish companies<br>&bull; Invested assets: &euro;4bn <br>&bull; Members: 71,000<br>&bull; DC<br>&bull; Date established: 1992</strong><br><br>The long-term benefits of commodity investments differ substantially between sub-asset classes, so we have separated our commodity investments into four sub-asset classes - gold, oil, agriculture and the rest of commodities. <br><br>When we started to invest in commodities four years ago we had a broader exposure through a general commodities index. However, two years ago we decided to invest in gold and agriculture only.<br><br>By giving us a different approach than our other investments, those two fit into our portfolio. They work well in the very long term and hedge our portfolio against some of the scenarios that we feel are likely to happen. Gold, for example, has worked very well over the last four years because one of the negative scenarios we anticipated arose.<br>Agriculture reflects the growing global demand for grains and meats, as the average income in emerging markets increases.<br><br>Gold and agriculture should not be part of our long-term strategic portfolio because they are basically beta and contain the same risk factors that we already have in the portfolio. Oil is dependent on external factors such as geopolitics and we do not really want to play that theme. <br><br>Therefore the other two sub-asset classes only appear when there is a tactical bet and then only with a much smaller weighting.<br><br>We get exposure to gold through listed futures, while over-the-counter (OTC) derivatives enable us to invest in agriculture with the weighting we want. <br><br>We have also analysed other investment vehicles such as indices and exchange-traded funds but found that listed futures and OTC derivatives were the most efficient instruments for gold and agriculture respectively.<br><br>The returns of our gold and agriculture allocations have been much more positive than those of other risky asset classes we invest in.<br><br>With an allocation of 5% to commodities, our exposure is probably higher than many other Spanish pension funds. Gold is not an asset class you typically find in other Spanish funds. They might have an allocation to commodities via an index but it would probably not exceed 1-2% of their portfolio.<br><br>We recently reviewed our weightings and are happy with them. They are likely to change <br>only when there is a significant price movement in either gold or agriculture. If not, we expect to keep this exposure at least until the end of the year.</p> Magazine Issue Date July 2012 (Magazine) 2012-07-01T00:00:00+01:00 1 0 0 July 2012 (Magazine) 0 2 July 2012 5:00 am 2 July 2012 2013-09-16T15:24:27.59+01:00 0 1 0 0 Nina Röhrbein nina-rhrbein IPE Editorial Staff 2485 38 Senior Staff Writer 5
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0 0 0 0 0 0 0 1 0 0 0 1 0 1 1 1 1 0 0 4 1 0 0 How do you get exposure to commodities? A 1 0 0 avoiding-energy-plays/46236.article false 0 0 0 http://www.ipe.com
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spin2_TOP_threeColumns_thumb_twocolumn_column2_colour2 80xAny spin2_TOP_threeColumns_full_twocolumn_column2_colour3 180xAny spin2_TOP_threeColumns_half_twocolumn_column2_colour3 80xAny spin2_TOP_threeColumns_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_TOP_threeColumns_column2 380x225 spin2_exhibitor_TOP_threeColumns_column2 200x200 spin2_speaker_TOP_threeColumns_column2 200x200 spin2_sponsor_TOP_threeColumns_column2 200x200 spin2_TOP_threeColumns_full_column3_colour1 380xAny spin2_TOP_threeColumns_half_column3_colour1 180xAny spin2_TOP_threeColumns_thumb_column3_colour1 80xAny spin2_TOP_threeColumns_full_column3_colour2 360xAny spin2_TOP_threeColumns_half_column3_colour2 170xAny spin2_TOP_threeColumns_thumb_column3_colour2 80xAny spin2_TOP_threeColumns_full_column3_colour3 380xAny spin2_TOP_threeColumns_half_column3_colour3 180xAny spin2_TOP_threeColumns_thumb_column3_colour3 80xAny spin2_TOP_threeColumns_full_twocolumn_column3_colour1 180xAny spin2_TOP_threeColumns_half_twocolumn_column3_colour1 80xAny spin2_TOP_threeColumns_thumb_twocolumn_column3_colour1 80xAny spin2_TOP_threeColumns_full_twocolumn_column3_colour2 170xAny spin2_TOP_threeColumns_half_twocolumn_column3_colour2 70xAny spin2_TOP_threeColumns_thumb_twocolumn_column3_colour2 80xAny spin2_TOP_threeColumns_full_twocolumn_column3_colour3 180xAny spin2_TOP_threeColumns_half_twocolumn_column3_colour3 80xAny spin2_TOP_threeColumns_thumb_twocolumn_column3_colour3 80xAny spin2_piccarousel_TOP_threeColumns_column3 380x225 spin2_exhibitor_TOP_threeColumns_column3 200x200 spin2_speaker_TOP_threeColumns_column3 200x200 spin2_sponsor_TOP_threeColumns_column3 200x200 spin2_TOP_threeColumnsWideLeft_full_column1_colour1 480xAny spin2_TOP_threeColumnsWideLeft_half_column1_colour1 230xAny spin2_TOP_threeColumnsWideLeft_thumb_column1_colour1 80xAny spin2_TOP_threeColumnsWideLeft_full_column1_colour2 460xAny spin2_TOP_threeColumnsWideLeft_half_column1_colour2 220xAny spin2_TOP_threeColumnsWideLeft_thumb_column1_colour2 80xAny spin2_TOP_threeColumnsWideLeft_full_column1_colour3 480xAny spin2_TOP_threeColumnsWideLeft_half_column1_colour3 230xAny spin2_TOP_threeColumnsWideLeft_thumb_column1_colour3 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column1_colour1 230xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column1_colour1 80xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column1_colour1 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column1_colour2 220xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column1_colour2 70xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column1_colour2 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column1_colour3 230xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column1_colour3 80xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_TOP_threeColumnsWideLeft_column1 480x320fitpad[0] spin2_exhibitor_TOP_threeColumnsWideLeft_column1 200x200 spin2_speaker_TOP_threeColumnsWideLeft_column1 200x200 spin2_sponsor_TOP_threeColumnsWideLeft_column1 200x200 spin2_TOP_threeColumnsWideLeft_full_column2_colour1 280xAny spin2_TOP_threeColumnsWideLeft_half_column2_colour1 80xAny spin2_TOP_threeColumnsWideLeft_thumb_column2_colour1 80xAny spin2_TOP_threeColumnsWideLeft_full_column2_colour2 260xAny spin2_TOP_threeColumnsWideLeft_half_column2_colour2 60xAny spin2_TOP_threeColumnsWideLeft_thumb_column2_colour2 80xAny spin2_TOP_threeColumnsWideLeft_full_column2_colour3 280xAny spin2_TOP_threeColumnsWideLeft_half_column2_colour3 80xAny spin2_TOP_threeColumnsWideLeft_thumb_column2_colour3 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column2_colour1 713xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column2_colour1 80xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column2_colour1 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column2_colour2 713xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column2_colour2 70xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column2_colour2 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column2_colour3 713xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column2_colour3 80xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_TOP_threeColumnsWideLeft_column2 280x420fitpad[0] spin2_exhibitor_TOP_threeColumnsWideLeft_column2 200x200 spin2_speaker_TOP_threeColumnsWideLeft_column2 200x200 spin2_sponsor_TOP_threeColumnsWideLeft_column2 200x200 spin2_TOP_threeColumnsWideLeft_full_column3_colour1 380xAny spin2_TOP_threeColumnsWideLeft_half_column3_colour1 180xAny spin2_TOP_threeColumnsWideLeft_thumb_column3_colour1 80xAny spin2_TOP_threeColumnsWideLeft_full_column3_colour2 360xAny spin2_TOP_threeColumnsWideLeft_half_column3_colour2 170xAny spin2_TOP_threeColumnsWideLeft_thumb_column3_colour2 80xAny spin2_TOP_threeColumnsWideLeft_full_column3_colour3 380xAny spin2_TOP_threeColumnsWideLeft_half_column3_colour3 180xAny spin2_TOP_threeColumnsWideLeft_thumb_column3_colour3 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column3_colour1 180xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column3_colour1 80xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column3_colour1 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column3_colour2 170xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column3_colour2 70xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column3_colour2 80xAny spin2_TOP_threeColumnsWideLeft_full_twocolumn_column3_colour3 180xAny spin2_TOP_threeColumnsWideLeft_half_twocolumn_column3_colour3 80xAny spin2_TOP_threeColumnsWideLeft_thumb_twocolumn_column3_colour3 80xAny spin2_piccarousel_TOP_threeColumnsWideLeft_column3 380x225fitpad[0] spin2_exhibitor_TOP_threeColumnsWideLeft_column3 200x200 spin2_speaker_TOP_threeColumnsWideLeft_column3 200x200 spin2_sponsor_TOP_threeColumnsWideLeft_column3 200x200 spin2_TOP_threeColumnsWideRight_full_column1_colour1 380xAny spin2_TOP_threeColumnsWideRight_half_column1_colour1 180xAny spin2_TOP_threeColumnsWideRight_thumb_column1_colour1 80xAny spin2_TOP_threeColumnsWideRight_full_column1_colour2 360xAny spin2_TOP_threeColumnsWideRight_half_column1_colour2 170xAny spin2_TOP_threeColumnsWideRight_thumb_column1_colour2 80xAny spin2_TOP_threeColumnsWideRight_full_column1_colour3 380xAny spin2_TOP_threeColumnsWideRight_half_column1_colour3 180xAny spin2_TOP_threeColumnsWideRight_thumb_column1_colour3 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column1_colour1 180xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column1_colour1 80xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column1_colour1 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column1_colour2 170xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column1_colour2 70xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column1_colour2 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column1_colour3 180xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column1_colour3 80xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_TOP_threeColumnsWideRight_column1 380x225fitpad[0] spin2_exhibitor_TOP_threeColumnsWideRight_column1 200x200 spin2_speaker_TOP_threeColumnsWideRight_column1 200x200 spin2_sponsor_TOP_threeColumnsWideRight_column1 200x200 spin2_TOP_threeColumnsWideRight_full_column2_colour1 280xAny spin2_TOP_threeColumnsWideRight_half_column2_colour1 80xAny spin2_TOP_threeColumnsWideRight_thumb_column2_colour1 80xAny spin2_TOP_threeColumnsWideRight_full_column2_colour2 260xAny spin2_TOP_threeColumnsWideRight_half_column2_colour2 60xAny spin2_TOP_threeColumnsWideRight_thumb_column2_colour2 80xAny spin2_TOP_threeColumnsWideRight_full_column2_colour3 280xAny spin2_TOP_threeColumnsWideRight_half_column2_colour3 80xAny spin2_TOP_threeColumnsWideRight_thumb_column2_colour3 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column2_colour1 713xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column2_colour1 80xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column2_colour1 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column2_colour2 713xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column2_colour2 70xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column2_colour2 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column2_colour3 713xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column2_colour3 80xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_TOP_threeColumnsWideRight_column2 280x420fitpad[0] spin2_exhibitor_TOP_threeColumnsWideRight_column2 200x200 spin2_speaker_TOP_threeColumnsWideRight_column2 200x200 spin2_sponsor_TOP_threeColumnsWideRight_column2 200x200 spin2_TOP_threeColumnsWideRight_full_column3_colour1 480xAny spin2_TOP_threeColumnsWideRight_half_column3_colour1 230xAny spin2_TOP_threeColumnsWideRight_thumb_column3_colour1 80xAny spin2_TOP_threeColumnsWideRight_full_column3_colour2 460xAny spin2_TOP_threeColumnsWideRight_half_column3_colour2 220xAny spin2_TOP_threeColumnsWideRight_thumb_column3_colour2 80xAny spin2_TOP_threeColumnsWideRight_full_column3_colour3 480xAny spin2_TOP_threeColumnsWideRight_half_column3_colour3 230xAny spin2_TOP_threeColumnsWideRight_thumb_column3_colour3 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column3_colour1 230xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column3_colour1 80xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column3_colour1 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column3_colour2 220xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column3_colour2 70xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column3_colour2 80xAny spin2_TOP_threeColumnsWideRight_full_twocolumn_column3_colour3 230xAny spin2_TOP_threeColumnsWideRight_half_twocolumn_column3_colour3 80xAny spin2_TOP_threeColumnsWideRight_thumb_twocolumn_column3_colour3 80xAny spin2_piccarousel_TOP_threeColumnsWideRight_column3 480x320fitpad[0] spin2_exhibitor_TOP_threeColumnsWideRight_column3 200x200 spin2_speaker_TOP_threeColumnsWideRight_column3 200x200 spin2_sponsor_TOP_threeColumnsWideRight_column3 200x200 spin2_FOOT_oneColumn_full_column1_colour1 1180xAny spin2_FOOT_oneColumn_half_column1_colour1 580xAny spin2_FOOT_oneColumn_thumb_column1_colour1 80xAny spin2_FOOT_oneColumn_full_column1_colour2 1160xAny spin2_FOOT_oneColumn_half_column1_colour2 570xAny spin2_FOOT_oneColumn_thumb_column1_colour2 80xAny spin2_FOOT_oneColumn_full_column1_colour3 1180xAny spin2_FOOT_oneColumn_half_column1_colour3 580xAny spin2_FOOT_oneColumn_thumb_column1_colour3 80xAny spin2_FOOT_oneColumn_full_twocolumn_column1_colour1 580xAny spin2_FOOT_oneColumn_half_twocolumn_column1_colour1 280xAny spin2_FOOT_oneColumn_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_oneColumn_full_twocolumn_column1_colour2 570xAny spin2_FOOT_oneColumn_half_twocolumn_column1_colour2 280xAny spin2_FOOT_oneColumn_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_oneColumn_full_twocolumn_column1_colour3 580xAny spin2_FOOT_oneColumn_half_twocolumn_column1_colour3 280xAny spin2_FOOT_oneColumn_thumb_twocolumn_column1_colour3 80xAny spin2_carousel_FOOT_oneColumn_column1 800x402 spin2_piccarousel_FOOT_oneColumn_column1 1180x786fitpad[0] spin2_gridLayout_FOOT_oneColumn_column1 180x125 spin2_scroller_FOOT_oneColumn_column1 180x126 spin2_exhibitor_FOOT_oneColumn_column1 200x200 spin2_speaker_FOOT_oneColumn_column1 200x200 spin2_sponsor_FOOT_oneColumn_column1 200x200 spin2_FOOT_twoColumns_full_column1_colour1 580xAny spin2_FOOT_twoColumns_half_column1_colour1 280xAny spin2_FOOT_twoColumns_thumb_column1_colour1 80xAny spin2_FOOT_twoColumns_full_column1_colour2 560xAny spin2_FOOT_twoColumns_half_column1_colour2 270xAny spin2_FOOT_twoColumns_thumb_column1_colour2 80xAny spin2_FOOT_twoColumns_full_column1_colour3 580xAny spin2_FOOT_twoColumns_half_column1_colour3 280xAny spin2_FOOT_twoColumns_thumb_column1_colour3 80xAny spin2_FOOT_twoColumns_full_twocolumn_column1_colour1 280xAny spin2_FOOT_twoColumns_half_twocolumn_column1_colour1 130xAny spin2_FOOT_twoColumns_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_twoColumns_full_twocolumn_column1_colour2 270xAny spin2_FOOT_twoColumns_half_twocolumn_column1_colour2 130xAny spin2_FOOT_twoColumns_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_twoColumns_full_twocolumn_column1_colour3 280xAny spin2_FOOT_twoColumns_half_twocolumn_column1_colour3 130xAny spin2_FOOT_twoColumns_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_FOOT_twoColumns_column1 580x386fitpad[0] spin2_gridLayout_FOOT_twoColumns_column1 180x125 spin2_exhibitor_FOOT_twoColumns_column1 200x200 spin2_speaker_FOOT_twoColumns_column1 200x200 spin2_sponsor_FOOT_twoColumns_column1 200x200 spin2_FOOT_twoColumns_full_column2_colour1 580xAny spin2_FOOT_twoColumns_half_column2_colour1 280xAny spin2_FOOT_twoColumns_thumb_column2_colour1 80xAny spin2_FOOT_twoColumns_full_column2_colour2 560xAny spin2_FOOT_twoColumns_half_column2_colour2 270xAny spin2_FOOT_twoColumns_thumb_column2_colour2 80xAny spin2_FOOT_twoColumns_full_column2_colour3 580xAny spin2_FOOT_twoColumns_half_column2_colour3 280xAny spin2_FOOT_twoColumns_thumb_column2_colour3 80xAny spin2_FOOT_twoColumns_full_twocolumn_column2_colour1 280xAny spin2_FOOT_twoColumns_half_twocolumn_column2_colour1 130xAny spin2_FOOT_twoColumns_thumb_twocolumn_column2_colour1 80xAny spin2_FOOT_twoColumns_full_twocolumn_column2_colour2 270xAny spin2_FOOT_twoColumns_half_twocolumn_column2_colour2 130xAny spin2_FOOT_twoColumns_thumb_twocolumn_column2_colour2 80xAny spin2_FOOT_twoColumns_full_twocolumn_column2_colour3 280xAny spin2_FOOT_twoColumns_half_twocolumn_column2_colour3 130xAny spin2_FOOT_twoColumns_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_FOOT_twoColumns_column2 580x386fitpad[0] spin2_gridLayout_FOOT_twoColumns_column2 180x125 spin2_exhibitor_FOOT_twoColumns_column2 200x200 spin2_speaker_FOOT_twoColumns_column2 200x200 spin2_sponsor_FOOT_twoColumns_column2 200x200 spin2_FOOT_twoColumnsSmallLeft_full_column1_colour1 380xAny spin2_FOOT_twoColumnsSmallLeft_half_column1_colour1 180xAny spin2_FOOT_twoColumnsSmallLeft_thumb_column1_colour1 80xAny spin2_FOOT_twoColumnsSmallLeft_full_column1_colour2 360xAny spin2_FOOT_twoColumnsSmallLeft_half_column1_colour2 170xAny spin2_FOOT_twoColumnsSmallLeft_thumb_column1_colour2 80xAny spin2_FOOT_twoColumnsSmallLeft_full_column1_colour3 380xAny spin2_FOOT_twoColumnsSmallLeft_half_column1_colour3 180xAny spin2_FOOT_twoColumnsSmallLeft_thumb_column1_colour3 80xAny spin2_FOOT_twoColumnsSmallLeft_full_twocolumn_column1_colour1 180xAny spin2_FOOT_twoColumnsSmallLeft_half_twocolumn_column1_colour1 80xAny spin2_FOOT_twoColumnsSmallLeft_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_twoColumnsSmallLeft_full_twocolumn_column1_colour2 170xAny spin2_FOOT_twoColumnsSmallLeft_half_twocolumn_column1_colour2 70xAny spin2_FOOT_twoColumnsSmallLeft_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_twoColumnsSmallLeft_full_twocolumn_column1_colour3 180xAny spin2_FOOT_twoColumnsSmallLeft_half_twocolumn_column1_colour3 80xAny spin2_FOOT_twoColumnsSmallLeft_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_FOOT_twoColumnsSmallLeft_column1 380x225 spin2_exhibitor_FOOT_twoColumnsSmallLeft_column1 200x200 spin2_speaker_FOOT_twoColumnsSmallLeft_column1 200x200 spin2_sponsor_FOOT_twoColumnsSmallLeft_column1 200x200 spin2_FOOT_twoColumnsSmallLeft_full_column2_colour1 780xAny spin2_FOOT_twoColumnsSmallLeft_half_column2_colour1 380xAny spin2_FOOT_twoColumnsSmallLeft_thumb_column2_colour1 80xAny spin2_FOOT_twoColumnsSmallLeft_full_column2_colour2 760xAny spin2_FOOT_twoColumnsSmallLeft_half_column2_colour2 370xAny spin2_FOOT_twoColumnsSmallLeft_thumb_column2_colour2 80xAny spin2_FOOT_twoColumnsSmallLeft_full_column2_colour3 780xAny spin2_FOOT_twoColumnsSmallLeft_half_column2_colour3 380xAny spin2_FOOT_twoColumnsSmallLeft_thumb_column2_colour3 80xAny spin2_FOOT_twoColumnsSmallLeft_full_twocolumn_column2_colour1 380xAny spin2_FOOT_twoColumnsSmallLeft_half_twocolumn_column2_colour1 180xAny spin2_FOOT_twoColumnsSmallLeft_thumb_twocolumn_column2_colour1 80xAny spin2_FOOT_twoColumnsSmallLeft_full_twocolumn_column2_colour2 370xAny spin2_FOOT_twoColumnsSmallLeft_half_twocolumn_column2_colour2 180xAny spin2_FOOT_twoColumnsSmallLeft_thumb_twocolumn_column2_colour2 80xAny spin2_FOOT_twoColumnsSmallLeft_full_twocolumn_column2_colour3 380xAny spin2_FOOT_twoColumnsSmallLeft_half_twocolumn_column2_colour3 180xAny spin2_FOOT_twoColumnsSmallLeft_thumb_twocolumn_column2_colour3 80xAny spin2_carousel_FOOT_twoColumnsSmallLeft_column2 380x264 spin2_piccarousel_FOOT_twoColumnsSmallLeft_column2 780x520fitpad[0] spin2_gridLayout_FOOT_twoColumnsSmallLeft_column2 180x125 spin2_scroller_FOOT_twoColumnsSmallLeft_column2 160x117 spin2_exhibitor_FOOT_twoColumnsSmallLeft_column2 200x200 spin2_speaker_FOOT_twoColumnsSmallLeft_column2 200x200 spin2_sponsor_FOOT_twoColumnsSmallLeft_column2 200x200 spin2_FOOT_twoColumnsSmallRight_full_column1_colour1 780xAny spin2_FOOT_twoColumnsSmallRight_half_column1_colour1 380xAny spin2_FOOT_twoColumnsSmallRight_thumb_column1_colour1 80xAny spin2_FOOT_twoColumnsSmallRight_full_column1_colour2 760xAny spin2_FOOT_twoColumnsSmallRight_half_column1_colour2 370xAny spin2_FOOT_twoColumnsSmallRight_thumb_column1_colour2 80xAny spin2_FOOT_twoColumnsSmallRight_full_column1_colour3 780xAny spin2_FOOT_twoColumnsSmallRight_half_column1_colour3 380xAny spin2_FOOT_twoColumnsSmallRight_thumb_column1_colour3 80xAny spin2_FOOT_twoColumnsSmallRight_full_twocolumn_column1_colour1 380xAny spin2_FOOT_twoColumnsSmallRight_half_twocolumn_column1_colour1 180xAny spin2_FOOT_twoColumnsSmallRight_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_twoColumnsSmallRight_full_twocolumn_column1_colour2 370xAny spin2_FOOT_twoColumnsSmallRight_half_twocolumn_column1_colour2 180xAny spin2_FOOT_twoColumnsSmallRight_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_twoColumnsSmallRight_full_twocolumn_column1_colour3 380xAny spin2_FOOT_twoColumnsSmallRight_half_twocolumn_column1_colour3 180xAny spin2_FOOT_twoColumnsSmallRight_thumb_twocolumn_column1_colour3 80xAny spin2_carousel_FOOT_twoColumnsSmallRight_column1 380x264 spin2_piccarousel_FOOT_twoColumnsSmallRight_column1 780x520fitpad[0] spin2_gridLayout_FOOT_twoColumnsSmallRight_column1 180x125 spin2_scroller_FOOT_twoColumnsSmallRight_column1 160x117 spin2_exhibitor_FOOT_twoColumnsSmallRight_column1 200x200 spin2_speaker_FOOT_twoColumnsSmallRight_column1 200x200 spin2_sponsor_FOOT_twoColumnsSmallRight_column1 200x200 spin2_FOOT_twoColumnsSmallRight_full_column2_colour1 380xAny spin2_FOOT_twoColumnsSmallRight_half_column2_colour1 180xAny spin2_FOOT_twoColumnsSmallRight_thumb_column2_colour1 80xAny spin2_FOOT_twoColumnsSmallRight_full_column2_colour2 360xAny spin2_FOOT_twoColumnsSmallRight_half_column2_colour2 170xAny spin2_FOOT_twoColumnsSmallRight_thumb_column2_colour2 80xAny spin2_FOOT_twoColumnsSmallRight_full_column2_colour3 380xAny spin2_FOOT_twoColumnsSmallRight_half_column2_colour3 180xAny spin2_FOOT_twoColumnsSmallRight_thumb_column2_colour3 80xAny spin2_FOOT_twoColumnsSmallRight_full_twocolumn_column2_colour1 180xAny spin2_FOOT_twoColumnsSmallRight_half_twocolumn_column2_colour1 80xAny spin2_FOOT_twoColumnsSmallRight_thumb_twocolumn_column2_colour1 80xAny spin2_FOOT_twoColumnsSmallRight_full_twocolumn_column2_colour2 170xAny spin2_FOOT_twoColumnsSmallRight_half_twocolumn_column2_colour2 70xAny spin2_FOOT_twoColumnsSmallRight_thumb_twocolumn_column2_colour2 80xAny spin2_FOOT_twoColumnsSmallRight_full_twocolumn_column2_colour3 180xAny spin2_FOOT_twoColumnsSmallRight_half_twocolumn_column2_colour3 80xAny spin2_FOOT_twoColumnsSmallRight_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_FOOT_twoColumnsSmallRight_column2 380x225 spin2_exhibitor_FOOT_twoColumnsSmallRight_column2 200x200 spin2_speaker_FOOT_twoColumnsSmallRight_column2 200x200 spin2_sponsor_FOOT_twoColumnsSmallRight_column2 200x200 spin2_FOOT_threeColumns_full_column1_colour1 380xAny spin2_FOOT_threeColumns_half_column1_colour1 180xAny spin2_FOOT_threeColumns_thumb_column1_colour1 80xAny spin2_FOOT_threeColumns_full_column1_colour2 360xAny spin2_FOOT_threeColumns_half_column1_colour2 170xAny spin2_FOOT_threeColumns_thumb_column1_colour2 80xAny spin2_FOOT_threeColumns_full_column1_colour3 380xAny spin2_FOOT_threeColumns_half_column1_colour3 180xAny spin2_FOOT_threeColumns_thumb_column1_colour3 80xAny spin2_FOOT_threeColumns_full_twocolumn_column1_colour1 180xAny spin2_FOOT_threeColumns_half_twocolumn_column1_colour1 80xAny spin2_FOOT_threeColumns_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_threeColumns_full_twocolumn_column1_colour2 170xAny spin2_FOOT_threeColumns_half_twocolumn_column1_colour2 70xAny spin2_FOOT_threeColumns_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_threeColumns_full_twocolumn_column1_colour3 180xAny spin2_FOOT_threeColumns_half_twocolumn_column1_colour3 80xAny spin2_FOOT_threeColumns_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_FOOT_threeColumns_column1 380x225 spin2_exhibitor_FOOT_threeColumns_column1 200x200 spin2_speaker_FOOT_threeColumns_column1 200x200 spin2_sponsor_FOOT_threeColumns_column1 200x200 spin2_FOOT_threeColumns_full_column2_colour1 380xAny spin2_FOOT_threeColumns_half_column2_colour1 180xAny spin2_FOOT_threeColumns_thumb_column2_colour1 80xAny spin2_FOOT_threeColumns_full_column2_colour2 360xAny spin2_FOOT_threeColumns_half_column2_colour2 170xAny spin2_FOOT_threeColumns_thumb_column2_colour2 80xAny spin2_FOOT_threeColumns_full_column2_colour3 380xAny spin2_FOOT_threeColumns_half_column2_colour3 180xAny spin2_FOOT_threeColumns_thumb_column2_colour3 80xAny spin2_FOOT_threeColumns_full_twocolumn_column2_colour1 180xAny spin2_FOOT_threeColumns_half_twocolumn_column2_colour1 80xAny spin2_FOOT_threeColumns_thumb_twocolumn_column2_colour1 80xAny spin2_FOOT_threeColumns_full_twocolumn_column2_colour2 170xAny spin2_FOOT_threeColumns_half_twocolumn_column2_colour2 70xAny spin2_FOOT_threeColumns_thumb_twocolumn_column2_colour2 80xAny spin2_FOOT_threeColumns_full_twocolumn_column2_colour3 180xAny spin2_FOOT_threeColumns_half_twocolumn_column2_colour3 80xAny spin2_FOOT_threeColumns_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_FOOT_threeColumns_column2 380x225 spin2_exhibitor_FOOT_threeColumns_column2 200x200 spin2_speaker_FOOT_threeColumns_column2 200x200 spin2_sponsor_FOOT_threeColumns_column2 200x200 spin2_FOOT_threeColumns_full_column3_colour1 380xAny spin2_FOOT_threeColumns_half_column3_colour1 180xAny spin2_FOOT_threeColumns_thumb_column3_colour1 80xAny spin2_FOOT_threeColumns_full_column3_colour2 360xAny spin2_FOOT_threeColumns_half_column3_colour2 170xAny spin2_FOOT_threeColumns_thumb_column3_colour2 80xAny spin2_FOOT_threeColumns_full_column3_colour3 380xAny spin2_FOOT_threeColumns_half_column3_colour3 180xAny spin2_FOOT_threeColumns_thumb_column3_colour3 80xAny spin2_FOOT_threeColumns_full_twocolumn_column3_colour1 180xAny spin2_FOOT_threeColumns_half_twocolumn_column3_colour1 80xAny spin2_FOOT_threeColumns_thumb_twocolumn_column3_colour1 80xAny spin2_FOOT_threeColumns_full_twocolumn_column3_colour2 170xAny spin2_FOOT_threeColumns_half_twocolumn_column3_colour2 70xAny spin2_FOOT_threeColumns_thumb_twocolumn_column3_colour2 80xAny spin2_FOOT_threeColumns_full_twocolumn_column3_colour3 180xAny spin2_FOOT_threeColumns_half_twocolumn_column3_colour3 80xAny spin2_FOOT_threeColumns_thumb_twocolumn_column3_colour3 80xAny spin2_piccarousel_FOOT_threeColumns_column3 380x225 spin2_exhibitor_FOOT_threeColumns_column3 200x200 spin2_speaker_FOOT_threeColumns_column3 200x200 spin2_sponsor_FOOT_threeColumns_column3 200x200 spin2_FOOT_threeColumnsWideLeft_full_column1_colour1 480xAny spin2_FOOT_threeColumnsWideLeft_half_column1_colour1 230xAny spin2_FOOT_threeColumnsWideLeft_thumb_column1_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_full_column1_colour2 460xAny spin2_FOOT_threeColumnsWideLeft_half_column1_colour2 220xAny spin2_FOOT_threeColumnsWideLeft_thumb_column1_colour2 80xAny spin2_FOOT_threeColumnsWideLeft_full_column1_colour3 480xAny spin2_FOOT_threeColumnsWideLeft_half_column1_colour3 230xAny spin2_FOOT_threeColumnsWideLeft_thumb_column1_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column1_colour1 230xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column1_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column1_colour2 220xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column1_colour2 70xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column1_colour3 230xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column1_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_FOOT_threeColumnsWideLeft_column1 480x320fitpad[0] spin2_exhibitor_FOOT_threeColumnsWideLeft_column1 200x200 spin2_speaker_FOOT_threeColumnsWideLeft_column1 200x200 spin2_sponsor_FOOT_threeColumnsWideLeft_column1 200x200 spin2_FOOT_threeColumnsWideLeft_full_column2_colour1 280xAny spin2_FOOT_threeColumnsWideLeft_half_column2_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_column2_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_full_column2_colour2 260xAny spin2_FOOT_threeColumnsWideLeft_half_column2_colour2 60xAny spin2_FOOT_threeColumnsWideLeft_thumb_column2_colour2 80xAny spin2_FOOT_threeColumnsWideLeft_full_column2_colour3 280xAny spin2_FOOT_threeColumnsWideLeft_half_column2_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_column2_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column2_colour1 713xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column2_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column2_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column2_colour2 713xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column2_colour2 70xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column2_colour2 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column2_colour3 713xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column2_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_FOOT_threeColumnsWideLeft_column2 280x420fitpad[0] spin2_exhibitor_FOOT_threeColumnsWideLeft_column2 200x200 spin2_speaker_FOOT_threeColumnsWideLeft_column2 200x200 spin2_sponsor_FOOT_threeColumnsWideLeft_column2 200x200 spin2_FOOT_threeColumnsWideLeft_full_column3_colour1 380xAny spin2_FOOT_threeColumnsWideLeft_half_column3_colour1 180xAny spin2_FOOT_threeColumnsWideLeft_thumb_column3_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_full_column3_colour2 360xAny spin2_FOOT_threeColumnsWideLeft_half_column3_colour2 170xAny spin2_FOOT_threeColumnsWideLeft_thumb_column3_colour2 80xAny spin2_FOOT_threeColumnsWideLeft_full_column3_colour3 380xAny spin2_FOOT_threeColumnsWideLeft_half_column3_colour3 180xAny spin2_FOOT_threeColumnsWideLeft_thumb_column3_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column3_colour1 180xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column3_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column3_colour1 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column3_colour2 170xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column3_colour2 70xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column3_colour2 80xAny spin2_FOOT_threeColumnsWideLeft_full_twocolumn_column3_colour3 180xAny spin2_FOOT_threeColumnsWideLeft_half_twocolumn_column3_colour3 80xAny spin2_FOOT_threeColumnsWideLeft_thumb_twocolumn_column3_colour3 80xAny spin2_piccarousel_FOOT_threeColumnsWideLeft_column3 380x225fitpad[0] spin2_exhibitor_FOOT_threeColumnsWideLeft_column3 200x200 spin2_speaker_FOOT_threeColumnsWideLeft_column3 200x200 spin2_sponsor_FOOT_threeColumnsWideLeft_column3 200x200 spin2_FOOT_threeColumnsWideRight_full_column1_colour1 380xAny spin2_FOOT_threeColumnsWideRight_half_column1_colour1 180xAny spin2_FOOT_threeColumnsWideRight_thumb_column1_colour1 80xAny spin2_FOOT_threeColumnsWideRight_full_column1_colour2 360xAny spin2_FOOT_threeColumnsWideRight_half_column1_colour2 170xAny spin2_FOOT_threeColumnsWideRight_thumb_column1_colour2 80xAny spin2_FOOT_threeColumnsWideRight_full_column1_colour3 380xAny spin2_FOOT_threeColumnsWideRight_half_column1_colour3 180xAny spin2_FOOT_threeColumnsWideRight_thumb_column1_colour3 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column1_colour1 180xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column1_colour1 80xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column1_colour1 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column1_colour2 170xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column1_colour2 70xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column1_colour2 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column1_colour3 180xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column1_colour3 80xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_FOOT_threeColumnsWideRight_column1 380x225fitpad[0] spin2_exhibitor_FOOT_threeColumnsWideRight_column1 200x200 spin2_speaker_FOOT_threeColumnsWideRight_column1 200x200 spin2_sponsor_FOOT_threeColumnsWideRight_column1 200x200 spin2_FOOT_threeColumnsWideRight_full_column2_colour1 280xAny spin2_FOOT_threeColumnsWideRight_half_column2_colour1 80xAny spin2_FOOT_threeColumnsWideRight_thumb_column2_colour1 80xAny spin2_FOOT_threeColumnsWideRight_full_column2_colour2 260xAny spin2_FOOT_threeColumnsWideRight_half_column2_colour2 60xAny spin2_FOOT_threeColumnsWideRight_thumb_column2_colour2 80xAny spin2_FOOT_threeColumnsWideRight_full_column2_colour3 280xAny spin2_FOOT_threeColumnsWideRight_half_column2_colour3 80xAny spin2_FOOT_threeColumnsWideRight_thumb_column2_colour3 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column2_colour1 713xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column2_colour1 80xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column2_colour1 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column2_colour2 713xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column2_colour2 70xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column2_colour2 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column2_colour3 713xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column2_colour3 80xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_FOOT_threeColumnsWideRight_column2 280x420fitpad[0] spin2_exhibitor_FOOT_threeColumnsWideRight_column2 200x200 spin2_speaker_FOOT_threeColumnsWideRight_column2 200x200 spin2_sponsor_FOOT_threeColumnsWideRight_column2 200x200 spin2_FOOT_threeColumnsWideRight_full_column3_colour1 480xAny spin2_FOOT_threeColumnsWideRight_half_column3_colour1 230xAny spin2_FOOT_threeColumnsWideRight_thumb_column3_colour1 80xAny spin2_FOOT_threeColumnsWideRight_full_column3_colour2 460xAny spin2_FOOT_threeColumnsWideRight_half_column3_colour2 220xAny spin2_FOOT_threeColumnsWideRight_thumb_column3_colour2 80xAny spin2_FOOT_threeColumnsWideRight_full_column3_colour3 480xAny spin2_FOOT_threeColumnsWideRight_half_column3_colour3 230xAny spin2_FOOT_threeColumnsWideRight_thumb_column3_colour3 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column3_colour1 230xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column3_colour1 80xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column3_colour1 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column3_colour2 220xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column3_colour2 70xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column3_colour2 80xAny spin2_FOOT_threeColumnsWideRight_full_twocolumn_column3_colour3 230xAny spin2_FOOT_threeColumnsWideRight_half_twocolumn_column3_colour3 80xAny spin2_FOOT_threeColumnsWideRight_thumb_twocolumn_column3_colour3 80xAny spin2_piccarousel_FOOT_threeColumnsWideRight_column3 480x320fitpad[0] spin2_exhibitor_FOOT_threeColumnsWideRight_column3 200x200 spin2_speaker_FOOT_threeColumnsWideRight_column3 200x200 spin2_sponsor_FOOT_threeColumnsWideRight_column3 200x200 spin2_MAIN_oneColumn_full_column1_colour1 780xAny spin2_MAIN_oneColumn_half_column1_colour1 380xAny spin2_MAIN_oneColumn_thumb_column1_colour1 80xAny spin2_MAIN_oneColumn_full_column1_colour2 760xAny spin2_MAIN_oneColumn_half_column1_colour2 370xAny spin2_MAIN_oneColumn_thumb_column1_colour2 80xAny spin2_MAIN_oneColumn_full_column1_colour3 780xAny spin2_MAIN_oneColumn_half_column1_colour3 380xAny spin2_MAIN_oneColumn_thumb_column1_colour3 80xAny spin2_MAIN_oneColumn_full_twocolumn_column1_colour1 380xAny spin2_MAIN_oneColumn_half_twocolumn_column1_colour1 180xAny spin2_MAIN_oneColumn_thumb_twocolumn_column1_colour1 80xAny spin2_MAIN_oneColumn_full_twocolumn_column1_colour2 370xAny spin2_MAIN_oneColumn_half_twocolumn_column1_colour2 180xAny spin2_MAIN_oneColumn_thumb_twocolumn_column1_colour2 80xAny spin2_MAIN_oneColumn_full_twocolumn_column1_colour3 380xAny spin2_MAIN_oneColumn_half_twocolumn_column1_colour3 180xAny spin2_MAIN_oneColumn_thumb_twocolumn_column1_colour3 80xAny spin2_carousel_MAIN_oneColumn_column1 380x264 spin2_piccarousel_MAIN_oneColumn_column1 780x520fitpad[0] spin2_gridLayout_MAIN_oneColumn_column1 180x125 spin2_scroller_MAIN_oneColumn_column1 160x117 spin2_exhibitor_MAIN_oneColumn_column1 200x200 spin2_speaker_MAIN_oneColumn_column1 200x200 spin2_sponsor_MAIN_oneColumn_column1 200x200 spin2_MAIN_twoColumns_full_column1_colour1 380xAny spin2_MAIN_twoColumns_half_column1_colour1 180xAny spin2_MAIN_twoColumns_thumb_column1_colour1 80xAny spin2_MAIN_twoColumns_full_column1_colour2 360xAny spin2_MAIN_twoColumns_half_column1_colour2 170xAny spin2_MAIN_twoColumns_thumb_column1_colour2 80xAny spin2_MAIN_twoColumns_full_column1_colour3 380xAny spin2_MAIN_twoColumns_half_column1_colour3 180xAny spin2_MAIN_twoColumns_thumb_column1_colour3 80xAny spin2_MAIN_twoColumns_full_twocolumn_column1_colour1 180xAny spin2_MAIN_twoColumns_half_twocolumn_column1_colour1 80xAny spin2_MAIN_twoColumns_thumb_twocolumn_column1_colour1 80xAny spin2_MAIN_twoColumns_full_twocolumn_column1_colour2 170xAny spin2_MAIN_twoColumns_half_twocolumn_column1_colour2 70xAny spin2_MAIN_twoColumns_thumb_twocolumn_column1_colour2 80xAny spin2_MAIN_twoColumns_full_twocolumn_column1_colour3 180xAny spin2_MAIN_twoColumns_half_twocolumn_column1_colour3 80xAny spin2_MAIN_twoColumns_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_MAIN_twoColumns_column1 380x225 spin2_exhibitor_MAIN_twoColumns_column1 200x200 spin2_speaker_MAIN_twoColumns_column1 200x200 spin2_sponsor_MAIN_twoColumns_column1 200x200 spin2_MAIN_twoColumns_full_column2_colour1 380xAny spin2_MAIN_twoColumns_half_column2_colour1 180xAny spin2_MAIN_twoColumns_thumb_column2_colour1 80xAny spin2_MAIN_twoColumns_full_column2_colour2 360xAny spin2_MAIN_twoColumns_half_column2_colour2 170xAny spin2_MAIN_twoColumns_thumb_column2_colour2 80xAny spin2_MAIN_twoColumns_full_column2_colour3 380xAny spin2_MAIN_twoColumns_half_column2_colour3 180xAny spin2_MAIN_twoColumns_thumb_column2_colour3 80xAny spin2_MAIN_twoColumns_full_twocolumn_column2_colour1 180xAny spin2_MAIN_twoColumns_half_twocolumn_column2_colour1 80xAny spin2_MAIN_twoColumns_thumb_twocolumn_column2_colour1 80xAny spin2_MAIN_twoColumns_full_twocolumn_column2_colour2 170xAny spin2_MAIN_twoColumns_half_twocolumn_column2_colour2 70xAny spin2_MAIN_twoColumns_thumb_twocolumn_column2_colour2 80xAny spin2_MAIN_twoColumns_full_twocolumn_column2_colour3 180xAny spin2_MAIN_twoColumns_half_twocolumn_column2_colour3 80xAny spin2_MAIN_twoColumns_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_MAIN_twoColumns_column2 380x225 spin2_exhibitor_MAIN_twoColumns_column2 200x200 spin2_speaker_MAIN_twoColumns_column2 200x200 spin2_sponsor_MAIN_twoColumns_column2 200x200 spin2_MAIN_twoColumnsSmallLeft_full_column1_colour1 280xAny spin2_MAIN_twoColumnsSmallLeft_half_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_thumb_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_full_column1_colour2 260xAny spin2_MAIN_twoColumnsSmallLeft_half_column1_colour2 60xAny spin2_MAIN_twoColumnsSmallLeft_thumb_column1_colour2 80xAny spin2_MAIN_twoColumnsSmallLeft_full_column1_colour3 280xAny spin2_MAIN_twoColumnsSmallLeft_half_column1_colour3 80xAny spin2_MAIN_twoColumnsSmallLeft_thumb_column1_colour3 80xAny spin2_MAIN_twoColumnsSmallLeft_full_twocolumn_column1_colour1 169xAny spin2_MAIN_twoColumnsSmallLeft_half_twocolumn_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_thumb_twocolumn_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_full_twocolumn_column1_colour2 169xAny spin2_MAIN_twoColumnsSmallLeft_half_twocolumn_column1_colour2 70xAny spin2_MAIN_twoColumnsSmallLeft_thumb_twocolumn_column1_colour2 80xAny spin2_MAIN_twoColumnsSmallLeft_full_twocolumn_column1_colour3 169xAny spin2_MAIN_twoColumnsSmallLeft_half_twocolumn_column1_colour3 80xAny spin2_MAIN_twoColumnsSmallLeft_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_MAIN_twoColumnsSmallLeft_column1 280x420 spin2_exhibitor_MAIN_twoColumnsSmallLeft_column1 200x200 spin2_speaker_MAIN_twoColumnsSmallLeft_column1 200x200 spin2_sponsor_MAIN_twoColumnsSmallLeft_column1 200x200 spin2_MAIN_twoColumnsSmallLeft_full_column2_colour1 480xAny spin2_MAIN_twoColumnsSmallLeft_half_column2_colour1 230xAny spin2_MAIN_twoColumnsSmallLeft_thumb_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_full_column2_colour2 460xAny spin2_MAIN_twoColumnsSmallLeft_half_column2_colour2 220xAny spin2_MAIN_twoColumnsSmallLeft_thumb_column2_colour2 80xAny spin2_MAIN_twoColumnsSmallLeft_full_column2_colour3 480xAny spin2_MAIN_twoColumnsSmallLeft_half_column2_colour3 230xAny spin2_MAIN_twoColumnsSmallLeft_thumb_column2_colour3 80xAny spin2_MAIN_twoColumnsSmallLeft_full_twocolumn_column2_colour1 230xAny spin2_MAIN_twoColumnsSmallLeft_half_twocolumn_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_thumb_twocolumn_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallLeft_full_twocolumn_column2_colour2 220xAny spin2_MAIN_twoColumnsSmallLeft_half_twocolumn_column2_colour2 70xAny spin2_MAIN_twoColumnsSmallLeft_thumb_twocolumn_column2_colour2 80xAny spin2_MAIN_twoColumnsSmallLeft_full_twocolumn_column2_colour3 230xAny spin2_MAIN_twoColumnsSmallLeft_half_twocolumn_column2_colour3 80xAny spin2_MAIN_twoColumnsSmallLeft_thumb_twocolumn_column2_colour3 80xAny spin2_piccarousel_MAIN_twoColumnsSmallLeft_column2 480x320 spin2_exhibitor_MAIN_twoColumnsSmallLeft_column2 200x200 spin2_speaker_MAIN_twoColumnsSmallLeft_column2 200x200 spin2_sponsor_MAIN_twoColumnsSmallLeft_column2 200x200 spin2_MAIN_twoColumnsSmallRight_full_column1_colour1 480xAny spin2_MAIN_twoColumnsSmallRight_half_column1_colour1 230xAny spin2_MAIN_twoColumnsSmallRight_thumb_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_full_column1_colour2 460xAny spin2_MAIN_twoColumnsSmallRight_half_column1_colour2 220xAny spin2_MAIN_twoColumnsSmallRight_thumb_column1_colour2 80xAny spin2_MAIN_twoColumnsSmallRight_full_column1_colour3 480xAny spin2_MAIN_twoColumnsSmallRight_half_column1_colour3 230xAny spin2_MAIN_twoColumnsSmallRight_thumb_column1_colour3 80xAny spin2_MAIN_twoColumnsSmallRight_full_twocolumn_column1_colour1 230xAny spin2_MAIN_twoColumnsSmallRight_half_twocolumn_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_thumb_twocolumn_column1_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_full_twocolumn_column1_colour2 220xAny spin2_MAIN_twoColumnsSmallRight_half_twocolumn_column1_colour2 70xAny spin2_MAIN_twoColumnsSmallRight_thumb_twocolumn_column1_colour2 80xAny spin2_MAIN_twoColumnsSmallRight_full_twocolumn_column1_colour3 230xAny spin2_MAIN_twoColumnsSmallRight_half_twocolumn_column1_colour3 80xAny spin2_MAIN_twoColumnsSmallRight_thumb_twocolumn_column1_colour3 80xAny spin2_piccarousel_MAIN_twoColumnsSmallRight_column1 480x320 spin2_exhibitor_MAIN_twoColumnsSmallRight_column1 200x200 spin2_speaker_MAIN_twoColumnsSmallRight_column1 200x200 spin2_sponsor_MAIN_twoColumnsSmallRight_column1 200x200 spin2_MAIN_twoColumnsSmallRight_full_column2_colour1 280xAny spin2_MAIN_twoColumnsSmallRight_half_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_thumb_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_full_column2_colour2 260xAny spin2_MAIN_twoColumnsSmallRight_half_column2_colour2 60xAny spin2_MAIN_twoColumnsSmallRight_thumb_column2_colour2 80xAny spin2_MAIN_twoColumnsSmallRight_full_column2_colour3 280xAny spin2_MAIN_twoColumnsSmallRight_half_column2_colour3 80xAny spin2_MAIN_twoColumnsSmallRight_thumb_column2_colour3 80xAny spin2_MAIN_twoColumnsSmallRight_full_twocolumn_column2_colour1 169xAny spin2_MAIN_twoColumnsSmallRight_half_twocolumn_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_thumb_twocolumn_column2_colour1 80xAny spin2_MAIN_twoColumnsSmallRight_full_twocolumn_column2_colour2 169xAny spin2_MAIN_twoColumnsSmallRight_half_twocolumn_column2_colour2 70xAny spin2_MAIN_twoColumnsSmallRight_thumb_twocolumn_column2_colour2 80xAny spin2_MAIN_twoColumnsSmallRight_full_twocolumn_column2_colour3 169xAny 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42573 46236 5/7/3/42573_Gold.jpg Avoiding energy plays Avoiding energy plays 90919091800
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Nina Roehrbein speaks with Anders Svennesen, deputy director of pensions and investments at Denmark's ATP; Philip Latham, pension fund manager at Clwyd in the UK; and Jaime Martinez-Gómez, CIO at Spain's Fonditel, about how they How do yoget exposure to commodities?

 

Anders Svennesen, ATP
• Danish labour market supplementary pension
• Invested assets: DKK570bn (€76.7bn)
• DB scheme
• Date established: 1964

ATP's investment approach is based on a risk factor model and two different portfolios: an absolute return-seeking investment portfolio and a hedge portfolio.

The hedge portfolio hedges the interest rate risk of our liabilities, which can be done using interest rate swaps or long-dated government bonds. If the hedge is implemented on a funded basis, the investment portfolio uses any excess liquidity. In addition it can use derivatives.

The investment portfolio has five different risk classes: interest rates, credit, equities, inflation and commodities, most of which are managed in-house.
We invest 10% of the risk of our investment portfolio in commodities and we exclusively invest in oil.

To meet the balance sheet requirements set out by the Danish regulator, our exposure to oil takes place through investments in structured bonds, which are linked to a commodity index. Rather than using the standard Goldman Sachs Commodities index (GSCI) we have created our own in-house indices in order to achieve the desired exposure on the curve.

We started to invest in oil mainly to gain diversification. We have looked at various ways and forms of commodity investments, for example, metals and other energy sources such as gas.

However, as oil is the biggest inflation driver in western economies and it gives the best diversification in case of geopolitical crises, we came to the conclusion that an exposure to oil would give us the best portfolio properties. Nevertheless, we continue to look at other types of commodities.

Since we started to invest in oil in 2006, the performance of the commodities portfolio has been good. Things may have been different if we had just opted for an exposure through the GSCI. However, we run different strategies at different points in time, depending on the overall markets. Furthermore we use insurance strategies to avoid big draw downs, which helped us obtain a positive return in 2008.

The portfolio has also fulfilled our expectations in terms of diversification.

One of our long-term goals was to have a 10% exposure to commodities and we have had a similar allocation to that target since 2006. We believe it is appropriate for our scheme and there are no plans to change this strategic goal.

 

Philip Latham, Clwyd
• Local government pension fund
• Invested assets: £1.1bn (€1.4bn)
• Members: around 30,000
• DB
• Funding level: 72% (2010)
• Date established: 1974

Our main exposure to commodities - 4% of the portfolio - takes place through a benchmark approach. We achieve a range of exposure to energy, industrial metals, precious metals and agriculture through an equally weighted version of the Goldman Sachs Commodity index (GSCI).

When we first started to invest in commodities in 2007 as a separate asset class, initially with 2%, we not did want to invest through the main GSCI because for us it was too heavily weighted towards energy.

We are looking at commodities as part of an inflation hedge but due to the challenging fundamentals - increasing demand but falling supply - we hope it will generate some alpha for us.

The index sits within our portfolio of real assets, which in addition to commodities contains property, infrastructure as well as timber and agriculture.

Driven by the obvious alignment and correlation between timber and our liabilities, the fund started to invest in timber in 2007 through two fund managers within our property allocation. However, following a fundamental review of the pension fund in 2010, we formally recognised timber/agriculture as a separate asset class, allocating 2% within real assets. At the moment, we are looking to make some additional allocations to agriculture but the capital we plan to invest will probably amount to less than 1% of our overall portfolio.

Furthermore, we have some exposure to commodities through our global tactical asset allocation managers. Depending how they are run, some of the currency plays inevitably have an exposure to the asset class.

We also hold a fund of hedge funds in our investment portfolio, which again will hold some additional, but relatively small, exposure to commodities.

To date we have been satisfied with the performance of our equally weighted index because it has outperformed both commodities benchmarks - the GSCI and the Dow Jones index - since inception. We review our asset allocation every three to four years.  At our next review, due in 2013 or 2014, we will look at our commodities portfolio again.
Most of the day-to-day risk management is left with our fund manager. We have tried to minimise the risk in our commodity investments by avoiding being dominated by energy and the volatility that it brings with it.

 

Jaime Martinez-Gómez, Fonditel
• The pension fund of Telefonica de España and other Spanish companies
• Invested assets: €4bn
• Members: 71,000
• DC
• Date established: 1992


The long-term benefits of commodity investments differ substantially between sub-asset classes, so we have separated our commodity investments into four sub-asset classes - gold, oil, agriculture and the rest of commodities.

When we started to invest in commodities four years ago we had a broader exposure through a general commodities index. However, two years ago we decided to invest in gold and agriculture only.

By giving us a different approach than our other investments, those two fit into our portfolio. They work well in the very long term and hedge our portfolio against some of the scenarios that we feel are likely to happen. Gold, for example, has worked very well over the last four years because one of the negative scenarios we anticipated arose.
Agriculture reflects the growing global demand for grains and meats, as the average income in emerging markets increases.

Gold and agriculture should not be part of our long-term strategic portfolio because they are basically beta and contain the same risk factors that we already have in the portfolio. Oil is dependent on external factors such as geopolitics and we do not really want to play that theme.

Therefore the other two sub-asset classes only appear when there is a tactical bet and then only with a much smaller weighting.

We get exposure to gold through listed futures, while over-the-counter (OTC) derivatives enable us to invest in agriculture with the weighting we want.

We have also analysed other investment vehicles such as indices and exchange-traded funds but found that listed futures and OTC derivatives were the most efficient instruments for gold and agriculture respectively.

The returns of our gold and agriculture allocations have been much more positive than those of other risky asset classes we invest in.

With an allocation of 5% to commodities, our exposure is probably higher than many other Spanish pension funds. Gold is not an asset class you typically find in other Spanish funds. They might have an allocation to commodities via an index but it would probably not exceed 1-2% of their portfolio.

We recently reviewed our weightings and are happy with them. They are likely to change
only when there is a significant price movement in either gold or agriculture. If not, we expect to keep this exposure at least until the end of the year.

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