{"id":46527,"date":"2024-03-12T19:46:37","date_gmt":"2024-03-13T00:46:37","guid":{"rendered":"https:\/\/prefblog.com\/?p=46527"},"modified":"2024-03-12T19:46:37","modified_gmt":"2024-03-13T00:46:37","slug":"march-12-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46527","title":{"rendered":"March 12, 2024"},"content":{"rendered":"

Ontario Teachers\u2019 Pension Plan had a really bad year<\/a> due to market timing:<\/p>\n

Teachers fell short of the 8.7-per-cent benchmark it uses to measure its own performance, as losses on real estate and infrastructure dragged down returns.
…<\/b>
One reason for the fund\u2019s underperformance was its cautious stance toward the stock market. The publicly traded stocks Teachers owns did well, gaining 20 per cent last year against a 20.3-per-cent benchmark, but they make up just 10 per cent of its assets. At the start of last year, Teachers was betting on \u201csome correction in listed stock markets, which didn\u2019t happen,\u201d chief executive officer Jo Taylor said in an interview.
…<\/b>
High interest rates prompted Teachers to mark down asset values in its real estate portfolio, which lost 5.9 per cent, as well as its infrastructure arm, which lost 2.8 per cent. Both portfolios fell far short of internal benchmarks, gaining 2 per cent and 7.6 per cent.<\/p><\/blockquote>\n

I got curious about the longer term performance, so I looked up their performance report<\/a> and was very disappointed. Where’s their triangle<\/a>? I want to run my finger down their five-year rolling returns vs. their benchmark and get some idea of trends, but this will not be possible without a great deal of work on my part, which isn’t going to happen.<\/p>\n

This is before we even get to the question of their $58.5-billion private equity portfolio and its benchmark; God only knows how accurate the valuations in either group might be. As I keep saying until you guys are sick of it, the purpose of private equity is to enable lying to your clients. Mark my words, one day there’s going to be a monster blow-up and then – and only then – will the clients and their supposed protectors get interested.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,368.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n4,542.0<\/td>\n<\/tr>\n
Floater<\/td>\n10.16 %<\/td>\n10.22 %<\/td>\n41,229<\/td>\n9.43<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,617.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0603 %<\/td>\n3,408.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.94 %<\/td>\n7.20 %<\/td>\n44,384<\/td>\n1.85<\/td>\n7<\/td>\n0.0603 %<\/td>\n4,070.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0603 %<\/td>\n3,175.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0917 %<\/td>\n2,653.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.48 %<\/td>\n6.67 %<\/td>\n47,916<\/td>\n12.89<\/td>\n31<\/td>\n0.0917 %<\/td>\n2,893.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.42 %<\/td>\n7.05 %<\/td>\n102,403<\/td>\n12.42<\/td>\n59<\/td>\n0.1212 %<\/td>\n2,439.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.31 %<\/td>\n6.50 %<\/td>\n51,226<\/td>\n13.27<\/td>\n22<\/td>\n0.8856 %<\/td>\n2,849.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.96 %<\/td>\n10.13 %<\/td>\n30,803<\/td>\n9.36<\/td>\n3<\/td>\n-0.3954 %<\/td>\n2,591.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.99 %<\/td>\n6.90 %<\/td>\n154,242<\/td>\n12.43<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,499.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1212 %<\/td>\n2,493.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.49 %<\/td>\n7.12 %<\/td>\n71,632<\/td>\n12.56<\/td>\n14<\/td>\n0.5024 %<\/td>\n2,587.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n-7.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n-3.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 8.02 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 20.84
\nEvaluated at bid price : 20.84
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 14.61
\nEvaluated at bid price : 14.61
\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 22.35
\nEvaluated at bid price : 23.16
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 14.56
\nEvaluated at bid price : 14.56
\nBid-YTW : 8.07 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 12.40
\nEvaluated at bid price : 12.40
\nBid-YTW : 10.22 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n3.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 18.82
\nEvaluated at bid price : 18.82
\nBid-YTW : 8.48 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n3.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 22.65
\nEvaluated at bid price : 23.75
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n3.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.80
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n16.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n108,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.85
\nEvaluated at bid price : 22.34
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
FFH.PR.G<\/td>\nFixedReset Disc<\/td>\n100,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 16.72
\nEvaluated at bid price : 16.72
\nBid-YTW : 8.64 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n53,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 14.40
\nEvaluated at bid price : 14.40
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n36,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n28,975<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.92
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n25,788<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.63
\nEvaluated at bid price : 22.00
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
There were 5 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\nQuote: 20.50 – 22.87
\nSpot Rate : 2.3700
\nAverage : 1.9440<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n

CU.PR.I<\/td>\nFixedReset Disc<\/td>\nQuote: 21.50 – 22.40
\nSpot Rate : 0.9000
\nAverage : 0.6242<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 8.02 %<\/td>\n<\/tr>\n

RY.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.14 – 23.00
\nSpot Rate : 0.8600
\nAverage : 0.5856<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.14
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

FTS.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 20.84 – 21.40
\nSpot Rate : 0.5600
\nAverage : 0.3394<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 20.84
\nEvaluated at bid price : 20.84
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset Disc<\/td>\nQuote: 21.90 – 23.00
\nSpot Rate : 1.1000
\nAverage : 0.9084<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n

PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 17.26 – 17.79
\nSpot Rate : 0.5300
\nAverage : 0.4000<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-03-12
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Ontario Teachers\u2019 Pension Plan had a really bad year due to market timing: Teachers fell short of the 8.7-per-cent benchmark it uses to measure its own performance, as losses on real estate and infrastructure dragged …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-46527","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46527"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46527\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}