ING’s closed €25bn pension fund in the Netherlands has benefited greatly from falling interest rates, returning more than 32% on investments over 2014.The combination of falling interest rates – which dropped from 2.7% to 1.4% – and the scheme’s 76% allocation to government bonds and interest rate swaps led to a return of more than 40% on fixed income holdings over the period.The ING scheme, which has been closed to new entrants since last year, said increasing spreads between the large economic blocs had generated returns on governments bonds and interest swaps with a 50-year duration of up to 50%.The pension fund’s 16% equity allocation returned 17.6%, with US equity returning almost 10%. Emerging market equities returned 1.1% due to currency appreciation against the euro, as well as falling oil prices.The scheme reported a 21.6% annual return on its 4.7% real estate portfolio.Listed property returned 8.7% over the course of 2014 on the back of a 12% fourth-quarter return. Its 2.6% alternatives allocation, comprising hedge funds and private equity, returned 19.3%.However, the scheme said it incurred a 1.4% loss on its 50% hedge of the six main positions in foreign currencies last year.The ING pension fund closed the year with a funding ratio of 129.9% against market rates, equating to a coverage of 89.2% in real terms and an ‘official’ funding of 144.8%.In other news, the €19.6bn pension fund for private road transport (Vervoer) reported an annual return of 27.6%.The pension fund, which did not publish a breakdown of its returns, had allocations to fixed income, equity and real estate of 59%, 28.5% and 2.1%, respectively.In 2014, it hedged 85% of the interest risk on its liabilities, covering 100% of the risk on the main currencies.However, due to increased liabilities as a consequence of falling interest rates, its coverage ratio increased by 2.5 percentage points to 111.5% last year.It noted that its funding was still based on the three-month average of market rates, and estimated that, if interest rates remained at their current level, its coverage ratio would drop by 5.4 percentage points by year-end.Meanwhile, the €6.7bn pension fund of chemical conglomerate DSM (PDN) and the €5bn Dutch scheme of Akzo Nobel (APF) both returned 17.7% on investments last year.The €13.1bn industry-wide pension plan for the agricultural sector (BPLandbouw) and the €3.8bn scheme for the merchant navy (Koopvaardij) reported annual returns of 20% and 20.9%, respectively.PNO Media (€5.1bn) and the pension funds for Architects (€3.5bn) announced results of 16% and 18%, respectively.
However, the regulator also made clear that, as a transitional measure within the nFTK, schemes would initially enjoy a 12-year grace period to raise their coverage ratios to the level of their required assets (VEV).The standard period for recovery plans is 10 years.Under the nFTK, required funding has increased by 5 percentage points to approximately 110%.Meanwhile, the DNB announced that “hardly any” Dutch schemes would need to factor rights discounts into their recovery plans.“The coverage of almost all schemes with a funding shortfall is still above the trigger level for actual cuts, which equates to a funding of between 80% and 90%,” it said.The regulator said pension funds that did not want to postpone the effects of a shortfall for too long would still have the option of earlier rights cuts, but it stressed that this would only be allowed as last resort.It added that the same would hold for pension funds that wished to apply an early discount in order to achieve more balance among the various generations within their participant populations.However, if a scheme’s funding fails to reach the minimum required level of 105% for five consecutive years, it must cut pension rights, the DNB said.It added that this discount may now be spread out over a period of 10 years.Because “positive shocks” must also be evened out over a 10-year period, windfalls would also slow down pensions accrual, according to the regulator.The DNB pointed to the fact the FTK also offered the option of stabilising pension contributions.It also said that next year’s premiums were likely to rise as a consequence of falling interest rates. The Dutch regulator, De Nederlandsche Bank (DNB), has ordered 160 underfunded pension funds to file recovery plans before 1 July.The DNB also warned that the number of underfunded schemes could rise, due to the fact interest rates dropped over the first part of this year.The latest surge in underfunding has been caused by the combination of falling interest rates and the stricter funding requirements of the new financial assessment framework (nFTK).Pension funds that reported a funding shortfall over the first quarter must now file recovery plans before 1 July, and use their financial position at the start of the year as the basis for those plans, the DNB said.
The €7bn Dutch pension fund of steel manufacturer Tata Steel has raised the risk profile of its investments by increasing its stake in equity, credit and property at the expense of fixed income.The fund said its decision was based on the risk appetite of its participants, as well as on the new financial assessment framework (nFTK), which now allowed for smoothing out any rights discounts over a ten-year period.According to its 2015 annual report, it increased the strategic equity allocation by 5 percentage points to 40%, while expanding its credit portfolio from 6% to 10% of fund assets.At the same time, it increased its combined holdings of real estate and infrastructure from 7% to 10%. As a consequence of the new long-term investment strategy, however, the pension fund’s required funding target rose from 118% to 121%.The pension fund also introduced a dynamic interest hedge of 60% of its nominal liabilities.Drawn on a graduated calculation for interest rates of less than 3%, however, the current hedge is no more than 35%.Pensioenfonds Hoogovens reported an overall result of 2.6% during 2015.It said equity had returned 6%, with stock in Europe and Asia-Pacific yielding 8% and 22%, respectively.It attributed the 3% result on US equity chiefly to the dollar appreciating against the euro.The scheme cited the large proportion of commodities-related companies in the US market as the main cause for the 5% loss on US high yield credit.In contrast, the same asset class generated 1% in Europe.The pension fund posted results of 19.6% on infrastructure, 5.7% on property and a loss of 2.6% on fixed income.It added that it had reduced the number of board members, and had appointed an independent chairman as well as independent internal supervisors in order to increase its efficiency.Additionally, the fund has also set up a department for board support.The steelworks’ scheme said it had spent 0.28% of its assets on asset management and 0.08% on transactions, respectively. Costs for pensions administration were €181 per participant.
Secular stagnation could pose a risk to the UK’s financial stability as a result of actions being taken to close funding gaps in defined benefit (DB) schemes, according to staff at the Bank of England.Writing in a blog for staff of the central bank, Frank Eich, who works in the bank’s international surveillance division, and Jumana Saleheen, head of division in the financial stability directorate, argued that a prolonged period of weak growth and low interest rates could increase funding shortfalls at UK DB schemes by pushing up liabilities.While the direct effects would be limited, financial stability could be affected indirectly by an intensified “search for yield” as pension funds seek higher returns to close funding gaps, according to Eich and Salaheen.This could drive prices higher in infrastructure or commercial real estate, they said. The shift to generally less generous defined contribution (DC) pension provision could also push up asset prices if individuals react to this also by looking for yield, for example by buying property.Eich and Salaheen also argued that the search for yield could be affected by corporates’ investment capacity, if they are forced to inject cash into pension schemes.“Of course this does not mean that the money would no longer be available for investment,” they wrote. “What it does mean though is that the pension scheme rather than the corporate sponsor would invest the available funds, potentially pursuing a different asset mix.”Despite these concerns, Eich and Saleheen said individual cases of large deficits were unlikely to pose a financial stability risk to the UK.“The normal course of events would be for a UK corporate sponsor to agree with the Pensions Regulator on how to close a funding gap over time,” wrote Eich and Saleheen. “Closing this gap might affect dividend payments or wage settlements but should in practice pose few financial stability risks.”They added that financial stability was unlikely to be affected if a corporate sponsor went into administration. In most cases, its pension scheme would be taken on by the Pension Protection Fund (PPF). The only time a financial stability risk would appear, the authors said, would be if the sponsor “is itself a financial company whose demise might pose financial stability risks or we are in the midst of a wider economic and financial crisis”.In its February inflation report the Bank of England said aggregate investment growth had not been materially affected by companies’ DB pension fund deficits.In its recent green paper on the sustainability of DB schemes the UK government suggested fears of an “affordability crisis” were overblown, as evidence was “far from being conclusive, and should be considered with caution”.This has been criticised, or at least questioned, by some, and welcomed by others.The blog post by Eich and Saleheen can be found here.
Total mobilisation = cofinancing163.668.7 “This would allow us to measure private investment catalysed on a consistent basis by applying common definitions and methodologies, and to report more fully on our contributions to a range of development priorities, including climate change and infrastructure development,” the report stated. “By coordinating measurement and reporting across MDBs in this way, we will increase the transparency and accountability of our work, and identify potential gaps and opportunities to do more.”The MDBs have agreed on how to measure the total amount of private co-financing mobilised in their operations, and its component parts of private direct mobilisation and private indirect mobilisation for most of their financial products and for direct transaction advisory services.Private direct mobilisation involves a transactional relationship between an MDB and a client.Source: “Mobilization of private finance by multilateral development banks 2016”, April 2017 joint report All countries of operation From private investors and other institutional investors (long-term)Total (US$ bn)Of which infrastructure (US$ bn) Indirect mobilisation113.761.5 Direct mobilisation49.97.1 The bulk of the $164bn of private capital estimated to have been attracted by the MDBs in 2016 was indirectly mobilised, according to the report – $114bn versus $50bn of direct mobilisation.This went to a range of sectors, with the MDBs estimating that $69bn (42%) went to infrastructure, including power, water, transportation, telecoms, IT and social infrastructure. Private direct mobilisation for infrastructure amounted to $7.1bn.The MDBs urged for caution in using the results because it was the first time that they have reported using the new definitions. They said that they expected to fine-tune the methodology over the years.The MDBs also planned to investigate how they can measure and report on broader “private investment catalysation”, through activities such as support for policy reform, capacity building, “and other activities which trigger an investment response from private investors, or which open new opportunities for private investment”.They also acknowledged that the measures they had come up with only tracked the size of financial flows, and did not measure the development impact of these flows. The MDBs measured and reported on the development impact of their operations through their “established results measurement systems”, they said.The MDBs’ report comes amid repeated emphasis on the need for private capital to help finance the transition to a low-carbon economy and achieve other sustainable development goals. In addition, institutional investors have called for risk-sharing on infrastructure projects.Mobilising private capital is a key feature of the European Fund for Strategic Investments, which is the flagship vehicle of the European Commission’s plan to increase investment to support the European real economy. The Commission wants to expand the fund.The MDBs’ report can be found here. Eleven major multilateral development banks (MDBs) have for the first time jointly reported on the mobilisation of private capital for infrastructure and other development investment projects.They estimated having attracted $164bn (€151bn) of capital in 2016 from private and institutional investors such as pension funds and sovereign wealth funds. A breakdown of the sources of capital by investor type was not provided.The report comes after the MDBs – which include the European Investment Bank, the World Bank, and the Asian Development Bank – in 2015 agreed to collect for the first time data showing how much additional private investment they generate every year.Since then, according to the report, the MDBs have developed a framework and methodology that allows them to track, on a common basis, the private investment they have catalysed.
Herd behaviour of large investors like pension funds has a stabilising impact on government bond markets, a survey by Dutch supervisor De Nederlandsche Bank (DNB) has suggested.If schemes simultaneously factor in recent information in periods of volatility, their actions can improve overall stability, the regulator reported.However, investors just imitating each other’s investment decisions still has a distorting effect on the markets, the DNB research said.The survey focused on monthly transactions by the 67 largest Dutch pension funds related to government bonds of 109 countries during the past six years, comprising 67,000 pieces of data in total. The researchers found “strong herd instinct” in 16% of sales transactions by measuring the volume of pension funds’ simultaneous transactions of bonds of individual countries, relative to what could be expected during certain market conditions.For purchase transactions, 12% more pension funds on average bought government paper during periods of volatility, according to DNB. It said it had corrected the outcome to take into account months that saw a large number of purchase transactions anyway.The watchdog noted that herd behaviour was almost five times as significant as had been found in international academic literature regarding possible herd behaviour in equity investingIt added that herd instinct had a higher occurrence when assessing government bonds of smaller, less stable and less developed countries.DNB also said that the analysis seemed to confirm that pension funds followed others as an option to avoid information costs for small portfolios. It found that small pension funds showed more herd behaviour than large ones.The supervisor concluded that, under normal conditions, herd instinct had only a slightly destabilising effect, but that the impact stabilised markets in case of extraordinary returns, both positive and negative.It suggested that this could have been caused by pension funds more intensively rebalancing their investment portfolios during extreme market conditions.“If, in case of dropping interest rates, the weighting of government bonds increases, pension funds will divest part of their government paper holdings, leading to a drop in value,” DNB pointed out. “This is common practice at most pension funds, and shows in the survey as herd behaviour as a consequence. From a general wealth perspective, this market stabilisation when it is needed the most, is positive.”Last year, DNB warned that Dutch pension funds exhibit herding behaviour in their investment policies through aping, which “could pose a danger for financial stability”.At the time, four DNB researchers, who analysed the monthly trading data of 39 pension funds between 2009 and 2016, found several signs that the schemes had emulated similar-sized schemes or the three largest Dutch pension funds – ABP (€389bn), PFZW (€186bn) and PMT (€67bn).They said this was a problem “as pension funds ignored their own data, which leads to markets working inefficiently”.
LGPS Central was set up to consolidate roughly £40bn of assets from nine local government pension schemes. Burns joins other recent senior staff appointments including Andrew Warwick-Thompson, CEO, and Jason Fletcher, CIO.Lægernes Pension – Peter Melchior has been appointed as the new supervisory board chairman of Lægernes Pension, the Danish doctors’ pension fund. He is replacing Linda Nielsen, who is stepping down for private reasons, the pension fund said. Melchior has been a member of the supervisory board at Lægernes Pension since 2012, and has had a long career in the pensions sector. He was on the management board of labour-market pension fund provider PKA until 2012, where he was in charge of investment, IT, finance and accounts as well as risk management and the actuarial department among other areas.Autorité des Marchés Financiers (AMF) – Natasha Cazenave has been promoted to managing director, head of policy and international affairs at the French financial markets supervisor. She replaces Guillaume Eliet, who left the AMF after 12 years in regulatory policy to join Euroclear. Cazenave has been at the AMF since December 2010. She first worked as a senior policy officer in the asset management regulation division of the policy and international affairs department, and rose to become the division head in 2012. She was appointed deputy head of the entire department in February 2015. On an international level, she is co-chair of the Financial Stability Board’s expert group on shadow banking, and chair of the IOSCO policy committee on investment management in September 2012.RPMI Railpen – The investment manager for the UK railways pension scheme has appointed Jocelyn Brown as senior investment manager within its sustainable ownership team. She will lead on corporate governance and report to Leo George, head of sustainable ownership at Railpen. Brown was previously at proxy advisory firm International Shareholder Services (ISS), where she was the global head for environmental, social and governance (ESG) product management. She also worked as a corporate governance adviser at the Financial Reporting Council, where she was the implementation lead for the UK Stewardship Code. Legal & General (L&G) – Daniel Godfrey, former chief executive of the Investment Association (IA), has been appointed to L&G’s independent governance committee (IGC), which oversees the workplace defined contribution (DC) schemes operated by L&G. He left the IA in 2015 and has since co-founded an investment trust, The People’s Trust, that he is positioning as a true long-term investor. Godfrey replaces Tony Filbin on the IGC, who stepped down in August.Meanwhile, L&G’s DC master trust has appointed Moira Beckwith as a trustee. She had been at GlaxoSmithKline since 1995, where she was responsible for benefit programmes, including UK benefit and pension plans. She also replaces Filbin.Aon – Steve Bale has been appointed as a principal consultant in Aon’s risk settlement team. He spent the last seven years with Legal & General, latterly as a Prudential risk actuary covering large UK and US pension risk transfer deals. He was head of longevity risk for two years before then, responsible for leading the delivery and approval of pricing, reporting and capital longevity proposals for UK and US clients. Since 2014 he has chaired the Continuous Mortality Investigation’s (CMI) high age mortality working party and been a member of its mortality projections committee.Raiffeisen Capital Management – Joachim Vierlinger joined the asset manager this week as senior institutional sales manager. He will mainly be responsible for institutional clients in Austria. He was previously a senior sales and relationship manager at Invesco Asset Management in Austria.PineBridge Investments – The asset manager has hired Gregory Ohlson to the position of consultant relations manager, joining the firm’s Europe, Middle East and Africa consultant relations team. Ohlson was previously senior relationship manager at Candriam, and has worked at L&G Investment Management, Itau Asset Management, AEGON Asset Management and AXA Investment Managers.EY – The audit and consulting giant has re-hired Mark Godson as a partner in its actuarial team. He joins from Swiss Re Life Capital where he was a senior member of the mergers and acquisitions team. Prior to this he worked at EY for 10 years in its actuarial department in the UK and Singapore. APG, LGPS Central, Lægernes Pension, AMF, Railpen, ISS, L&G, Aon, Raiffeisen, Pinebridge, Candriam, EY, Swiss Re Life Capital, Muzinich & Co, AIBAPG – Wim Henk Steenpoorte has been appointed to the executive board for APG, the Netherlands’ largest pension fund manager. He has specific responsibility for pension fund services, and will serve a four-year term. His role gives him oversight of pension administration and communication to reduce complexity and increase efficiency. Before his appointment he was serving as interim chief operations officer at APG, and since 2015 he has been an independent consultant. Prior to this, he held various management and executive positions at financial services companies SNS and VIVAT.Gerard van Olphen, chairman of APG’s executive board, said: “We want to give participants in pension funds maximum pension value. That is why we will be setting up our pension administration and communication even more effectively and efficiently in the years to come. Wim Henk Steenpoorte is better suited than anyone to take on this important task and put the focus on the interest of the participant.”LGPS Central – The UK local authority pension fund pool has hired John Burns as chief operating officer and chief financial officer. He has held similar positions at a number of asset managers including Barings and Schroders. In his new role, he will oversee the pool’s asset management operations, liaise with internal and external providers, and oversee the financial management of the company. Muzinich & Co – The fixed income specialist has opened an office in Dublin, Ireland and has hired Howard Mahon as director for pan-Europe private debt to be based in the Irish capital. Mahon joins from AIB where he worked in the bank’s Specialised Finance Unit, specialising in subordinated and alternative debt. Muzinich, which is a provider for the Irish Strategic Investment Fund, said private debt was “a relatively new but growing segment of the Irish investment market”.
The €6.8bn Italian chemical sector pension fund Fonchim has launched tenders for €1.75bn worth of investment management mandates.Within its stability sub-fund – which had €6.1bn at the end of last month – Milan-based Fonchim is seeking managers for two active balanced mandates each for around €680m initially.It has also tendered for an emerging markets bond mandate involving an initial asset value of €118m, and a €30m mandate to invest in the Italian economy.In its €518m growth sub-fund, Fonchim wants a manager for a balanced passive investment worth an estimated €240m. All contracts are for five years, and applications are due by noon local time on 30 September.Pegaso’s board seeks finance adviserItaly’s Fondo Pensione Complementare Pegaso, the contractual pension fund for employees in the utilities sector, is on the hunt for an adviser to support the management board and the finance department.The Rome-based pension fund has put out a tender for a five-year contract, set to run to the end of December 2024.Pegaso listed a number of tasks required of the successful adviser, including the construction of a pensions valuation model which can be individualised and updated; analysis of the inflows and outflows of the pension profiles; manager selection and monitoring; and supporting ESG integration into the pension fund’s investment process.The deadline for applications is 1pm local time on 19 September.Mediafond to favour ESG managers in equities, bonds tendersMediafond, the supplementary pension fund for workers in Italy’s private radio, television and media sectors, has launched a tender for two investment mandates.The pension fund’s board has decided to tender for managers for its equities and bonds sub-funds, with the current pair of contracts expiring on 31 January 2020.In its announcement, Mediafond said preference would be given to firms integrating ESG (environmental, social and governance factors) into their management processes.The equities sub-fund, which had €28.3m on 28 June, is to be benchmarked against the euro-hedged MSCI World index, the dollar-denominated MSCI World index and the dollar-denominated MSCI Emerging index. The three indices are to carry weights of 70%, 20% and 10% respectively within the portfolio.The bond sub-fund, which has around €83.2m of assets, is to be benchmarked against the ICE BoAML Global Credit index, the ICE BoAML Global High Yield & Crossover Country Corporate & Government index, the ICE BoAML 1-3 Year Euro Government index and the ICE BoAML Euro Inflation-Linked Government index. The four indices will carry respective weights of 69%, 12.5, 10% and 8.5%.Both mandates were for three years, Mediafond said, and were extendable for a further three years.The deadline for applications is 2pm local time on 10 September 2019.
“Although the PPF is much better equipped to manage that risk than we have ever been – our own funding ratio is stable, we have years of experience under our belt and we have a healthy reserve to fund future claims – the potential claims of underfunded schemes pose a significant risk, which is beyond our control.”Lisa McCrory, the PPF’s chief actuary, added: “The long tail of small, underfunded schemes is a particular concern: 58% of schemes with 100-999 members are less than 75% funded.” Weighted average asset allocation by s179 funding ratio (article continues below) Data shows there is a strong link between investment risk and underfunding in defined benefit (DB) schemes, the UK’s lifeboat fund for bankrupt company pension schemes has said.According to the Pension Protection Fund’s Purple Book, published today, as at the end of March 2019 there were 57% of schemes in deficit, with an aggregate deficit of £160bn (€177bn) on a section 179 basis – where liability values are measured in terms of the cost of insuring schemes to pay PPF levels of compensation.Although an overall trend for de-risking had continued, underfunded schemes tended to have more exposure to equities than overfunded schemes. The latter had on average 69% of their assets in bonds, compared with just 25% for schemes with a funding ratio below 50%.Stephen Wilcox, chief risk officer at the PPF, said: “While many schemes have reduced their investment risk, the deficit of schemes in deficit is more than double what it was in 2006 and the economic circumstances much less favourable. The funding ratio of schemes in deficit is particularly vulnerable to economic shock. Source: PPFTPR is due to launch a consultation on its new funding code in March, with trustees and employers expected to face tougher demands under the new framework.Susan McIlvogue, head of DB at Hymans Robertson, said that in revealing that a significant number of schemes remain underfunded, the Purple Book “provides a vital reminder that many schemes must act now to avoid being caught unprepared by a revitalised regulator and new funding code”.The PPF said the new funding framework had the potential to significantly change the risks to which it was exposed.Shrinking universeThe data for the Purple Book, which provides the most comprehensive data on the UK universe of DB schemes in the private sector, also showed that the funding ratio for all schemes improved since 2006, from 97.1% to 99.2%. Scheme funding worsened compared with the situation as at 31 March 2018, however, when it stood at 95.7%.The universe of DB schemes continued to shrink, this year by 88 schemes to 5,436. The PPF said this reflected schemes winding up, merging, and entering PPF assessment.As concerns the risks the PPF faces, the Purple Book repeats information from last year’s annual report, namely that as at 31 March 2019 the lifeboat fund had an 89% chance of hitting its target to be financially self-sufficient by the funding horizon, currently estimated to be 2030.In the new Purple Book, the PPF said it was reviewing the design of the model it uses to inform its understanding of the funding risks it faces and monitor progress against its funding objective.
The Coast’s median house price is expected to hit $690,000 by 2021.THE Gold Coast’s median house price is expected to hit $690,000 by June, 2021, a new report reveals.The QBE Australian Housing Outlook 2018-2021, which provides a snapshot of the country’s property market, reveals the Gold Coast continues to record steady property price rises. The rental market has proven resilient to the increase of new rental stock and the fall in demand following the Commonwealth Games.The REIQ Residential Vacancy Rate report for the September quarter showed Gold Coast vacancies tightened from two per cent in June to 1.7 per cent in September.Median rents for all properties except one-bedroom units have trended upwards for the past year. More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoHouse price growth is expected to remain moderate in the next three years, averaging two per cent each year.Unit price growth on the Gold Coast is expected to be slower at 0.8 per cent per year.“Work on a number of major accommodation projects and the development of Westfield Coomera will help to sustain local economic activity, although this will be lower than that of the years leading into the Commonwealth Games,” the report states.CoreLogic data reveals the median house price on the Coast is $650,000 to June, 2018. MORE NEWS: ‘Floating penthouses’ lure big bucks from overseas House price growth is expected to remain moderate. MORE NEWS: Gold Coast Monopoly board launches The Gold Coast’s median house price is expected to reach a new height by 2021. The median house price on the Gold Coast is $650,000. The former Commonwealth Games Athletes Village will add about 1200 units and townhouses to the Gold Coast property market.The median rent for a house was $550 while a unit was $420, according to CoreLogic.The REIQ report revealed the upcoming release of the Commonwealth Athletes Village to the rental market would add about 1200 units and townhouses, or 1.6 per cent additional stock which would likely help ease the tight market conditions.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy location is everything in real estate01:59