To access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletters
The Wellcome Trust, the UK’s biggest charity, returned 15.4% on its investment assets for the year to 30 September 2014, boosted partially by its in-house team.The return was £2.5bn (€3.1bn) on an investment portfolio value of £16.4bn at the start of the year, with investment assets now worth £18bn, after cash payments to fund medical research, the Trust’s main activity.Danny Truell, the trust’s chief investment officer said: “Our internal investment team and external investment partners have again added significant value across the board, enabling us to perform better than global stock markets with considerably lower volatility.“Prospective investment returns are now lower, but, with strength in breadth and depth across our investment team and the businesses and partnerships in which we invest, I am confident that we can continue to reinforce the Trust’s robust financial position.” The trust has returned an average 10.2% per year over the past ten years, and 10.4% per year for the six years since the start of the global financial crisis in September 2008.All major elements of its portfolio – public equities, hedge funds, buyout funds, venture capital and property – made double-digit returns for the year to 30 September, and have made positive returns over one, three, five and 10 years.Nearly half – 49.4% – of the trust’s assets are invested in public equities, with 25.8% in private equity, 11.1% in hedge funds, 10.3% in property and the rest in cash and bonds.The trust does not invest in companies deriving a material turnover or profit from tobacco or tobacco-related products.In their annual report, the trustees said: “A key common feature across the portfolio was the stronger performance from our directly-managed assets compared with those outsourced to external managers.”The proportion of assets managed directly, excluding overlays, rose by 6 percentage points to 42%, up from 26% four years ago. The trust expects it to reach 50% by 2016.The report said that while there were areas where the trust was content to pay higher fees to external managers in order to access superior net returns, managing assets directly has several advantages.The approach allowed the trust to express long-term views on parameters such as the US dollar or technology by using an integrated combination of its very stable and liquid equity Mega-Cap Basket (MCB), plus a number of overlays including the new commodity overlay, which were al liquid enough to cover billions of dollars of notional exposure.The trust said the function could simply not be outsourced.Furthermore, almost 60% of the trust’s public equity exposure was in directly-held equities, principally the 31 stocks in the MCB and the 12 stocks in the Optionality Basket. The average holding size of $200m (€162m) meant that individual names can impact overall returns.The report said: “Our focus is on 10-year total return targets. Hence we can focus on the evolution of long-term business models rather than short-term share prices in a way that is much harder for an external manager.”This philosophy extends to its property holdings (90% directly held). For example, in agriculture, the trust acquired the Farmcare farming business from the Co-operative Group for £249m last August to become the UK’s largest lowland arable farmer.Private equity also produced substantial gains over the year, especially from initial public offerings. Eight companies in which the trust had at least a $10m stake were listed or acquired during the year, boosting an overall cost of under $300m to a realised or unrealised value of almost $1bn.The largest monetary gain of $191m was made in Twitter, the social networker, while the trust’s stake in Alibaba, the Chinese e-commerce company, made $162m.Turning to the global outlook, Wellcome said it would retain its US bias for the present.The report said: “Having approximately 60% of our assets in US dollars has helped us considerably over recent years, as the US equity market has outperformed world markets by 25% in the past five years and its private equity and venture markets have similarly been robust.”But it was less sanguine about Europe, where it sees little immediate prospect of resolving structural problems.It said: “In many countries including the UK, France, Spain and Italy, populist politics appear to have largely derailed progress in driving public-sector supplyside reforms to restore fiscal balance through greater efficiencies. The European Central Bank monetary stimulus programme has stalled, while banks remain constrained from supplying credit.”The trust has hedged out exposure to the euro and is holding sterling exposure to just over 25%, as it considers both currencies appear vulnerable to further depreciation against the US dollar.It said: “Overall, our long-run expectations, whilst still attractive, have moderated. We are not persuaded that there will be a substantial return premium for higher risk or illiquid assets after the strong performance of the past five years.”It concluded: “We shall remain opportunistic and seek to broaden our sources of net returns using our intrinsic competitive advantages, but with a focus on preserving our real wealth.”
Dirt Road League Basketball ScoresSunday (12-1)6th Grade Boys:Batesville 42, Franklin County 21Batesville 48, Greensburg 355th Grade Boys:Batesville 43, Jac-Cen-Del 41 The Bulldogs won in a shootout.Batesville 31, North Decatur 21 The Bulldogs started slow and were down 12-8 at half.4th Grade Boys:Franklin County 29, Batesville 20Batesville 39, Milan 43rd Grade Boys:Batesville 54, North Decatur 0South Batesville 39, South Dearborn 22Courtesy of Bulldogs Coach Paul Drake.
Press Association Much has been made of the record fee United paid Monaco for the 19-year-old forward, but he could not have made a better start to his United career. This will not go down as one of the classic encounters in this world-renowned fixture, but Van Gaal will not care. After a week dominated by reports of dressing-room unrest and criticism of his transfer policy, the United manager will be ecstatic at having recording a third straight win over the club’s most bitter rivals. United, who recalled goalkeeper David de Gea, lacked a cutting edge in the first half, but Ashley Young’s introduction changed the game. He won the free-kick which Daley Blind stroked home, and Ander Herrera rifled in a penalty before Benteke and Martial struck with two stunners. Van Gaal was all smiles, but his opposite number Brendan Rodgers was taunted with chants of “you’re getting sacked in the morning” as he walked off the pitch after his second straight defeat. United – not that it needed it – added to the theatre of the occasion before the match by reading De Gea’s name out last from the team-sheet last, which led to a huge round of applause. There was little to applaud thereafter, however, as Old Trafford played host to one of the dullest halves in recent memory. With Marouane Fellaini up front instead of the injured Wayne Rooney, United looked toothless. Hopes were raised when Mignolet’s poor clearance deflected off Juan Mata into Fellaini’s path, but he shot high and wide. The Belgian wasted another two chances before half-time. Van Gaal had seen enough. He brought Young on for Memphis Depay and the winger made an immediate impact, drawing a foul from Nathaniel Clyne on the edge of the box. Mata squared the ball to the unmarked Blind and he curled a sublime finish into the corner. De Gea endured a wobbly moment soon after when his clearance went straight to the opposition. The Reds moved it out wide to Clyne, whose cross was cleared off the line by Chris Smalling. The Spaniard redeemed himself with a fine save from Danny Ings. The former Burnley man then nudged the resultant corner towards goal, but Blind cleared off the line. Just as Liverpool looked to be coming back into the game, they gifted United a second when Joe Gomez fouled Herrera in the box. With regular penalty-taker Mata having been taken off for Martial, Herrera stepped up and he did not disappoint, banging a rising shot into the roof of the net to make it 2-0. De Gea denied Jordon Ibe six minutes from time, but he could do nothing about Benteke’s stunning overhead kick soon after. Martial extinguished any hopes of a comeback, though, when he cut in from the left and beat Mignolet after a mazy run into the box. TWEET OF THE MATCH “Get in… @ManUtd new no9!! Take over the shirt fella” – Andy Cole, reacting to Anthony Martial’s strike, raises the expectations for the teenager. PLAYER RATINGS Manchester United David De Gea 7 (out of 10) Matteo Darmian 5 Chris Smalling: 6 Daley Blind: 6 Luke Shaw: 5 Michael Carrick: 7 Bastian Schweinsteiger: 6 Juan Mata: 6 Ander Herrera: 6 Memphis Depay: 5 Marouane Fellaini: 5 Substitutes Ashley Young (on for Memphis, 46): 6 Anthony Martial (on for Mata, 65:) 7 Morgan Schneiderlin (on for Carrick 72): 5 Liverpool Simon Mignolet: 6 Nathaniel Clyne: 5 Martin Skrtel: 5 Dejan Lovren: 5 Joe Gomez: 5 Lucas Leiva: 5 James Milner: 5 Emre Can: 4 Roberto Firmino: 4 Christian Benteke: 5 Danny Ings: 6 Substitutes Jordon Ibe (on for Firmino, 66): 6 Divock Origi (on for Ings, 74): 5 Alberto Moreno (on for Lucas, 88): 4 STAR PLAYER Anthony Martial: Just edges out Ashley Young and Daley Blind. Young changed the game after his introduction, adding pace and purpose while Blind defended well and converted his strike superbly. But Martial gave United fans what they have been crying out for – pace, skills and a cracking finish. A fairytale debut. MOMENT OF THE MATCH Christian Benteke’s goal: On any day, Benteke’s goal would have grabbed the headlines. The big Belgian looked turgid in the first half, but showed great athleticism to acrobatically fire home in space. VIEW FROM THE BENCH Louis van Gaal’s worst nightmare came true when Wayne Rooney was ruled out through injury. Having let Radamel Falcao and Robin van Persie go this summer, Van Gaal put Marouane Fellaini up front. The Belgian looked completely out of place, fluffing three chances. It was only when Van Gaal brought on Young and Martial that the team found the pace and cutting edge it lacked. MOAN OF THE MATCH Liverpool’s surrender. Liverpool barely had a go in the first half and wilted after United had taken the lead. Had it not been for Benteke’s strike, this could have been a real walloping for Liverpool. WHO’S UP NEXT PSV Eindhoven v Manchester United (Champions League, September 15) Bordeaux v Liverpool (Europa League, September 17) Following the win, Van Gaal claimed Martial had not only shown his skill on the ball, but had also proven himself capable of handling the Premier League’s physicality. The Dutchman said on Sky Sports 1: “The goal of Anthony, not a bad goal I think! “It was also a match for him now. He has a lot of space so it was more easy to bring him. But he did it alright. He scored a marvellous goal and I have seen also, physically, he can play in the Premier League.” Van Gaal also insisted his substitutions made sure of more effort towards the killer final ball, adding: “We didn’t create too much – two chances and a lot of possibilities, but the last pass was not so good. That’s why I changed Memphis to improve that last pass, also Mata. “The first goal is what decides the match. After that they have to come and we get more space and could score. Because of that also the second goal (happened). Very good running behind of Ander Herrera, fantastic pass of Michael Carrick – I was very proud. Also the way he shoot the penalty was fantastic.” Liverpool manager Brendan Rodgers questioned the free kick in the lead up to the first goal, but admitted the Reds were below par. “I thought first half we defended well,” Rodgers said. “But we were nowhere near enough quality and composure on the ball. Defensively weren’t bothered too much. Any time we were frightened was by our own mistakes. “We’re disappointed with a couple of the goals. I didn’t think it was a free-kick. Ashley Young’s bought the challenge. I thought Nathaniel Clyne defended brilliantly all day. And he’s just matched his run. “You could see both of them challenge for the ball with their arms. Ashley turns on his back so they get a free-kick against us. They work it quite well but I never thought it was a free-kick. We conceded a really disappointing third goal which kills it.” When asked if the creative aspect of Liverpool came to the fore, Rodgers said: ” No, it’s something that with the first five games now it’s something I need to look at. It’s too easy for us to go direct at times to Christian Benteke, his goal was very good. “You have to want the ball, get on the football to create opportunities. (This is) a group that will respond. They work ever so hard. That’s something we definitely need to look at.” Anthony Martial wasted no time in writing himself into Manchester United folklore as he stepped off the bench to score a stunning debut goal against Liverpool. Twenty-one minutes after his introduction, the £58million deadline-day signing turned Martin Skrtel twice before rolling the ball past Simon Mignolet to wrap up a 3-1 win for Louis van Gaal’s side. Christian Benteke had found the net with an acrobatic and arguably superior goal moments earlier, but Martial will grab the headlines after his maiden strike.
ELLSWORTH — More than 200 runners and walkers honored veterans by making their way down High and Main streets in Monday’s Main Street Memorial Mile race.David Slagger of Kenduskeag waves an American flag in Monday’s Main Street Memorial Mile in Ellsworth.PHOTO BY TAYLOR VORTHERMSThe Down East Family YMCA event started at the Ellsworth Chamber of Commerce and ended at R.F. Jordan and Sons. Some participants wrote the names of veterans they wished to honor on their bib numbers.Perry LeBreton, 41, was the first male finisher with a time of four minutes and 37 seconds. He ran in honor of his mom. Grace Broughton, 13, of Ellsworth was the first female finisher in 5:39.The following won their divisions:This is placeholder textThis is placeholder textFemale age 0-10: Sydney Libby, 8, of Frankfort (7:12).Male age 0-10: Matthew Cormier, 9, of Ellsworth (6:10).Female age 11-19: Margaret Peckenham, 17, of Dedham (5:40).Male age 11-19: Matthew Shea, 14, of Ellsworth (4:46).Female age 20-29: Veronica Wentworth, 26, of Ellsworth (5:54).Male age 20-29: Frank King III, 20, of Ellsworth (4:45).Female age 30-39: Monica Pettegrow, 35, of Trenton (6:23).Male age 30-39: Jarley Bobadilla, 33, of Seal Cove (4:51).Female age 40-49: Robin Clarke, 46, of Ellsworth (5:55).Male age 40-49: Rob Shea, 43, of Ellsworth (4:43).Female 50-59: Lisa Kingsbury, 57, of Hampden (6:02).Male age 50-59: Andrew Tiemann, 58, of Ellsworth (5:24).Female age 60-69: Jeanne Butterfield, 66, of Bangor (7:42).Male age 60-69: Robert Ciano, 62, of Castine (4:46).Female age 70+: Mary Alice Bruce, 77, of Corea (9:57).Male age 70+: Lloyd Harmon, 75, of Ellsworth (7:15).
ELLSWORTH — Two local wrestlers earned wins in Saturday’s Skowhegan Invitational with Ellsworth’s Logan Lord placing first in the 138-pound weight class and Bucksport’s David Gross winning at 285 pounds.After starting the day with a bye, Lord got his first win when he pinned Ellsworth teammate Everett Huckins in the quarterfinals. Lord then took on Cony’s Khaled Alsaleh in the semifinals and won via technical fall 15-0.In the championship bout, Lord took on Justin Wing of Dexter. The Ellsworth senior posted a big win once again with a 13-0 major decision.At 285 pounds, Gross earned his first win of the day when he pinned Washington Academy’s Tanner Rolfe in 58 seconds. In the second round, he took out Brayden Doucette of Skowhegan in 1 minute, 45 seconds.This is placeholder textThis is placeholder textIn the semifinals, Gross pinned Romeo Mellits of Hermon midway through the second period to advance to the title bout. He then earned his fourth pin of the day just nine seconds into the first period against Mount View’s Nathaniel Fuller to become champion.Ellsworth will be at Piscataquis Community High School in Guilford at 6 p.m. Wednesday, Jan. 16, for its next competition, and the Eagles will also compete at Mount Blue High School in Farmington at 9 a.m. next Saturday, Jan. 19. Bucksport is scheduled to compete at Morse High School in Bath at that same time and date.
LONDON, England (Reuters) – China’s Gong Lijiao ended her long wait for a global outdoor title when she won the shot put gold medal at the World Championships yesterday, utterly dominating the competition.The 28-old-year had won five silver and bronze medals at the World Championships and Olympics but gold had always eluded her until a chilly, wet night at the London Olympic stadium.Gong made light of the conditions as she broke 19 metres with five of her six attempts and won with a fifth throw of 19.94 metres.There were only two other throws over 19 metres – Anita Marton’s final effort of 19.49 which won silver for the Hungarian and American Michelle Carter’s third throw of 19.14 which took bronze.“It’s a very special moment for me. Of course, the rain affected the competition and that is the reason we didn’t go past 20 metres tonight,” Gong said.” I am glad to show all the hard work I’ve done in the past with this gold medal.”Gong first appeared on the scene as an 18-year-old at the 2007 World Championships where she finished seventh.She won Olympic bronze in Beijing in 2008 and silver in London in 2012 as well as world silver in Beijing two years ago.Gong was agonisingly close to ending that run in Beijing when she threw 20.30m in the opening round but lost out to Germany’s Christina Schwanitz by seven centimetres.
Brian Ji | Daily TrojanBehind a career day from freshman linebacker Cameron Smith, the Trojans beat No. 3-ranked Utah, 42-24, at the Coliseum on Saturday night.Smith, who led the Trojans (4-3, 2-2 Pac-12) with nine total tackles, became the first USC defender since 1991 to record three interceptions in a game.“I kept feeling the people behind me and picking up routes as quickly as possible,” Smith said. “When the ball was coming, I just thought, ‘Catch the ball.’”The team’s leading tackler picked off Utah (6-1, 3-1) quarterback Travis Wilson on three separate occasions and returned them for a combined 122 yards including a 54-yard return for a touchdown in the second quarter.“He’s one of the more intuitive kids we’ve seen,” interim head coach Clay Helton said. “It’s unbelievable for a freshman.”Before that, Smith ran one back 41 yards to the Utah four-yard line, which set up a fourth down leap by redshirt senior fullback Soma Vainuku. Brian Ji | Daily Trojan“The offensive line did great, the defensive line did great, but the momentum changed, and what Cam [Smith] did tonight won us the game,” redshirt senior quarterback Cody Kessler said.USC’s victory not only snapped a two-game losing streak and handed the Utes its first loss off the season, but it gave Helton a win in his home debut while revitalizing the team’s chance of winning the Pac-12 South.“It was just amazing to see the guys fight and continue to get better and band together,” Helton said. “It was a big victory tonight.”The Trojans’ success against Utah was largely in part to their ability to contain the Pac-12’s third leading rusher in running back Devontae Booker, who ran for a season-low 62 yards on 14 carries.“A lot of credit goes to Justin Wilcox,” Helton said. “He said we’ve got to take Booker out of the game and force the passing game. To be able to shut it down and get into the passing game, we thought that was to our advantage.”Conversely, the USC running game accounted for 165 of the team’s 380 yards of total offense led by the dynamic duo pf freshman Ronald Jones II and junior Justin Davis, who both got into the end zone during the night.Davis put the Trojans on the board first after a nine-yard touchdown following an 88-yard drive, while Jones broke out for an 18-yard burst to the house that handed USC a lead in the second quarter that it would keep for good.After throwing multiple interceptions in each of the two previous games, Kessler bounced back with a 21-for-28 performance for 264 yards and a touchdown in the air with no picks. He also snuck one into the end zone on fourth and one to cap off a 17-play, 83-yard drive that lasted just under nine minutes in the third quarter.“That was a complete drive that I thought separated the game,” Helton said. Nick Entin | Daily TrojanSophomore wide receiver JuJu Smith-Schuster seemingly had his way all night against the Utes, catching nine eight passes for 143 yards. The Pac-12’s leading receiver connected with Kessler for a 25-yard touchdown pass in the fourth quarter that was the nail in coffin, putting USC up 42-17 over the previously undefeated Utes.Smith-Schuster also got everyone in the crowd off their feet after propelling Utah cornerback Dominique Hatfield to the ground with a vicious stiff arm.USC held the Utes scoreless in the second half up until four minutes left in the fourth quarter when wide receiver Britain Covey found the end zone on a 66-yard catch and run, which gave him his second touchdown of the game.After completing each of his nine passes in the first quarter, Wilson finished the game 24-of-36 for 254 yards and two touchdowns and a season-high four interceptions. Wilson’s last interception, though, came on a Hail Mary attempt that linebacker Su’a Cravens picked off with just a couple seconds left in the game.Going into next week, it will be important for the Trojans to get healthy, as they had two starters leave the game due to injuries during the first half. Sophomore center Toa Lobendahn, who was already filling in for the injured Max Tuerk, went down with a knee injury, while tight end Taylor McNamara suffered a shoulder injury.Redshirt sophomore Khaliel Rodgers stepped in to fill the void at center for the remainder of the game after Lobendahn went down. Kessler commended the entire offensive line for stepping up.“The thing I’m most proud of the offensive line,” Kessler said. “Toa [Lobendahn] went down, and Rodgers went in and played amazing, like he was the starter all year. Those guys don’t blink. They go in and are physical.”The Trojans will jump back on the road to play Cal (5-2, 2-2) next Saturday in a Halloween matinee.Correction: An earlier version of this story said the end score was 35-17. It was 42-24. The Daily Trojan regrets the error.
Elsewhere, world number 6 Robert Thornton faces Alan Norris. Last night saw Raymond van Barneveld move safely through to round two, with a 3-nil victory over his Dutch compatriot Dirk van Duijvenbode.
Ireland’s CJ Stander will find out his fate this morning.He has his disciplinary hearing in Johannesburg at 10am after South African born flanker was sent off in the historic win over Springboks on Saturday.Stander is facing a ban that could rule him out of the rest of the series.