How we run our money: PMT (2022)

Hartwig Liersch (pictured), chief investment officer atPensioenfonds Metaal & Techniek (PMT), tells Tjibbe Hoekstra how the largest private market pension fund in the Netherlands is looking to strengthen its investment policy to address the climate crisis

How we run our money: PMT (1)

Pensioenfonds Metaal & Techniek (PMT) is the largest private sector pension fund in the Netherlands with €97.4bn in assets under management. But it probably is the most diverse scheme in the country when it comes to its membership. The fund’s 34,000 small to medium-sized employers span a large variety of industries ranging from plumbing firms to car dealers.

This distinguishes PMT from its smaller sister fund, PME, which caters for several large listed technology firms, including chip machine maker ASML and semiconductor producer NXP. PMT co-owns their joint asset manager MN together with PME, which recently made headlines because of its landmark decision to divest from fossil fuels.

PMT is currently evaluating its sustainability policy, and is yet to decide whether it will follow PME’s example and divest from fossil fuels, according to Hartwig Liersch, chief investment officerat PMT.

While a vocal part of PMT’s membership, notably younger workers of ASML and NXP, had been pressuring PME to reconsider its investments in fossil fuels for some time, this has so far not been an issue with PMT’s membership. “The backbone of our membership are small and medium enterprises, and we have never been confronted with activist members criticising our investment policies or anything like that,” says Liersch, who is a German, in his soft, slightly accented Dutch (see panel).

The absence of activism among members notwithstanding, Liersch clearly feels a sense of urgency in addressing the climate crisis in PMT’s investment policy. He says: “We send a survey to our members each year and organise focus groups to speak with members about their preferences when it comes to our investment policy, and so far these surveys haven’t revealed an appetite among them to exclude investments in fossil fuels.

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A career journey that began with the heart

Hartwig Liersch makes a rather striking figure as a non-Dutch pension fund executive, perhaps even the only one around.

So how did Liersch, raised in the German town of Hamm (next to Dortmund), end up as chief investment officer at PMT? The answer is simple: love. Not for pensions, though, but for a Dutch woman. “We met at a Spanish language course in Granada in the 1990s,” he says.

When Liersch was looking for his first job in 1998, it turnedout that it was much easier to find work in the Netherlands asa finance graduate than in his native Germany. “It was around the time of the dotcom hype, and Dutch retail investors were frantically ploughing money into stocks,” he explains. “Because of this, all Dutch banks were looking for investment analysts. In Germany, this was much less the case,”

So Liersch moved to Utrecht where he still lives happily with his wife and two sons.

After more than a decade in various jobs at ING, the financial crisis triggered his interest in the pensions sector. “I had been involved in balance sheet and liquidity management for a while, and after studying the balance sheets of some of the large pension funds I realised they were not all that different from bank balance sheets,” he says.

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Eventually, Liersch found a job as a risk manager at PMT in 2010. He was promoted to chief investment officer in 2017.

“Most of our members indicate that they, first and foremost, want a good return on their investments, and that they do not want us to exclude entire sectors. One of the things I remember best from the conversations I’ve had with members in recent years, is several people saying ‘I’m opposed to excluding any sectors because every sector has good and bad companies’.”

But members’ attitudes may have changed after a summer filled with devastating natural catastrophes driven by climate change, he adds. “Our investments in fossil fuels will definitely be the main theme of our member survey this year. What’s clear to me is that we need to up our game regardless of the outcome of the survey. We need to do more, but whether that will take the form of more exclusions or more engagement with companies remains to be seen,” Liersch says. “But,” he adds, “PME’s decision to divest from fossil fuels is helpful, because it has shown that divestment is a real threat for these firms and it could stimulate them to take investor concerns more seriously.”

Although Liersch is convinced that PMT should sharpen its sustainability profile further, the pension fund has already come a long way since his promotion to CIO in 2017.

The fund, which has a largely passive investment style, introduced a bespoke developed equity benchmark based on MSCI’s

ESG ratings in 2018, for example. “We now only select companies that have at least a BBB [ESG] rating,” Liersch says. “This way we exclude almost half the companies in the investable universe.” The pension fund uses a similar approach for its investment-grade bond portfolio.

“Our investments infossil fuels will definitely be the main theme of our member survey this year. We need to do more, but whether that will take the form of more exclusions or more engagementwith companies remains to be seen”

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Since the beginning of this year, PMT also uses MSCI’s ESG rating filter for emerging market (EM) equities, although Liersch acknowledges that the ratings of EM companies tend to be less reliable because of a general lack of ESG reporting in the asset class. “Taking into account that state-owned enterprises [SOEs] tend to score less well on ESG, and striving for consistency throughout the portfolio, we have decided to exclude state-owned enterprises in 27 countries that do not meet our minimum criteria. We consider an enterprise as an SOE where a government has more than 10% of voting rights.”

Liersch says he was “really happy” with this innovation at the start, although he feels the goal posts have been moved since. “Now we want to do more. Ten years ago, investing was all about the trade-off between risk and return. Right now, it’s more about how you want to achieve the return you want. I find that much more interesting, because there are so many different ways to achieve that return, especially for passive investors like us.”

This year, PMT added an another filter to its equity portfolio to reduce carbon emissions. “We removed the 20% of companies with the worst MSCI Carbon Transition Score,” Liersch says.

But he doesn’t want it to stop there: “We are currently investigating how we can emphasise certain priorities, and possibly concentrate on certain themes while remaining a passive, rule-based investor.” To be able to do this, Liersch would like to have a more granular set of company-level ESG data. “In our current arrangement with MSCI, certain bad aspects of a company’s performance can be compensated with good performance in another ESG-related area. It would be better if we could break up the MSCI ESG score in parts.”

How we run our money: PMT (2)

While PMT wants to make further strides in creating a more sustainable equity portfolio, it is a frontrunner in an asset class where most investors find it hard to invest according to ESG criteria – emerging market debt (EMD). Two years ago, PMT implemented a bespoke index for EMD government bonds, which it had developedin co-operation with its asset manager MN. The index excludes 40% of the regular JP Morgan EMBI index. While PMT has eliminated a few countries because it finds their bond yields too low toachieve the required return in the long term,the bulk of the 27 EM countries that are not partof the index get an insufficient score on one or more of three criteria: corruption; vulnerability to climate change; and competitiveness. According to PMT, the risk profile of the bespoke index is significantly lower than that of the original index.

According to Liersch, however, PMT’s ESG-adjusted equity and bond indices do not necessarily produce better returns than regular, asset-weighted indices. “Right now, we still compare our returns with those of regular benchmarks, but now that we have seen that returns are similar, the question is how long we need to continue doing that. After all, we have made these choices for principal reasons, not because we thought returns would improve.”

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“Ten years ago, investing was all about the trade-off between risk and return. Right now it’s more about how you want to achieve the return you want. I find that much more interesting”

Internationally, how to green their portfolios is the most urgent question pension funds are facing. In the Netherlands, though, this issue is perhaps being overshadowed by the upcoming transition to a DC-based pension system. Partly in anticipation of the pension reform, PMT has made some major changes to its strategic asset allocation this year.

“We have increased our interest rate hedge from 50% to 60%, because we want to keep our funding ratio around 100% in order to be able to make a smooth transition to the new pension system,” explains Liersch. “On the other hand, the return portfolio has a more prominent place in the new system, so we’ve increased the weighting of our return portfolio from 50% to 57.5% by adding to our positions in real estate and infrastructure debt while reducing our exposure to government bonds.”

The CIO says that he is comfortable with increasing the allocation to illiquid assets, as PMT has instructed its asset manager MN to concentrate on investments in brownfield assets with stable cashflows that are relatively low-risk.

“We don’t want our returns in infrastructure and real estate to come from valuation increases,” notes Liersch. “We did own that kind of [real estate] investment in the US, but we’ve sold our underlying managers there and will build our US portfolio anew. In Europe and the Netherlands we alreadyinvest mostly in residential assets, but also in offices and retail. “So here, the profile of our portfolio will not change but we are eyeing incremental increases.”

What will change, though, is that PMT will also introduce ESG criteria in its real estate portfolio. “We will formulate goals for CO2 reduction of our real estate assets and we want new investments to meet certain minimum criteria on ESG. But this process is still in the works.”

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This article will review the equation that can give you the answer and a simple way to figure out how long your money will last, even if you hate math.. Once you start eating into your principal, you need to ask one of the scariest questions of your financial life; when will I run out of money?. Let’s say you had a $1 million retirement nest egg, which earned 4% per year, and of which you needed to withdraw $60,000 per year to fund your lift style.. Here is how you would use the “ NPER ” function in excel to figure out when you would run out of money.. So, if you had $1 million, which earned 4% per year and of which you needed to withdraw $60,000 per year to fund your lift style, when would you run out of money?. Here is how you use NPER to figure out how long before your emergency fund runs out of money.. How to use the NPER function to figure out when your money will run out.. The easiest way to extend how long your money will last is to spend less money.. If your nest egg is invested in risky assets like stocks and early in your retirement, the stock market plunges, you will need to adjust your spending if you don’t want your nest egg to run out too quickly.. In the example above, we showed that a $1 million nest egg, earning 4% per year and with $60,000 in annual spending, would last 27.5 years.. If you maintain your $60,000 annual spending, your money will run out in 12.8 years rather than 27.5 To maintain your 27.5-year retirement, you would need to adjust spending from $60,000 to around $36,000.. If your investments earned much higher than 4% per year, your money would last much longer than 27.5 years, and/or you could afford to spend more than you originally planned.

For the developer types reading, the Java (info: java.sun.com ) programming language will be utilized to demonstrate the concepts in code.. Well, if I start with x amount of dollars and interest is compounded monthly from now until 30 years from now, $1,000.00 probably didn't start as such; therefore, the reason the answers are not the same is that we have to subtract the number that when interest for that period is applied equals $1,000.00 and not $1,000.00 itself.. Code Example: payment using pv and fv.. PMT(interest_rate, number_payments, PV, FV, Type). ppmt = PMT(r, N, pv, fv, type) - IPMT(r, per, N, pv, fv, type). Optional Input Values In Calc, Excel and other programs with existing PMT, FV, IPMT and PPMT functions, you can typically (as shown above) call PMT(r,N,pv) or PMT(r,N,pv,fv) if you want to default the other arguments.

The number of payments will be determined by how many years the loan is for multiplied by 12 (one payment per month).. We’ll create a function called amortize and give it a few arguments to cover the necessary variables for our formula.. The easiest check here is to see whether the next payment will cause the loan to be less than 0, and if so, then the principle payment of this month will be equal to the loan value.. Finally, the data needs to be put into the table, so we’ll use the “rows” data member and call it’s “append” method to insert our data into that row of the table.. Partial Amortization ScheduleYou could stop here, and have a fully functional loan amortization schedule program.. We can make use of the argparse library in order to reuse this application without needing to make changes to the code for different loan amounts, interest rates, or payment lengths.

Making good decisions in these scenarios requires understanding the concept of time value of money and the related concepts of compounding and discounting.. Present Value (PV) Future Value (FV) Number of compounding periods (n) Rate of interest (i) Payments (PMT). The 4.7% is used to determine the payment (PMT) of the annuity.. Present Value (PV) = -$500,000 Future Value (FV) = $0 Payments (PMT) = $23,500/year or $1,958/month Rate of return (i) = ????. To determine either the rate of return or the number of compounding periods, we would need to make assumptions about the other.. Using the annual PMT amount will produce the number of years of compounding and the annual rate of return for calculations.. We know our present value and assumed real rate of return for the investment portfolio.. An annuity would produce a payment of $23,500/year and would leave you with a future value of $0 at death.. This tells us that if we get our assumed real rate of return and take the same payment that the annuity would provide it would take 41 years to run out of money.. We are simply discounting the future value of the annual annuity payment to find its present value in today’s dollars.. After plugging our variables into the TVM equation, we learn that our $23,500 annual payment 30 years in the future is worth only $12,055 in today’s dollars.. Compounding starts with a present value and calculates forward to determine a future value.. Variables that impact compounding and discounting are the rate of return, the number of compounding periods, and any payments made or received.. Then utilize the time value of money concept to help make better financial decisions.

So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe PMT is well-positioned to continue organically creating investments, especially as one of the largest producers of purchase money loans in the U.S. PMT's capital deployment is primarily focused on the large opportunity in conventional correspondent production and the related high-quality mortgage servicing rights.. On Slide 8, we illustrate the run-rate return potential from PMT's investment strategies, which represents the average annualized return and quarterly earnings potential that PMT expects over the next four quarters.. Now I'd like to turn the call over to Vandy Fartaj, PMT's senior managing director and chief investment officer, who will discuss the drivers of PMT's second-quarter investment performance.. PFSI's position as the manager and servicer of loans underlying PMT's CRT investments gives PMT a strategic advantage, given we can work directly with borrowers who have loans underlying PMT's investments that have experienced hardships related to COVID-19.. PMT reports results through four segments: credit sensitive strategies, which contributed $78.5 million in pre-tax income; interest rate sensitive strategies, which contributed $65.4 million in pre-tax loss; correspondent production, which contributed $19 million in pre-tax income; and the corporate segment, which had a pre-tax loss of $18.3 million.. Net gain on CRT investments also included $39.1 million in realized gains and carry, $20.2 million in net losses reversed, primarily related to L Street Securities 2017-PM1 which Vandy discussed earlier, $200,000 in interest income on cash deposits, $15.5 million of financing expenses, and $1.8 million of expenses to assist certain borrowers in mitigating loan delinquencies they incurred as a result of dislocations arising from the COVID-19 pandemic.

JA : When did you first work in the family business – at what point did you decide security integration was for you?. JA : For a security integration business to last as long as PMT has, you’re doing something right.. JA : In what ways is the security integration business more challenging now than it was when you were first starting out in the business?. As PMT grows we are dealing with higher-level business challenges and their solutions but at the heart of it, Dad’s customer focus is a trademark of the PMT business today.. JA : How challenging is staff management in the electronic security industry – what’s the secret to building loyalty in the team?. JA : What’s the most challenging security solution PMT has ever installed – what solutions are you most proud of?. JA : How is PMT different from other security integrators – what differentiates you in the minds of customers?. Because we have maintained and continued to work on developing our brand, and because we focus on the type of customer we can best support, we have been able to differentiate ourselves from security integrators without the same focus.

Our high-quality loan production in the quarter resulted in the creation of more than $400 million in new, low‐rate mortgage servicing rights, and PMT ended the quarter with approximately $2.4 billion in fair value of MSRs, which we expect will perform well in a rising rate environment.. The change in PMT's run‐rate expected return is also driven by a shift in equity allocation toward the interest rate-sensitive strategies from the correspondent production segment as a result of expectations for lower origination market volumes over the next year.. Fair value of our CRT investments at the end of the quarter was $2.58 billion, down slightly from $2.62 billion at December 31 as fair value gains largely offset the decline in asset value that resulted from prepayments.. Net gain on CRT investments also included $42.7 million in realized gains and carry, $13.3 million in net losses reversed, primarily related to L Street Securities 2017‐PM1, which Vandy discussed earlier, $200,000 in interest income on cash deposits, $15.9 million of financing expenses, and $2.5 million of expenses to assist certain borrowers in mitigating loan delinquencies they incurred as a result of dislocations arising from the COVID‐19 pandemic.. PMT's interest rate sensitive strategies contributed a loss of $64.6 million in the quarter.. MSR fair value increased $338 million during the quarter.. PMT's Correspondent Production segment contributed $35.6 million to pre-tax income for the quarter, down from $52.7 million in the prior quarter as gain on sale margins normalized.

The higher interest rate environment and wider credit spreads have also created opportunities for PMT to deploy capital into investments with attractive long-term risk adjusted returns, which Vandy Fartaj, PMT’s Senior Managing Director and Chief Investment Officer will discuss later.. The rapid shift in market interest rates and credit spreads created opportunities for PMT to make investments in addition to those normally created from its correspondent production activities.. Now, let’s discuss the drivers of first quarter results in our Correspondent Production segment.. The fair value of our organically created CRT investments at the end of the quarter was $1.4 billion, down from $1.7 billion at December 31st, due to fair value declines and the decline in balance that resulted from prepayments.. For losses on PMT’s organically created CRT investments this quarter totaled $47.8 million.. PMT’s interest rate sensitive strategies contributed income of $84.2 million in the quarter.

As you’ve probably guessed, it’s the time value of money (TVM) formula.. To see which option is better, we need to see what happens if we take the $1,000 and invest it for five years.. The economists would say that we’ve just used the time value of money to calculate the future value of a present lump sum.. Click FV to find the future value, and it will give you the answer: $1,276.28 .. In return for your cash, she promises to pay you $10,000 a year out of her profits for the next ten years.. How much is it worth paying for this investment?. We expect to receive $10,000 a year for 10 years, so enter 10000 for PMT , and 10 for the Period .. For the Rate , enter what you estimate you could make over those ten years by investing your money elsewhere.. If we thought we could invest our money elsewhere at 5%, for example, our friend’s promise of $10,000 a year for ten years is only worth $77,217.. Present Value (PV) Future Value (FV) Number of Periods Interest Rate Regular Payments (PMT). We’ve seen that you have five variables to play with: present value, future value, interest rate, payment amount, and number of periods.. You’ve seen some practical business applications, and now you’re ready to use the theory of the time value of money to help you make better decisions in real-life situations.

The tutorial shows how to use PMT function in Excel to calculate payments for a loan or investment based on the interest rate, number of payments, and the total loan amount.. The Excel PMT function is a financial function that calculates the payment for a loan based on a constant interest rate, the number of periods and the loan amount.. A PMT formula in Excel can compute a loan payment for different payment frequencies such as weekly , monthly , quarterly , or annually .. For example, if you borrow $100,000 for 5 years with an annual interest rate of 7%, the following formula will calculate the annual payment :. To calculate the total amount paid for the loan, multiply the returned PMT value by the number of periods (nper value).. Below you will find a few more examples of an Excel PMT formula that show how to calculate different periodic payments for a car loan, home loan, mortgage loan, and the like.. For the most part, you can omit the last two arguments in your PMT formulas (like we did in the above examples) because their default values cover the most typical uses cases:. B1 - annual interest rate B2 - loan term (in years) B3 - loan amount B4 - future value (balance after the last payment) B5 - annuity type: 0 (regular annuity) - payments are made at the end of each year.. To be able to choose different periods and specify when the payments are due, create drop-down lists with the following predefined options (B6 and B7): Set up the lookup tables for Periods (E2:F6) and Payments are Due (E8:F9) like show in the screenshot below.. In the cells next to the drop-down lists, enter the following IFERROR VLOOKUP formulas that will pull the number from the lookup table corresponding to the item selected in the drop-down list.. Formula for Periods (C6):. error may occur if either the rate argument is a negative number or nper is equal to 0.. If the result of a PMT formula is much higher or lower than expected, make sure you are consistent with the units supplied for the rate and nper arguments, meaning you have correctly converted the annual interest rate to the period's rate and the number of years to weeks, months, or quarters as shown in .. That's how you calculate PMT function in Excel.

Our high-quality loan production in the quarter resulted in the creation of more than $400 million in new, low-coupon mortgage servicing rights and PMT ended the quarter with approximately $2.6 billion in fair value of MSRs.. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe PMT is well positioned to continue organically creating investments – especially as one of the largest producers of purchase money loans in the U.S. PMT’s capital deployment is primarily focused on the large opportunity in conventional correspondent production and the related high-quality mortgage servicing rights.. On Slide 8, we illustrate the run rate return potential from PMT’s investment strategies, which represents the average annualized return and quarterly earnings potential that PMT expects over the next four quarters.. Now I’d like to turn the call over to Vandy Fartaj, PMT’s Senior Managing Director and Chief Investment Officer, who will discuss the drivers of PMT’s second quarter investment performance.. PMT’s Interest Rate Sensitive strategies consist of our investments in MSRs sourced from our correspondent production, and investments in Agency MBS, non-Agency senior MBS and interest rate derivatives with offsetting interest rate exposure.. PFSI’s position as the manager and servicer of loans underlying PMT’s CRT investments gives PMT a strategic advantage, given we can work directly with borrowers who have loans underlying PMT’s investments that have experienced hardships related to COVID-19.. PMT recorded $21 million in net losses reversed in the second quarter, as $33 million of losses reversed more than offset the $12 million dollars in additional realized losses.. PFSI will fulfill and service the non-owner-occupied loans sourced from PMT’s correspondent channel, with PMT investing in the credit sensitive, higher-yielding tranches of these securitizations, enabling PFSI to influence performance of the investments through effective servicing.. PMT reports results through four segments: Credit Sensitive Strategies, which contributed $78.5 million in pre-tax income; Interest Rate Sensitive Strategies, which contributed $65.4 million in pre-tax loss; Correspondent Production, which contributed $19 million in pre-tax income; and the Corporate segment, which had a pretax loss of $18.3 million.. Net gain on CRT investments also included $39.1 million in realized gains and carry, $20.2 million in net losses reversed, primarily related to L Street Securities 2017-PM1, which Vandy discussed earlier, $200,000 in interest income on cash deposits, $15.5 million of financing expenses, and $1.8 million of expenses to assist certain borrowers in mitigating loan delinquencies they incurred as a result of dislocations arising from the COVID-19 pandemic.. PMT’s Correspondent Production segment contributed $19 million to pre-tax income for the quarter, down from $35.6 million in the prior quarter as a result of lower volumes and lower gain-on-sale margins.

To collect money from clients who won’t pay their overdue invoices, small businesses should begin by following up with the client by email and phone or speaking directly to the company’s billing department.. If a client’s payment is overdue, the first step you should take is to send a polite reminder email immediately after the due date.. If you don’t have success collecting late payment by sending email reminders to the client, your next step should be to pick up the phone and try to speak directly to the client.. If your call to the client does not yield payment by the agreed upon deadline, try a different tactic by going directly to the client’s billing or finance team, instead of your day-to-day business contact.. Collection agencies are often very successful at collecting payment from debtors, but they charge a hefty fee for the service, often as much as 50 percent of the total payment.. If the money you’re owed is more than the limits set for your state’s small claims court, you can sue your client in superior court.. Much like small claims court, arbitration can be a relatively quick and cheap way to collect payment from a client.. To encourage clients to pay on time in the future, consider adding a clause to your payment terms that includes late fees that you’ll charge for overdue payments.. Send a demand for payment letter: Before suing your client, send a formal demand letter that states why the client is in default, lists how much you’re owed, demands payment by a specific date and warns of possible legal action.. Sue in small claims court: For relatively small amounts of money owed, you can get judgement on your case quickly and cheaply by filing a lawsuit in small claims court.. Sue in superior court: For larger sums of money that exceed the small claims limit in your state, you can sue the client in superior court.

Pattern Matched Technologies (PMT) has achieved AWS Select Tier Services Partner status.. He adds that the company has a 16-year history of providing solution-enabling products and services to its clients, helping them to launch new products or deliver better services to their own customers.. As an AWS Select Tier Services Partner, PMT has the competence to consult on AWS deployments.. Pieter Janse van Rensburg, Chief Technology Officer at PMT, adds that the company has a cloud-first and AWS-first approach to new business, and has deployed its own software solutions on the cloud.. And, because it delivers its own solutions in AWS, PMT is in a great position to help clients with their complete cloud journey.. This is just the start of PMT’s journey with AWS, Janse van Rensburg adds: “Being appointed as a Select Tier Service Partner is a good and solid stepping stone, allowing us to expand our knowledge and expertise.. Among the solutions, PMT brings to market are e-wallet and mobile money technology, transaction processing and payment systems, a variety of fintech products, and bespoke solution development.. Its new AWS flagship product, the Obsidian ™ Service Connectivity Platform delivers end-to-end connectivity and visibility for services in multi-cloud environments.. PMT offers its solutions in the AWS cloud and helps customers to co-create the most effective deployment.

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