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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Return on EPF’s trillion rupees investment in stock market queried

Return on EPF’s trillion rupees investment in stock market queried

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
by Zacki Jabbar

The Employees Provident Fund has invested about a trillion rupees in the Colombo Stock Market in recent years, but the returns have been very low, UNP MP Jayalath Jayawardena said yesterday.

Addressing the media in Colombo, he said that the Securities Exchange Commission had fallen to its lowest since August 2010, with the All Share Price Index dipping below the 5,000 mark, but the government claims that there was nothing to worry about.

The MP said that EPF members are entitled to know the fate of their monies, totaling a trillion rupees, which had been used to purchase securities, but the authorities were refusing to divulge the correct statistics.

The government had no right to squander the hard earned savings of workers to prop up loss making State ventures, Jayawardena observed.

Eran Wickremeratne MP said that the EPF had paid its members an interest of less than four percent for the high risk investments it had made in the Stock Market, in 2009 and 2010.

The four percent return had been camouflaged within the overall average of 13 percent given during the said two years, he noted.

Wickremeratne said that due to the Fund not publishing details of the investments it had made in listed and unlisted equities and the dividends, the general membership was unable to discern the exact losses that had been incurred by purchasing shares at way above its intrinsic values.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53402

Fresher


Moderator
Moderator
while being indifferent about this situation, these comments along with the ones made by another political party, sound like the loss making traders here in the forum. Except for a few who would have predicted a downturn of such a magnitude?
While the unrealized losses are massive and significant, if they are blasting these investments, why didn't they alert by doing some research on their own when or before the investments were made?
and what were they saying when the EPF actually made significant capital gains in the past?

sriranga

sriranga
Co-Admin
npp wrote:while being indifferent about this situation, these comments along with the ones made by another political party, sound like the loss making traders here in the forum. Except for a few who would have predicted a downturn of such a magnitude?
While the unrealized losses are massive and significant, if they are blasting these investments, why didn't they alert by doing some research on their own when or before the investments were made?
and what were they saying when the EPF actually made significant capital gains in the past?

According to EPF Annual Report ( http://www.epf.lk/Publications/Annual-Report.pdf ) upto 2010 December they invested in Shares less than 5%(or around) of their total investment. (See Page 160)

Details of shares invested, we can find in pages 146,147 and 148.

Summarised share investment details see below diagram.
Return on EPF’s trillion rupees investment in stock market queried Sha110

Note that after 2009 they are increasing their investment at CSE massively.(See Diagram attached)
Return on EPF’s trillion rupees investment in stock market queried Epf_sh10


2011 story which we are discussing a lot nowadays no?

http://sharemarket-srilanka.blogspot.co.uk/

market bull

market bull
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Unrealized loss is a part of the investment.If we invest in risky business we have to accept looses also.But EPF problem is.They may have done so many deals like NSB deal in the recent past.Ex GRAN,LGL.wonder of asia.. Mad Mad

Fresher


Moderator
Moderator
@market bull wrote:Unrealized loss is a part of the investment.If we invest in risky business we have to accept looses also.But EPF problem is.They may have done so many deals like NSB deal in the recent past.Ex GRAN,LGL.wonder of asia.. Mad Mad

true. but did anyone, you, me or even the opposition expect the prices to drop to these levels? If so, they could have made this alert at the right time. Now the damage is done.

market bull

market bull
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

EPF also another investor only in CSE.If they have any unrealized/realized losses,they should come up with new strategies & make it to profit.That is their problem.But i am worrying about their suspicious deals only.

I agreed with you,any body didn't predict this disaster.This is a good experience to EPF also.

npp wrote:
@market bull wrote:Unrealized loss is a part of the investment.If we invest in risky business we have to accept looses also.But EPF problem is.They may have done so many deals like NSB deal in the recent past.Ex GRAN,LGL.wonder of asia.. Mad Mad

true. but did anyone, you, me or even the opposition expect the prices to drop to these levels? If so, they could have made this alert at the right time. Now the damage is done.

The Alchemist


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The Caption and Figures are incorrect. A Trillion is a 1000 Billion. The EPF Total fund size is a Trillion Rupees. of that, they have invested i believe around 45 Biilion in stocks i.e. 4.5 % of total fund. The balance is fixed income, in Treasury bills & bonds etc. Last year, their inflow was approx 25 Billion (contributions received) and outflow was also around 25 Billion (retirement obligations). So thus, their inflows / outflows match and they have an annual approx 100 Billion surplus in fixed income. The size of their investments in stocks is miniscule compared to other international pension fund norms. except for some of the questionable deals such as Laughs, Galadari, Grains etc, this is purely a political issue. the quantum of investments in stocks per se is very small given the fund size and actuarial valuations of inflows & obligations according to international Pension Fund norms.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Whatever the size of the amount invested in equity market is irrelevant as long as funds belong to public. There should be transparency & accountability for each transaction executed. It is the basic right of the contributors of pension fund to know on what basis those investment decision were made & the net results of the investment as of today. Non disclosure of information related to such transactions may create nation wide outcry with massive protests in the future. Unfortunately the frail opposition is not in a position to bring up any event into the floor of Justice.

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