Value of Nobles Crus wine fund questioned The wine fund, which is one of the world's biggest wine investment funds, values its holdings at much higher prices than those used by 10 of its rivals Charges key to pension outcomes Pensions Institute report says the issue of costs is far more important for a pension scheme than delivery of outperformance Investors push hard for audit reforms Shareholders want to end the practice of audit relationships which last many years and unfairly advantage the largest firms. However, they suspect that Brussels will water down proposals forcing auditors to maintain a respectful distance from the companies for which they work A tail-risk short position that will pay off soon A "tail-risk" short position in French government bonds will pay off in a couple of years whether the euro area's structural problems are solved, or whether the aren't, writes John Dizard How to avoid being misled by history lessons Used properly the past can be informative, for example the finding that countries with debt to GDP ratios of 90 per cent tend to grow much more slowly. But we should never uncritically cut and paste the circumstances of our own world on to those of the past, says Mark Harrison of the CFA Institute Information revolution yet to pay off The internet has been liquidating profits of established businesses and been contributing nothing permanent to growth itself, writes Edward Chancellor Savers could land in high-cost schemes The UK's auto-enrolment pension scheme starts on Monday but there are flaws in the arrangements which could see savers stuck in high-cost schemes even though the value of low fees has been accepted by everyone New strategies come to the fore as funds take a broader view Overview of a special report on investing in foreign exchange as an alternative asset class. Currencies, says Alice Ross, are struggling to make the returns many pension funds expected This entry was posted by Emma Boyde on Sunday, September 30th, 2012 at 17:39 and is filed under Uncategorised.