– Advertisement – Image:Robert Lewandowski scores 22nd Bayern goal against former side Dortmund Robert Lewandowski kept up his sensational Klassiker form as Bayern Munich topped the Bundesliga with a rollercoaster 3-2 victory at Borussia Dortmund.Lewandowski – who also saw two other goals ruled out by VAR – netted his 22nd goal against his former employers from Lucas Hernandez’s cross three minutes after half-time to give the visitors the lead for the first time in the game, with Marco Reus’ close-range finish moments before the break already cancelled out by David Alaba’s deflected effort in first-half injury time.- Advertisement – Bayern proved the more clinical side in an end-to-end game as substitute Leroy Sane added a third following a fine run from midfield (80), before the otherwise wasteful Erling Haaland gave Dortmund hope from Raphael Guerreiro’s ball in behind (82).But in a match the hosts may have felt they deserved more from, it was their visitors who went top of the Bundesliga, ensuring Hansi Flick kept up his 100-per-cent record against Bayern’s biggest rivals and secured their sixth win from seven league games. Kimmich was forced off injured in the 36th minute of the 3-2 win in the Bundesliga top-of-the-table clash.Bayern have said that their medical staff expect Kimmich to be available for selection again in two months.Hasan Salihamidzic, a Bayern board member, said: “We’re glad that Joshua (Kimmich) will probably be available again in a matter of weeks.- Advertisement – “We’ll support him in his rehabilitation as best we can.”Bayern hold on to win Klassiker thriller Bayern Munich’s Joshua Kimmich has been ruled out until January after having surgery on a knee injury he suffered during the 3-2 Klassiker victory over Borussia Dortmund.The German international had an operation on his right lateral meniscus on Sunday evening.- Advertisement –
Other pension funds also posted positive quarterly results largely as a consequence of rising equity markets. In addition, rising interest rates led to a reduction of liabilities, meaning coverage ratios also improved.The €8.5bn Pensioenfonds Vliegend Personeel KLM made 2.2% on its investments, with equity generating 6.1%.The scheme noted that US high yield bonds and emerging market debt had also benefited from positive equity market sentiment, resulting in an overall return of 0.3% from its fixed income portfolio. KLM said it made a similar profit on its property holdings.The KLM scheme’s funding rose almost 3 percentage points to 117.4%.Equity and emerging market debt were also the main drivers behind the 1.2% quarterly result from the €18.8bn company scheme of Philips.However, it indicated that it had lost 0.7 percentage points due to negative results on its combined interest and inflation hedge.During last quarter, the Philips Pensioenfonds reduced its fixed income allocation from 60% to 50% – through selling euro-denominated government bonds – as it expected an interest rate rise in the coming years.It has reinvested the proceeds in cash as well as asset classes that are less susceptible to interest rates, such as equity and property.The Philips scheme closed the quarter with a coverage ratio of 110.3%.Finally, the €24.5bn Pensioenfonds PGB reported a quarterly result of 2%, citing profits on equity (6.2%), property (2.4%), infrastructure (3.1%) and private equity (4.2%). In contrast, it lost 2% on its government bonds allocation.In particular, PGB said its French inflation-linked bonds lost 5.1% due to the possibility that the National Front or a candidate of the extreme left could win the first round of presidential elections.At March-end, PGB’s funding stood at 98.4%. Equity performance helped some of the Netherlands’ largest pension funds achieve returns of more than 2% during the first quarter.The €5.6bn sector scheme PNO Media said it returned 2.5% on investments, attributing the result in particular to a 7.6% profit on its equity portfolio. Equities make up more than a third (36.5%) of its overall portfolio.The equity yield more than compensated losses on government bonds (-2.8%) and mortgages (-0.2%) in the wake of rising interest rates.Private equity (3.9%), emerging market debt (2.1%), property (1.5%) and infrastructure (0.4%) also delivered positive results for the media scheme, which saw its funding rise by 2.1 percentage points to 93.5%.