Issue - meetings

Overview of Past and Current Investment Position

Meeting: 14/09/2018 - Pension Fund Committee (Item 54)

54 Overview of Past and Current Investment Position PDF 98 KB

11:10

Tables 1 to 4 are compiled from the custodian's records. The custodian is the Pension Fund's prime record keeper. He accrues for dividends and recoverable overseas tax within his valuation figures and may also use different exchange rates and pricing sources compared with the fund managers. The custodian also treats dividend scrip issues as purchases which the fund managers may not do. This may mean that there are minor differences between the tabled figures and those supplied by the managers.

The Independent Financial Adviser will review the investment activity during the past quarter and present an overview of the Fund’s position as at 30 June 2018 and highlight any key performance issues using the following tables:

Table 1	provides a consolidated valuation of the Pension Fund at 30 June 2018
Table 2	shows net investments/disinvestments during the quarter
Table 3	provides investment performance for the consolidated Pension Fund for the quarter ended 30 June 2018
Table 4	provides details of the Pension Fund’s top holdings

In addition to the above tables, the performance of the Fund has been produced graphically as follows:

Graph 1 – Market value of the Fund over the last three years

Graphs 2-5 – Performance of the Fund Managers attending Committee to the quarter ended 30 June 2018

The Committee is RECOMMENDED to receive the tables and graphs, and that the information contained in them be borne in mind, insofar as they relate to items 16, 17 and 18 on the agenda.

Decision:

Received.

Minutes:

The Independent Financial Adviser reviewed the investments activity during the past quarter and presented an overview of the Fund’s position as at 30 June 2018.

Mr Davies reported that the overall size of the Fund was the highest it had ever been and the rise in the second quarter of 2018 was largely due to appreciation from UK equities, which had out-performed overseas equities and a small gain in property. He added that the value of the Fund was slightly higher to date than it had been at the end of June.

RESOLVED: to receive the tables and graphs, and that the information contained in them be borne in mind insofar as they related to Agenda Items 16, 17 and 18 on the Agenda.