Issue - meetings

Overview of Past and Current Investment Position

 

 

Meeting: 07/06/2019 - Pension Fund Committee (Item 36)

36 Overview of Past and Current Investment Position pdf icon PDF 71 KB

12:05

 

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 31 March 2019 using the following tables:

 

Table 1

provides a consolidated valuation of the Pension Fund at 31 March 2019

Table 2

shows movements in market value during the quarter

Table 3

provides investment performance for the consolidated Pension Fund for the quarter ended 31 March 2019

Table 4

provide details of the Pension Fund’s top holdings

 

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

 

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

 

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, 18 and 19 on the agenda.

 

Decision:

Received.

Minutes:

The Independent Financial Adviser reviewed the investment activity during the past quarter and presented an overview of the Fund’s position as at 31 March 2019.

 

Mr Davies reported that during the latest quarter, the Fund had recouped £166m of the £190m depreciation in the previous quarter, giving an overall Fund value of £2.5bn at the end of March 2019. Overall the Fund’s performance over 3 years was good, out-performing the benchmark by 0.5%.

 

RESOLVED: to receive the tables and graphs and that the information contained in them be borne in mind insofar as they related to Agenda Items16,17, 18 and 19 on the agenda.