Issue - meetings
Quarterly Investment Performance Review for June 2017
Meeting: 29/11/2018 - Pensions Committee (Item 6)
6 Quarterly Investment Performance Review PDF 227 KB
Additional documents:
- Appendix 1 - NT Performance Report September 2018, item 6 PDF 900 KB
- Appendix 2 - LCIV Quarterly Investment Report September 2018, item 6 PDF 759 KB
- Appendix 3 - GSAM STAR II September2018, item 6 PDF 1 MB
- Appendix 4 - Insight BNY ARB Q3 2018, item 6 PDF 112 KB
- Appendix 5 - LGIM Quarterly Report September 2018, item 6 PDF 3 MB
- Appendix 6 - Schroder PF Quarterly Report September 2018, item 6 PDF 620 KB
Minutes:
6.1 Quarterly Investment Performance Review
Bola Tobun, Investment and Treasury Manager presented the Quarterly Investment Performance Review.
- The Fund underperformed its benchmark return of 3.24% by 0.84% for the quarter.
- Five mandates matched or achieved returns above the set benchmark. The five that did not achieve the benchmarks were the mandates with LCIV BG (DGF), LCIV BG (GE), Insight and GSAM bond portfolios.
- The Fund Valuation of £1.560bn, a £35m increase over the quarter. For the twelve months to September 2018, the Fund returned 7.81% marginally underperforming the benchmark of 7.88%; the Fund is behind its benchmark by 0.08%.
- Four mandates underperformed their respective benchmark. The mandates that underperformed their respective benchmarks were LCIV RF lagged behind by 1.66%, LCIV BG (DGF) lagged behind by 2.45%, GSAM lagged behind by 6.34% and Insight by 7.82%.
- The three year return for the Fund was 12.45%, above its benchmark return by 0.54% for that period. Over the five years, the Fund posted a return of 9.42% outperforming the benchmark return of 9.19% by 0.23%.
- The Fund remains in line with its long term strategic equity asset allocation and the distribution of the Fund’s assets amongst the different asset classes is broadly in line with the strategic benchmark weight.
The questions and comments from Members on the report may be summarised as follows
The Committee:
- Noted performances of Goldman’s and Insight were bad and there is a need to meet with them.
- Considered inviting Goldman and Insight to the next meeting to discuss their current performances, or for Officers to review their performances and report back to the Committee.
The Chair Moved and it was:-
RESOLVED
- To note the report; and
- For officers to review Goldman’s and Insight performances and report back to the committee with recommendation/s.
Meeting: 21/09/2017 - Pensions Committee (Item 5)
5 Quarterly Investment Performance Review for June 2017 PDF 452 KB
Additional documents:
Minutes:
Bola Tobun, Investment and Treasury Manager presented a report which outlined the performance of the Pension Fund and its Investment Managers of the first quarter of 2017/18.
During this quarter end, five out of the nine mandates matched or achieved returns above the benchmark. The four that did not reach the benchmarks were the mandates with LCIV Ruffer, Schroder, Insight and GSAM. Overall for this reporting quarter the Fund performance was ahead of its benchmark. For 12 months to end of reporting quarter, the Fund is ahead of its benchmark by 2.5%. One out of the eight mandates underperformed its benchmark. This was the mandate with Schroders which posted a return that lagged behind its benchmark by 0.4%.
The Fund is still in line with its long term strategic equity asset allocation and the distribution of the Fund’s assets amongst the different asset classes is broadly in line with the strategic benchmark weight.
The Committee was advised that Baillie Gifford had had a steady performance throughout and that the Group had cautioned their clients about their expectation that the Fund’s continual outperformance was indefinite.
Members thanked and commended Officers for their report.
RESOLVED:
That the contents of the report be noted.
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