Issue - meetings
Investment and Fund Managers Performance Review for Quarter End June 2019
Meeting: 24/09/2019 - Pensions Committee (Item 7)
7 Investment and Fund Managers Performance Review for Quarter End June 2019 PDF 244 KB
Additional documents:
- Appendix A - LBTH Quarterly Report 30 June 2019 , View reasons restricted (7/2)
- Appendix B Independent Adviser's Quarterly Report - June 2019, item 7 PDF 247 KB
- Appendix C PIRC Q2 2019 indictors.docx, item 7 PDF 250 KB
- Appendix D - LCIV - tower-hamlets-lciv-quarterly-investment-report-q2-2019-1693, item 7 PDF 861 KB
Minutes:
Colin Robertson presented his report to the Committee. The main points of the discussion maybe outlined as follows:
The Committee noted that
· The decade’s long fall in bond yields was showing some signs of coming to an end with erratic moves in gilt yields. Central bank actions had driven the fall in yields and also supported equity markets but investors were starting to question the effectiveness of further stimulus. Politics globally had become very important for investors;
· He supported the asset allocation moves set out in the meeting papers, adding that further out consideration should be given to increasing the exposure to liability matching type bonds;
· He had raised the quality of London CIV manager reports with them. He reported that CIV had put convertible and quantitative strategies (CQS) on their "Watch List" which appeared to be generally thought unjustified."
As a result of discussions on the report the Committee RESOLVED to note the:
· content of this report;
· detailed fund performance by Mercer (As detailed in Appendix A of the report);
· Independent Adviser quarterly commentary (As detailed in Appendix B of the report); and
· Pensions and Investment Research Consultants (PIRC) Local Authority Universe performance indicators (As detailed in Appendix C of the report).