Issue - meetings

Four confidential reports are circulated updating the Committee on the performance of the Fund’s investments. These were considered by the Investment Sub-Committee at its meeting on 5 September and are circulated for information only. 

The Head of Pension Fund Investments informed the committee that the incorrect report had been included with the agenda. Advice was sought and the decision was made that members were still able to make decisions based on the verbal update provided at the meeting.

RESOLVED

The Committee approved the ISC recommendations.

To receive a quarterly update on investments from the Investment Manager.

The committee received a confidential report on 40      Investment Quarterly Progress and it was;

RESOLVED

To recommend to Wiltshire Pension Committee to:

-       To note the two investment reports and the update provided by officers and advisers at the meeting;• to approve increasing the allocation to Magellan up to 8% of the total value of the Fund, less the value of the Partners Group portfolios, to be funded from the disinvestment from the Loomis Sayles Absolute Return bond fund;

-       To increase the allocation to global property to 35% of the total property portfolio;

-       To implement the disinvestment from Barings diversified growth fund by making a series of 5-6 equal sized monthly redemptions, and invest the proceeds in index inked gilts;

-       To approve that the increase in protection assets is actioned by creating a new allocation to secured income of 10% of the total fund value, and that this is held in index linked gilts (from the proceeds of the Barings disinvestment) in the interim until this can be deployed.