Agenda and minutes

Pensions Panel
Tuesday, 4th September, 2018 9.30 am

Venue: Ivanovo Room - County Buildings. View directions

Contact: Mike Bradbury  Email: michael.bradbury@staffordshire.gov.uk

Items
No. Item

14.

Declarations of Interest

Minutes:

There were no declarations of Interest on this occasion.

15.

Minutes of meeting held on 5 June 2018 pdf icon PDF 126 KB

Minutes:

RESOLVED – That the minutes of the Meeting of the Pensions Panel held on 5 June 2018 be confirmed and signed by the Chairman.

16.

Pension Fund Performance and Portfolio of Investments as at 30 June 2018 pdf icon PDF 275 KB

Report of the Director of Finance and Resources

 

Additional documents:

Minutes:

The Director of Finance and Resources submitted a summary of the performance of the Pension Fund, together with a portfolio of the Fund’s investments, as at 30 June 2018.

 

The Panel were informed that the Fund had a market value of £5.0 billion as at 30 June 2018; the highest reported to date.  Over the quarter the Fund returned 4.9%, slightly underperforming its strategic benchmark return by -0.2%. The best performing asset classes over the quarter relative to their benchmarks were active global equities and property. UK equities and a higher allocation to low returning corporate bonds were detractors from performance over the quarter.

 

The Panel were also informed that although the Fund had underperformed its strategic benchmark return over the 1 year period and was level with the benchmark return over the 3 year period, it had still achieved positive absolute returns and continued to outperform its strategic benchmark return in the 5 and 10 year periods.  Annualised returns over both 3 and 5 years were in excess of 10% per annum, well above the investment return assumptions used by the Actuary as part of the triennial valuation.

 

RESOLVED – That the Pension Fund Investment performance and the portfolio of investments for the quarter ended 30 June 2018 be noted.

17.

Dates of Future Meetings

4 December 2018

5 March 2019

 

All meetings are scheduled to start at 9.30am at County Buildings, Stafford

 

Minutes:

·          4 December 2018

·         5 March 2019

 

All meetings are scheduled to start at 9.30am at County Buildings, Stafford.

18.

Exclusion of the Public

The Chairman to move:-

 

‘That the public be excluded from the meeting for the following items of business which involve the likely disclosure of exempt information as defined in the paragraphs of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended) indicated below’.

Minutes:

RESOLVED - That the public be excluded from the meeting for the following items of business which involve the likely disclosure of exempt information as defined in the paragraphs of Part One of Schedule 12A of the Local Government Act 1972 (as amended) indicated below.

 

PART TWO

 

The Panel then proceeded to consider reports on the following issues:

19.

Exempt Minutes of the Meeting held on 5 June 2018

(Exemption paragraph 3)

Minutes:

(Exemption paragraph 3)

20.

Pension Fund Performance and Manager Monitoring for the quarter ended 30 June 2018

(Exemption paragraph 3)

 

(Report of Portfolio Evaluation for the quarter ended 30 June 2018 enclosed for information)

 

Minutes:

(Exemption paragraph 3)

21.

Pooling of LGPS Investments

(Exemption paragraph 3)

 

Oral update by the Director of Finance and Resources

 

Minutes:

(Exemption paragraph 3)

22.

Strategic Benchmark Review and Monitoring

(Exemption paragraph 3)

Minutes:

(Exemption paragraph 3)

22a

Economic and Market Update

Presentation by Hymans Robertson

 

22b

Review of Position as at 30 June 2018

Report of the Director of Finance and Resources

23.

Responsible Investment (RI) Report Quarter 2 2018

(Exemption paragraph 3)

 

Report of the Director of Finance and Resources

Minutes:

(Exemption paragraph 3)

24.

Factor Based Investing

(Exemption paragraph 3)

 

Presentation by Hymans Roberson

Minutes:

(Exemption paragraph 3)

25.

Managers' Presentations - Hayfin Capital Management LLP (Private Debt Manager)

(Exemption paragraph 3)

 

Report on Hayfin Direct Lending Fund II for the quarter ended 30 June 2018 enclosed for information.

Minutes:

(Exemption paragraph 3)