Agenda and minutes
PDF 141 KBVenue: Staffordshire Room, County Buildings, Stafford. View directions
Contact: Julie Plant Email: julie.plant@staffordshire.gov.uk
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Declarations of Interest Minutes: Carolan Dobson recorded her role as Adviser to the Hampshire Pension Fund as referred to at minute 24 (Sale of Murrills Industrial Estate, Portchester, Hampshire).
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Minutes of Previous meetings – 21May and 15 July 2013 Additional documents: Minutes: RESOLVED – That the minutes of the meetings held on 21 May and 15 July 2013 be confirmed and signed by the Chairman.
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Pension Fund Performance and Portfolio of Investments as at 30 June 2013 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 2013. He reported on the causes of volatility in the markets over the quarter including an indication from the US Federal Reserve that their quantative easing policy may begin tapering during late 2013 and possibly be stopped in early 2014 as a precursor to possible interest rate rises. Japan was now showing improved economic conditions whilst China appeared to be in slowdown with potential consequences for global markets.
Overall the Fund had produced a negative return of -0.3% over the quarter, whilst the benchmark had returned -0.6%, an outperformance for the Fund of +0.3%. The value of the Fund as at the end of the quarter was reported to be £3.025 billion.
RESOLVED - That the Pension Fund performance and portfolio of investments for the quarter ended 30 June 2013 be noted.
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Dates of Future Meetings 3 December 2013 4 March 2014
(To be confirmed) 20 May 2014 15 July 2014 (Managers’ Day) 9 September 2014 2 December 2014 2 March 2105
All meetings are scheduled to start at 9.30am at County Buildings, Stafford
Minutes: 3 December 2013 4 March 2014
To be confirmed: 20 May 2014 15 July 2014 (Managers’ Day) 9 September 2014 2 December 2014 2 March 2015
All meetings to commence at 9.30am at County Buildings, Stafford
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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 paragraph of Part 1 of Schedule 12A of the Local Government Act 1972 (as amended) indicated below.
The Panel then proceeded to consider reports on the following issues:
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Exempt Minutes of Previous Meetings – 21 May and 15 July 2013 (exemption paragraph 3) |
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Property-Confirmation of the action of the Director of Finance and Resources (Exemption Paragraph 3) Report of the Director of Finance and Resources
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Stock Lending (exemption paragraph 3) Report of the Director of Finance and Resources
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Private Equity (exemption paragraph 3) |
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Private Equity Valuations as at 31 March 2013 |
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Review of position as at 30 June 2013 Reports of the Director of Finance and Resources
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Strategic Benchmark Review and Monitoring (Exemption Paragraph 3) |
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Economic and Market Update Presentation by Hymans Robertson |
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Review of position as at 31 July 2013 Report by the Director of Finance and Resources
(Report of Record Currency Management for the month ended 31 June 2013 enclosed for information) |
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Pension Fund Performance and Manager Monitoring for the quarter ended 30 June 2013 (exemption paragraph 3) (Report of Portfolio Evaluation for the quarter ended 30 June 2013 enclosed for information)
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Corporate Governance and Socially Responsible Investment Quarter 2 2013 (exemption paragraph 3) Report of the Director of Finance and Resources |
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Class Actions (exemption paragraph 3) Oral update by the Director of Finance and Resources |
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Manager Presentation – Russell Investments – Emerging Markets Equity Portfolio (exemption paragraph 3) To receive a presentations from Russell Investments on the Fund’s Emerging Markets equity portfolio.
(Report of Russell Investments for the quarter ended 30 June 2013 enclosed for information).
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Manager Presentation - Insight Investments – Corporate Bond Portfolio (Buy and Maintain Strategy) (exemption paragraph 3) To receive a presentations from Insight Investments on the Fund’s Corporate Bond Portfolio (Buy and Maintain Strategy)
(Report of Insight Investments for the quarter ended 30 June 2013 enclosed for information).
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Private Credit Markets - Training – Hymans Robertson and Insight Investments (exemption paragraph 3) To receive training jointly from Insight Investments and Hymans Robertson on Private Credit Markets |