Venue: Bremen Room - County Buildings. View directions
Contact: Mike Bradbury Email: michael.bradbury@staffordshire.gov.uk
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Declarations of Interest Minutes: There were no declarations of Interest on this occasion. |
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Minutes of meeting held on 5 June 2018 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. |
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Pension Fund Performance and Portfolio of Investments as at 30 June 2018 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. |
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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. |
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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 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: |
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Exempt Minutes of the Meeting held on 5 June 2018 (Exemption paragraph 3) Minutes: (Exemption paragraph 3) |
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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) |
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Pooling of LGPS Investments (Exemption paragraph 3)
Oral update by the Director of Finance and Resources
Minutes: (Exemption paragraph 3) |
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Strategic Benchmark Review and Monitoring (Exemption paragraph 3) Minutes: (Exemption paragraph 3) |
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Economic and Market Update Presentation by Hymans Robertson
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Review of Position as at 30 June 2018 Report of the Director of Finance and Resources |
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Responsible Investment (RI) Report Quarter 2 2018 (Exemption paragraph 3)
Report of the Director of Finance and Resources Minutes: (Exemption paragraph 3) |
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Factor Based Investing (Exemption paragraph 3)
Presentation by Hymans Roberson Minutes: (Exemption paragraph 3) |
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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) |