Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Lloyd Whitworth, Head of Investment & Stewardship
Anthony Fletcher – Independent Advisor, MJ Hudson
Milo Kerr – Border to Coast
Key points raised during the discussion:
1. The Head of Investment & Stewardship explained that the fund had 10.8% in the multi asset credit fund of Border to Coast and 2.4% in gilts at the current time, both underweight target asset allocations. Therefore, a recommendation was being made that those weightings and the nature of the investments should be reviewed.
2. The Independent Advisor gave a detailed precis of the submitted report which included:-
3. BCPP responded to the comments made:-
Actions/ further information to be provided:
1. That the Fund’s credit market holdings, respective funds’ investment performance, and review by the Fund’s independent investment adviser be noted.
2. That officers, investment consultant and investment advisor be approved to review the Fund’s weighting to credit markets and the nature of those investments.
The Committee took a comfort break at 14.25pm and reconvened at 14.35pm.
George Potter returned to the table.
Publication date: 17/05/2023
Date of decision: 10/03/2023
Decided at meeting: 10/03/2023 - Surrey Pension Fund Committee