11 INVESTMENT MANAGER ISSUES AND PERFORMANCE ASSET/LIABILITIES UPDATE PDF 807 KB
Purpose of report:This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Committee, as well as an update on investment performance and the values of assets and liabilities.
Additional documents:
Minutes:
Declarations of interest:
None
Witnesses:
Neil Mason, Head of Pensions
Steve Turner, Partner, Mercer
Sam Wreyford, Mercer
Anthony Fletcher, Independent Advisor
Key points raised during the discussion:
Actions/ further information to be provided:
None.
Resolved:
That the funding level as at 31 December 2018 was 93.3%. That the Fund’s investment performance for the quarter ending 31 December 2018 was -3.4%.
INVESTMENT MANAGER ISSUES AND PERFORMANCE ASSET/LIABILITIES UPDATE
Purpose of the report: This report is a summary of all manager issues that need to be brought to the attention of the Pension Fund Committee, as well as an update on investment performance and the values of assets and liabilities.
Additional documents:
Minutes:
Declarations of interest:
None
Witnesses:
Neil Mason, Head of Pensions
Steve Turner, Partner, Mercer
Sam Wreyford, Mercer
Anthony Flectcher, Independent Advisor
Key points raised during the discussion:
· Marathon was the largest global equity manager and was now operating under a new strategy. The Committee agreed it would useful to view the results per the new strategy to monitor the effectiveness.
· Majedie would no longer be a manager for the Surrey Pension Fund due to its transition to the BCPP.
· Newton had previously struggled however showed improvement in the last 12 months. Despite improvement were under review until confidence was restored.
6. It was highlighted that Surrey Pension Fund gross returns compared to other funds were higher due to its equity allocation and protection was in place ahead of the valuation next year.
Actions/ further information to be provided:
None
Resolved:
The Pension Committee noted the main findings of the report; the funding level of the Fund remained at 97.5% while the Fund’s investment performance for the quarter ending 30 September 2018 was +1%.