Issue - meetings

The Investment Fund Manager presented a report on the Fund’s performance during the period 1 July to 30 September 2022 (Quarter 3), including details of the performance of individual Fund Managers. The Committee also received a verbal update on the unaudited performance of the Fund up to 9 January 2023, as well as an update on the Fund’s Investment Strategy and performance. There was also input from Nick Jellema, Hymans Robertson, on the performance of asset classes and how it tied into the impending Strategy Review. 

The Investment Fund Manager responded to questions and observations about the underperformance of individual Fund Managers and the planned actions to address performance, which would be picked up as part of the Strategy review. In that respect he advised that rather than focusing on individual performance it was more appropriate to consider the overall portfolio, and in doing so consider a rebalancing of the Fund amongst Managers. 

The Committee noted:

(i)  The progress on the strategy development within the Pension Fund,

(ii)  The daily value movements of the Fund’s assets and liabilities outlined in Appendix 1 to the report, and

(iii)  The quarterly performance of pension funds collectively and of Fund Managers individually.