Meeting documents
Pension Fund Committee (DCC)
Monday 30 April 2007
Meeting: Pension Fund Committee (County Hall, Durham - Committee Room 2 - 30/04/2007 10:00:00 AM)
Item: A4 Pension Fund Investments
Agenda Item No. 4
| Pension Fund Committee 30th April 2007 Pension Fund Investments |  |
| Report of Stuart Crowe, County Treasurer | |
1 To provide the Committee with an overview of the transactions undertaken during the period 1st January 2007 to 31st March 2007, to show how the value of the portfolio has changed during the period, the overall performance of the Managers and to consider the allocation of additional sums to the Managers for further investment.
Transactions
2 Reports from the three appointed managers - Baring Asset Management Limited, Morley Fund Management Limited and Legal and General Investments Limited are included on the agenda and a summary is attached in the Appendix, Table 2.
3 As at 1st January 2007 Barings had £22,678,722, Morley had £38,608,086 and Legal and General had £13,353,069 available for investment. During the quarter, Barings has disinvested a net amount of £22,558,441, Morley has invested a net amount of £4,087,913 and Legal and General has invested a net amount of £3,520,000.
Managers’ Performance
4 The table below shows how the Managers of the three parts of the Fund have performed over the last quarter, year and three years against agreed benchmarks:
| Manager | Quarter | Last 12 months | 3 years |
| BAM | 1.6 | 9.0 | 16.4 |
| Morley | 2.8 | 6.7 | 14.3 |
| Legal & General | 3.0 | 9.1 | 16.3 |
| Median | 2.7 | 8.4 | 15.9 |
Allocation of “New Money”
5 A summary of the cash position of the Fund and estimates/actuals of cashflow over the last four quarters is contained in Table 1 on the Appendix.
6 The uninvested cash balance at the end of the previous quarter, together with interest and dividend received during the quarter, is available for investment during the quarter ending 30th June 2007 subject to the need to retain money to meet the Fund’s net cash outflow. Having regard to the cash balance of the Fund at 31st March 2007, it is recommended that £5,000,000 be added to the money available to the managers for investment.
The Value of the Fund
7 The changes in the value of the Fund during the period 31st December 2006 to 31st March 2007 are shown in Table 2 in the Appendix.
Recommendation
8 Having regard to the cash balance of the Fund at 31st March 2007, it is recommended that £5,000,000 be added to the money available to the managers for investment.
| Contact: Paul Turner Ext: 3571 |
24 April 2007Superan/Sup2nf
Attachments
Item 4.pdf