Meeting: Pension Fund Committee (County Hall, Durham - Committee Room 2 - 29/10/2007 10:00:00 AM)
Item: A4 Pension Fund Investments
1 To provide the Committee with an overview of the transactions undertaken during the period 1st July 2007 to 30th September 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 July 2007 Barings had £38,105,856, Morley had £68,574,450 and Legal and General had £8,859,804 available for investment. During the quarter, Barings has disinvested a net amount of £1,548,591, Morley has disinvested a net amount of £165,774 and Legal and General has neither invested nor disinvested.
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 | +1.1 | +14.1 | +17.5 |
Morley | +0.3 | +12.1 | +16.2 |
Legal & General | +0.5 | +13.8 | +16.4 |
Median | +0.5 | +12.7 | +16.2 |
8 Having regard to the cash balance of the Fund at 30th September 2007 and to the forthcoming restructure of the Fund. It is recommended that there be no allocation of monies to the Managers.
Contact: Paul Turner Ext: 3571 |