Meeting documents
Pension Fund Committee (DCC)
Monday 16 March 2009
Meeting: Pension Fund Committee (County Hall, Durham - Committee Room 2 - 16/03/2009 10:00:00 AM)
Item: A5 Pension Fund Investments
Agenda Item No. 5
Report of Stuart Crowe, Corporate Director Resources
Purpose of the Report
1 To provide the Committee with an overview of the transactions undertaken during the period 1st October 2008 to 31st December 2008, to show how the value of the portfolio has changed during the period, the overall performance of the Managers and to consider the additional sums available for allocation to the Managers for further investment.
Value of the Fund and Transactions
2 Reports from the six appointed managers - Alliance Bernstein, Barings, Black Rock, CBRE, Edinburgh Partners and Royal London are included on the agenda. A summary of their transactions and the change in the value of the Fund for the period 1st October 2008 to 31st December 2008 detailed by Manager, is attached in the Appendix 1.
Managers’ Performance
3 The table below shows how the Managers' of the six parts of the Fund have performed over the last quarter and since inception against agreed benchmarks:
 | Quarter ended 30th December 2008 | Since inception (11th February 2008) |
| Manager | Performance | Performance compared to BenchmarkPerformancePerformance compared to Benchmark |
| | |
| Alliance Bernstein | -10.35 | -12.23-13.02-20.18 |
| Barings | -0.41 | -2.54-5.26-13.28 |
| Black Rock | -7.02 | +2.47-28.42-6.51 |
| CBRE | -6.08 | -4.77-25.60-30.49 |
| Edinburgh Partners | -1.73 | +1.16-8.37+2.09 |
| Royal London | -0.13 | +0.25+2.58+0.62 |
Allocation of “New Money”
4 Appendix 2 details the cash position of the Fund, cash flow for the last four quarters, and an estimated cash flow for the quarter ended 31st March 2009.
5 The un-invested cash balance at the end of the previous quarter, together with interest and dividend received during the quarter, would normally be available for investment during the quarter ending 31st March 2009. The amount allocated to each Manager is subject to the need to retain money to meet the Funds net cash outflow. However, it is suggested that, as a review of the Funds Rebalancing Policy is presently being undertaken in conjunction with the Pension Fund's Advisors, no allocation be made until this work is completed.
Conclusion
6 Members are asked to note the value of the Fund as at the performance of the Fund Managers' and that no allocation of "new money" will be made to Fund Managers' pending the completion of the Rebalancing Policy.
| Contact: Paul Turner Ext: 3571 |
11 March 2009Ac/r/mhSup2nf new
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