Agenda item

Consideration was given to the report of the Corporate Director, Resources which gave an overview of the performance of the Fund up to 30 June 2013 (for copy see file of Minutes).

The report gave details of the Managers’ performance against their benchmarks for the quarter, year to date and since inception of the Fund.

Members were advised that performance of the Plan this quarter was below the benchmark but this was not unexpected. Growth assets had fallen across the board with real yields rising. This therefore had resulted in a negative return in both index linked gilts and bonds. This was reflected in the performance of RLAM which fell 7% in quarter 2.

In response to a question from Councillor Martin regarding Edinburgh Partners the Committee was advised that the amount referred to in the report related to dividends and should disappear from the Plan by the end of the next transition period.

Resolved:

That the information given be noted.