Issue - meetings

Officers advised the Committee that the net return on the Fund’s investments for the quarter to 31 March 2016 was 1.4%. This represented an under performance of -0.8% against the combined tactical benchmark and an under performance of -6.9% against the strategic benchmark.

The overall net return for the year to 31 March 2016 was -1.2%. This represented an under performance of -2.8% against the tactical combined benchmark and an under performance of -7.7% against the annual strategic benchmark.

At the close of business on 31 March 2016 the total combined value of the fund was £572.2 this represented an increase of £10.52 from the position at the close of business on 31 December 2015. Officers advised that as at the end of May the fund had seen a small drop to approximately £563m.

The Committee had received an update from Hymans Robertson and a presentation from GMO on the performance of their Global Real Return (UCITS) Fund.

Officers advised the Committee that the Pension Fund Actuaries would be undertaking the triennial valuation of the Fund based on the data as at 31 march 2016. It was expected that a draft report would be available by the end of October. Earlier indications were that the actuaries would look to retain the status quo for Havering.

The Committee noted the reports and presentation.