Issue - meetings

Report attached.

Officers advised the Committee that the net return on the Fund’s investments for the quarter to 30 June 2015 was -2.3%. This represented an under performance of -0.5% against the combined tactical benchmark and an out performance of 3.5% against the strategic benchmark.

The overall net return for the year to 30 June 2015 was 8.8%. This represented an out performance of 1.2% against the tactical combined benchmark and an under performance of -8.7% against the annual strategic benchmark.

The Committee had received an update from Hymans Robertson and presentations from two of the Fund Managers Ruffer and Royal London.

The Committee noted the reports and presentations.