Issue - meetings

To consider the attached report.

Officers advised the Committee that the net return on the Fund’s investments for the quarter to 31 December 2015 was 2.8%. This represented an out performance of 0.9% against the combined tactical benchmark and an out performance of 4.6% against the strategic benchmark.

The overall net return for the year to 31 December 2015 was 1.8%. This represented an under performance of -0.9% against the tactical combined benchmark and an under performance of -1.2% against the annual strategic benchmark.

At the close of business on 31 December 2015 the total combined value of the fund was £561.69m this represented an increase of £14.82m from the position at the close of business on 30 September 2016. Officers advised that as at the end of February the fund had seen a small drop to approximately £560m.

The Committee had received an update from Hymans Robertson and presentations from two of the Fund Managers UBS Triton and Royal London Asset Management.

The Committee noted the reports and presentations.