Issue - meetings

That the report be noted.

Mr Harkin (Fund Investment Consultant – JLT Group) provided Committee Members with an economic and market update for the quarter ended 30 September 2016. Mr Harkin commented that the economic and market environment during the third quarter continued to be dominated by the UK’s decision to leave the EU. Key contributors driving sentiment include: 

·         the sharp fall in Sterling

·         political uncertainties such as the impact of Brexit and the run up to the US Presidential election

·         central Bank intervention

Despite the continued uncertainty in markets, positive returns were seen across all Equity markets with returns to the Sterling investor boosted by the fall in the currency. Property returns were negative over the quarter whilst the Sterling based Commodities index return was negative due to the sharp depreciation of Sterling relative to the US Dollar. However Commodity returns in US Dollar terms continued to rise in the third quarter.

RESOLVED:

That the report be noted.