Issue - meetings
Investment Strategy and Manager Summary
Meeting: 05/09/2018 - Clwyd Pension Fund Committee (Item 27)
27 Investment Strategy and Manager Summary 
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To update Committee Members on the performance
of the Fund’s investment strategy and Fund Managers
Additional documents:
Decision:
(a) To note and discuss the investment strategy and manager performance in the Investment Strategy and Manager Summary 30 June 2018.
(b) The Committee considered the information in the Economic and Market Update report to provide context in addition to the information contained in this report.
Minutes:
Mr Harkin noted that there were some areas of disappointment in returns in the quarter ending of June 2018. However, since the end of March the Fund has had a £70 million increase. The Fund’s total market value was £1,848 million at the end of June and £1,882 million at the end of July. The Fund has performed well in developed market equities however credit assets struggled due to the rising yield environment.
The report outlined the performance summary to 30 June 2018. The total fund return over the quarter (3.2%) and over the 3 year period (9.9%) was ahead of target. However, Stone Harbour underperformed over the 3 month period and discussions around this are on-going with the manager. The return of 15.2% in hedge funds over 3 months is an anomaly because it included sales proceeds of legacy assets.
RESOLVED:
(a) To note and discuss the investment strategy and manager performance in the Investment Strategy and Manager Summary 30 June 2018.
(b) The Committee considered the information in the Economic and Market Update report to provide context in addition to the information contained in this report.