Issue - meetings

That the investment strategy and manager performance as detailed in the

report be noted.

Kieran Harkin, Fund Investment Consultant – JLT Group, presented a report to provide an update on the performance of the Fund’s investment strategy and performance of the Fund’s investment managers for the quarter ending 31 March 2016.   He advised that the Fund had experienced a mixed quarter from an Investment Strategy perspective with positive returns from a number of asset classes but negative returns from others. 

Mr. Harkin reported on the key considerations, as detailed in the report, and said there were no concerns with any of the Fund’s investment managers.  He advised that the Fund’s investment strategy would be reviewed later in 2016 as part of the Actuarial Valuation process.  Mr. Harkin explained that a number of the Fund’s investment managers had outperformed their respective targets during the quarter and there had been strong performance from the Fund’s in-house portfolio.

The Clwyd Pension Fund Manager commented on performance summary as detailed in section 4 of the appended report and explained that the target included the outperformance above the benchmark.

During discussion Debbie Fielder, Pensions Finance Manager, responded to the question raised by Steve Hibbert concerning the number of in-house managers.  In response to the comment made by Steve Hibbert on the aim to reduce the number of managers, the Pensions Finance Manger explained that as part of the strategy review last year, it was agreed to try to reduce the individual investments but many can take up to 15 years to materialise.  Since that decision, there had been a significant slow-down in the number of investments.

RESOLVED:

That the investment strategy and manager performance as detailed in the

report be noted.