Issue - meetings

(a)          That the report be noted; and

(b)          That the Committee considers the information in the Economic and Market Update report to provide context in addition to the information contained in this report.

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 30 June 2016.

Mr Harkin reported on market performance and volatility and advised that the Fund’s total market value had increased by nearly £97.8m to £1.48b.  He then noted that the liabilities had not been as positive and the funding level had decreased to 60% if you assess liabilities on the existing valuation basis but this had been updated as part of the 2016 valuation. Mr Harkin highlighted the Equity investment performance pointing out that Investec performance had been poor but that following previous periods of poor performance, Investec have demonstrated that the investment process tends to produce a strong recovery.  He also noted that there had been a positive display in the diversified growth portfolio from Pyrford and the best ideas portfolio was now benefiting the Fund.

RESOLVED:

(a)       That the report be noted; and

(b)       That the Committee considers the information in the Economic and Market Update report to provide context in addition to the information contained in this report.