Issue - meetings

Purpose: To provide Committee Members with an economic and market update

(a)       The Economic and Market Update 31 March 2019 was noted and discussed.

(b)       To note how the information in the report effectively “sets the scene” for what the Committee should expect to see in the Investment Strategy and Manager Summary report in terms of the performance of the Fund’s asset portfolio.

This update was noted and the Committee went straight to questions. Cllr Mullin enquired whether there was any update on Brexit. Mr Buckland said that there are still uncertainties but the biggest issue at the moment is the conservative leadership election. The result of the election is due to come out mid-July and depending on the outcome he believes that there is a possibility of a No Deal Brexit. If that was the case, he noted that there could be an impact on Sterling.  Given the position of the portfolio, the impact will not necessarily be a major impact as it is protected as far as possible (due to the hedging position). Globally there is a concern on US and China trade tensions which will likely have an impact and is causing some volatility in markets.   Mr Buckland confirmed that the outlook is something that will be taken into account in the strategy review later in the year.

RESOLVED:

(a)  The Economic and Market Update 31 March 2019 was noted and discussed.

(b)  To note how the information in the report effectively “sets the scene” for what the Committee should expect to see in the Investment Strategy and Manager Summary report in terms of the performance of the Fund’s asset portfolio.