Issue - meetings
Economic and Market Update and Investment Strategy and Manager Summary
Meeting: 15/02/2023 - Clwyd Pension Fund Committee (Item 42)
42 Economic and Market Update and Investment Strategy and Manager Summary 
PDF 106 KB
To provide Committee Members with an economic
and market update and performance of the Fund and Fund
Managers.
Additional documents:
- Enc. 1 for Economic and Market Update and Investment Strategy and Manager Summary, item 42
PDF 1001 KB
- Enc. 2 for Economic and Market Update and Investment Strategy and Manager Summary, item 42
PDF 1 MB
- Webcast for Economic and Market Update and Investment Strategy and Manager Summary
Decision:
The performance of the Fund over periods to the end of December 2022 was noted by the Committee, along with the Economic and Market update which effectively set the scene.
Minutes:
The Fund’s Investment Consultant, Mr Dickson, summarised the market position and environment over the past year, highlighting factors affecting markets over the last year and the last quarter. Mr Dickson then explained how this has impacted the performance of the Fund:
- Over the last quarter (30 September to 31 December) assets were flat.
- Over the year, the Fund’s performance was down overall by 10.6%, with poorer returns particularly in equities and multi-asset credit. Private Markets produced positive returns for the Fund, particularly with Sterling weakening, as did the TAA and hedge funds.
- The three year view, important for the Fund’s long-term approach, continued to show positive returns.
- Mr Dickson updated the Committee on performance since the start of the calendar year when markets have been positive.
RESOLVED:
The performance of the Fund over periods to the end of December 2022 was noted by the Committee, along with the Economic and Market update which effectively set the scene.