MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 PRESENT. Councillor G Carlile (in the Chair)

Size: px
Start display at page:

Download "MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 PRESENT. Councillor G Carlile (in the Chair)"

Transcription

1 MINUTES of a meeting of the INVESTMENT COMMITTEE held at County Hall, Matlock on 16 April 2007 Derbyshire County Council PRESENT Councillor G Carlile (in the Chair) Councillors Mrs M Booth, P J G Clark, E Lancashire MBE, C R Moesby, Mrs A Noskwith, and I Pryce Derbyshire LGA Councillors A Cox and A Tomlinson Derby City Council Councillors M Carr and D Roberts 1/07 MINUTES RESOLVED that the minutes of the meeting of the Committee held on 11 December 2006 be confirmed as a correct record and signed by the Chair. 2/07 BACKGROUND AND MARKET RETURNS Within the UK, the budget had been broadly neutral. Forecasts for the GDP growth remained unchanged. In February, the Consumer Price inflation had risen by 0.4%, and the Retail Price Index had risen to 4.6%. Interest rates had been increased to 5.25%, with possible further necessary increases. GDP growth in the USA had been revised downwards, and the forecast for 2007 was now 2.4%. The budget deficit for 2006 had been better than predicted, and the current account deficit was also moderated due to economic slowdown. Headline inflation measures had fallen significantly in the last quarter, but core inflation measures remained above target. GDP growth throughout Europe had strengthened during 2006, but a slowdown had been forecast for However, this had not yet materialised and 2007 consensus forecasts had been revised upwards. Concern had been raised regarding inflationary pressures, and the ECB had raised interest rates. There had been a growth in the Japanese economy during quarter 4 of During February, the Bank of Japan had raised the overnight cash rate to 0.5%, but it was unlikely to raise rates further. 1

2 The People s Bank of China had increased bank reserve requirements by a further 0.5%, and it had also raised its interest rate by 0.27%. This was against a background of GDP growth of 10.7% in 2006 and forecast growth of 9.7% in The economy in Hong Kong was expected to grow to 5.5% in 2007, and the Reserve Bank of Australia had expressed concern regarding wage growth and general inflationary pressures. The returns for the major asset classes for the year 1 April March 2007 were reported. Returns on equity markets had been mixed the UK, US, Europe and Asia Pacific had performed reasonably well, whilst Japan had been weak. Overseas investments had been adversely affected by the weakness of other currencies against the sterling. UK Gilts and Index Linked stocks had provided positive returns but had underperformed cash. 3/07 ASSET ALLOCATION, STRATEGY AND PERFORMANCE The Head of Corporate Finance reported the current asset allocation, and the proportion of the Fund held in each sector at 31 December 2006 was highlighted, and compared with the asset allocation ranges and the average local authority position at the same date. The Fund was overweight in equities, substantially underweight in conventional bonds and index-linked stocks, slightly overweight in property, and heavily weighted in cash. The local authority average was more weighted in property and overseas equities. The Fund was within its permitted range for all asset classes. Investment activity since the last meeting was reported. The Fund s investment assets were currently valued at 2,025.4m. A list of transactions since the last meeting and a copy of the latest portfolio were presented. The strategy reports of the Investment Advisers were presented, but only Mr Williams was able to attend the meeting. He gave a more cautious approach than Morley Fund Management, and stated that there were inflation fears in a number of the world s major economies. The view was to be fairly neutral in equities and underweight in bonds. The Fund s results for the first three quarters of 2006/07 were compared with index returns and the local authority average performance. Performance in quarter 3 was ahead of the Fund s benchmark index and in line with the local authority average. To date, it trailed the local authority average, but underperformance against the benchmark index had been reduced to 0.3%. The weakest performance had been in Japan. The situation was currently being reviewed, and any changes would be reported back to the Committee. 2

3 RESOLVED (1) to note the report; and (2) to approve the strategy outlined in the report. 4/07 LAPFF The minutes of the LAPFF AGM held on 29 November 2006 and the meeting held on 24 January 2007 were presented for information. RESOLVED to note the minutes of the LAPFF AGM held on 29 November 2006 and the business meeting held on 24 January /07 SOCIALLY RESPONSIBLE INVESTMENT The Committee had previously received a report on the performance of the Fund s ethical unit trusts. A further report was requested to look at all aspects of Socially Responsible Investment, and to review the performance of individual unit trusts. The types of socially responsible investment were detailed ethical/negative screening, positive/best in class screening, constructive engagement, shareholder activism, and sustainability theme investing. Socially Responsible Investment was investment which combined investors financial objectives with their commitment to social concerns. The principle of introducing environmental and social concerns into the investment process could be applied in a number of ways. When it was decided to invest in ethical trusts, a number of trusts were analysed for ethical criteria, track records, liquidity, exposure to UK smaller/growth companies, and lack of overlap with the Fund s main UK equity portfolio. The trusts chosen were the F&C Stewardship Fund and the CIS Sustainable Leaders fund. Investment had also been made in two environmental trusts Impax Environmental Trust and the Low Carbon Accelerator fund which could be considered as ethical investments. Other investments in the Fund s UK equity portfolio were considered suitable for ethical investors and featured in the FTSE4Good Index and in the Ethical Trust portfolios. A further review of ethical trusts had been undertaken, and a number of the better performing funds had been analysed. Details of these were given. In general, the Trusts had underperformed the Allshare Index. Ethical trusts had recently shown stronger performance and most had outperformed the FTSE Allshare and the FTSE Small Companies indices. Of the funds analysed, the F&C Stewardship Fund had been the strongest performer over the longer term. The CIS Sustainable Leaders Fund had been the weakest performer, but had improved more recently. It was 3

4 therefore recommended to retain the current holdings. It was also recommended that the investments in the Impax Environmental Trust and the Low Carbon Accelerator trust should be treated as being part of the Fund s ethical portfolio, and that further investments of this type should be considered as opportunities arise. RESOLVED (1) to retain the current holdings; and (2) that the investments in the Impax Environmental Trust and the Low Carbon Accelerator trust be treated as being part of the Fund s ethical portfolio and that further investments of this type be considered as opportunities arise. 6/07 CORPORATE GOVERNANCE The Fund s voting activity between 1 November 2006 and 28 February 2007 was reported. 7/07 RISK ANALYSIS FEBRUARY 2007 The results of the February 2007 risk analysis were presented to the Committee. Analysis of the risk model indicated that the UK portfolio had a relatively low tracking error and low beta, which suggested that the portfolio would generate a small outperformance when defensive stocks out-performed the market. The biggest sector risk factor was the large underweight position in the mining sector, and the largest economic risk factor was the negative connection with oil prices, and it was felt that the UK portfolio would out perform if commodity prices fell. Sector and economic exposures had remained fairly stable during the quarter, despite the recent increase in market volatility. 8/07 EXCLUSION OF THE PUBLIC RESOLVED that the public be excluded from the meeting during the Committee s consideration of the remaining items on the agenda to avoid the disclosure of the kind of exempt information detailed in the following summary of proceedings:- SUMMARY OF PROCEEDINGS CONDUCTED AFTER THE PUBLIC HAD BEEN EXCLUDED FROM THE MEETING 1. To confirm the exempt minutes of the Committee held on 11 December To consider the exempt report of the Head of Corporate Finance on:- 4

5 a) Investment Committee Business Plan 2007/08 b) Review of External Manager 3. To consider the exempt report of the Head of Corporate Finance on Review of Investment Advisers Contracts 5

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

Fund descriptions, their charges and risk warnings

Fund descriptions, their charges and risk warnings Fund descriptions, their charges and risk warnings This document was produced in March 2015 and is accurate at that date. When reviewing your fund choices you should refer to up-to-date information, available

More information

RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014

RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014 RBS Investment Options ICVC Final Short Report for the year ended 31 October 2014 RBS Investment Options ICVC Final Short Report Table of Contents Report of the Authorised Corporate Director 2 Economic

More information

ACE COMPLETE PENSION TRUST. Investment Fund Guide

ACE COMPLETE PENSION TRUST. Investment Fund Guide ACE COMPLETE PENSION TRUST Investment Fund Guide Introduction This guide has been prepared to assist you in making your investment decisions. It outlines two possible levels of investment involvement that

More information

2015Q1 INVESTMENT OUTLOOK

2015Q1 INVESTMENT OUTLOOK TTG WEALTH MANAGEMENT 2015Q1 INVESTMENT OUTLOOK TABLE OF CONTENTS Contents 2015Q1 Core Asset Allocation Summary 1 2015Q1 Satellite Asset Allocation Summary 2 2014 Year-End Review 3 Investment Outlook for

More information

CIS UK Growth Trust. A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013

CIS UK Growth Trust. A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013 CIS UK Growth Trust A focused, stockpicking FTSE All-Share fund with strong performance since inception. Product profile as at 31/03/2013 This document is intended for investment professionals and professional

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Fund guide. Prudence Bond Prudence Managed Investment Bond

Fund guide. Prudence Bond Prudence Managed Investment Bond Fund guide Prudence Bond Prudence Managed Investment Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone is different so

More information

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition

March 2015. Investment policy. CH, DE, AT, IT, FR, FL and LU edition March 2015 Investment policy CH, DE, AT, IT, FR, FL and LU edition Further expansion of the equity exposure in Europe and the emerging countries. The Swisscanto equities barometer 0 neutral allocation

More information

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Committee and Date Cabinet 10 June 2015 12.30 pm Item 9 Public TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Responsible Officer James Walton e-mail: james.walton@shropshire.gov.uk Tel: (01743) 255011 1.

More information

WELCOME TO THE AIRBUS GROUP UK RETIREMENT PLAN

WELCOME TO THE AIRBUS GROUP UK RETIREMENT PLAN WELCOME TO THE AIRBUS GROUP UK RETIREMENT PLAN Investment guide The is an important part of your reward package. This guide aims to help you choose the funds in which to invest your personal Retirement

More information

Portfolio Series Portfolio Review Second Quarter 2010

Portfolio Series Portfolio Review Second Quarter 2010 Portfolio Series Portfolio Review Second Quarter 2010 We are pleased to introduce Portfolio Review, a new quarterly report on Portfolio Series. 3 Portfolio Series Income Fund 7 Portfolio Series Conservative

More information

2016 Year Ahead - Global Investment Outlook

2016 Year Ahead - Global Investment Outlook PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy January 2016 2016 Year Ahead - Global Investment Outlook After Struggling in 2015, Global Equity Markets likely

More information

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach

Investment Strategy for Pensions Actuaries A Multi Asset Class Approach Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com

More information

Commentary June 2015

Commentary June 2015 Macro Commentary June 2015 Since our last Commentary the main pillars of economic growth (China, the US, Germany and UK) have produced a raft of disappointing economic statistics, interspersed by only

More information

Elite LJ Active Portfolio Fund

Elite LJ Active Portfolio Fund Elite LJ Active Portfolio Fund Short Report for the year ended 30 April 2015 Investment Objective and Policy The objective of the Fund is to achieve a total positive return in all market conditions, over

More information

Mawer Canadian Bond Fund. Interim Management Report of Fund Performance

Mawer Canadian Bond Fund. Interim Management Report of Fund Performance Interim Management Report of Fund Performance For the Period Ended June 30, 2015 This interim management report of fund performance contains financial highlights but does not contain either interim or

More information

Understanding your AVC investment choices

Understanding your AVC investment choices Shell Contributory Pension Fund Additional Voluntary Contributions Arrangement Understanding your AVC investment choices Produced in Association with the Trustee s Adviser Aon Hewitt July 2013 1 July 2013

More information

The London Borough of Bromley Pension Fund For the period ending 30 June 2012. 15 August 2012

The London Borough of Bromley Pension Fund For the period ending 30 June 2012. 15 August 2012 APPENDIX 7 REPORT PREPARED FOR The London Borough of Bromley Pension Fund For the period ending 30 June 2012 15 August 2012 Alick Stevenson AllenbridgeEpic Investment Advisers Limited (AllenbridgeEpic)

More information

Guide to Investment Risk

Guide to Investment Risk Guide to Investment Risk What is risk? Risk is another word for uncertainty. While all investments carry an element of risk, the amount of risk you take directly affects any potential returns and losses.

More information

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6

percentage points to the overall CPI outcome. Goods price inflation increased to 4,6 South African Reserve Bank Press Statement Embargo on Delivery 28 January 2016 Statement of the Monetary Policy Committee Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the

More information

Zurich Investment Bonds. Funds guide

Zurich Investment Bonds. Funds guide Zurich Investment Bonds Funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 6 Fund risks 7 Managed funds 8 Multimanaged funds 10 UK equity

More information

LONDON BOROUGH OF BRENT

LONDON BOROUGH OF BRENT LONDON BOROUGH OF BRENT MINUTES OF THE BRENT PENSION FUND SUB-COMMITTEE Tuesday 26 February 2013 at 6.30 pm PRESENT: Councillor S Choudhary (Chair) and Councillors Mrs Bacchus, Mitchell Murray, Hashmi,

More information

MERCER PORTFOLIO SERVICE MONTHLY REPORT

MERCER PORTFOLIO SERVICE MONTHLY REPORT MERCER PORTFOLIO SERVICE MONTHLY REPORT MAY 206 Mercer Superannuation (Australia) Limited ABN 79 004 77 533 Australian Financial Services Licence # 235906 is the trustee of the Mercer Portfolio Service

More information

T A T T O N M A N A G E D ( O B S R ) C A U T I O U S

T A T T O N M A N A G E D ( O B S R ) C A U T I O U S Q 4 2 0 1 5 Q U A R T E R L Y R E P O R T F O U R T H Q U A R T E R ( O C T - D E C ) 2 0 1 5 T A T T O N M A N A G E D ( O B S R ) C A U T I O U S 1 Cumulative Performance % (years) M O D E L P O R T

More information

Zurich Investment Bonds. Funds guide

Zurich Investment Bonds. Funds guide Zurich Investment Bonds Funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 6 Fund risks 7 Managed funds 8 Multimanaged funds 10 UK equity

More information

PERFORMANCE UPDATE ASSET CLASS REVIEW THE STOCK MARKET WORLD CUP WINNER SEPTEMBER BLUES WHAT RISK ARE YOU TAKING WITH YOUR MONEY?

PERFORMANCE UPDATE ASSET CLASS REVIEW THE STOCK MARKET WORLD CUP WINNER SEPTEMBER BLUES WHAT RISK ARE YOU TAKING WITH YOUR MONEY? PERFORMANCE UPDATE ASSET CLASS REVIEW THE STOCK MARKET WORLD CUP WINNER SEPTEMBER BLUES WHAT RISK ARE YOU TAKING WITH YOUR MONEY? FINAL COMMENT PERFORMANCE UPDATE Stock market performance in July was generally

More information

Fund Guide. Prudential International Investment Bond International Prudence Bond

Fund Guide. Prudential International Investment Bond International Prudence Bond Fund Guide Prudential International Investment Bond International Prudence Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone

More information

Invesco Perpetual Select Trust plc As at 31 October 2015

Invesco Perpetual Select Trust plc As at 31 October 2015 Discount Control Policy On 31 20 Invesco Perpetual Select Trust plc adopted a zero tolerance discount policy and will offer or, as the case may be, purchase shares in any of the Company s share classes

More information

October 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy

October 2015. PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook & Strategy October 2015 Market Volatility likely to Remain Elevated on China Growth Concerns & Fed Rate Uncertainty. Stocks

More information

InterContinental Hotels Group

InterContinental Hotels Group InterContinental Hotels Group International Savings & Retirement Plan Investment Guide Sherine InterContinental Hotels & Resorts InterContinental Hotels Group International Savings & Retirement Plan Introduction

More information

MPS monthly update May 2016

MPS monthly update May 2016 MPS monthly update May 2016 For professional advisers only Market roundup as at 31.05.16 (local currency, total return) Month Year-to-date FTSE 100 Index 0.31% 1.81% FTSE All-Share Index 0.69% 1.41% FTSE

More information

IOOF Investments. IOOF MultiMix Trusts IOOF Multi Series Balanced Trust IOOF Cash Management Trust IOOF Balanced Investor Trust

IOOF Investments. IOOF MultiMix Trusts IOOF Multi Series Balanced Trust IOOF Cash Management Trust IOOF Balanced Investor Trust IOOF Investments Trusts IOOF Multi Series Balanced Trust IOOF Cash Management Trust IOOF Balanced Investor Trust Quarterly report (to 1 December 201) Contents portfolio construction 2 Asset allocation

More information

funds KEY This is an important document. Please keep it safe for future reference.

funds KEY This is an important document. Please keep it safe for future reference. SELECT PORTFOLIO bond (wealth managers) funds KEY FEATURES. This is an important document. Please keep it safe for future reference. SELECT PORTFOLIO BOND (wealth managers) FUNDS KEY FEATURES 2 WHAT ARE

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

More information

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative

More information

Global bond investing

Global bond investing Global bond investing Todd Schlanger, CFA Investment Strategy Group Vanguard Asset Management, Limited This document is directed at professional investors and should not be distributed to, or relied upon

More information

Investment risk Balancing investment risk and potential reward

Investment risk Balancing investment risk and potential reward Investment risk Balancing investment risk and potential reward This guide has been produced for educational purposes only and should not be regarded as a substitute for investment advice. Vanguard Asset

More information

Individual Savings Account Fund menu

Individual Savings Account Fund menu Individual Savings Account Fund menu This fund menu lists all the funds available on our Individual Savings Account (ISA). Your financial adviser will be able to help you choose the right combination of

More information

Wealth Solutions Bond Fund Menu

Wealth Solutions Bond Fund Menu Wealth Solutions Bond Menu Choosing the right funds 3 The importance of diversification 3 Investing for income or growth 3 Investing with Friends Life 4 distribution funds 7 Charges and fund risks 8 risk

More information

WEEKLY MARKET COMMENTARY

WEEKLY MARKET COMMENTARY WEEKLY MARKET COMMENTARY Update on Risks and Opportunities in the Financial Markets January 2015 Weekly Market Commentary Week of January 26, 2015 KEY TAKEAWAYS The latest leg up for the U.S. dollar has

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Fund volatility and performance

Fund volatility and performance Fund volatility and performance Our funds This guide provides you with details of the past performance and volatility figures for our fund range. These can be used to help you understand the investment

More information

http://www.pensionprotectionfund.org.uk/documentlibrary/documents/ppf_7800_u nderlying_data.pdf

http://www.pensionprotectionfund.org.uk/documentlibrary/documents/ppf_7800_u nderlying_data.pdf PPF 7800 Index 31 March 2015 This update provides the latest estimated funding position, on a section 179 (s179) basis, for the defined benefit schemes potentially eligible for entry to the Pension Protection

More information

Economic Snapshot January 2013

Economic Snapshot January 2013 January 2013 In summary January saw 2013 begin on a good note with strong gains on local markets. In percentage terms the Australian share market rose approximately 5%. This means the market has risen

More information

Friends Life Online Stakeholder Pension Fund guide

Friends Life Online Stakeholder Pension Fund guide Friends Life Online Stakeholder Pension Fund guide This guide describes the funds available for investment under our Friends Life Online Stakeholder Pension and sets out their aims. Which funds can I choose

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter

First Quarter 2015 Financial Market Commentary April, 2015. Stocks Hit New Highs in a Volatile Quarter Hit New Highs in a Volatile Quarter Stock investors in the U.S. and around the globe had plenty to cheer about during the first quarter of 2015 as at least 17 world stock indexes set news highs due to

More information

Investment Options and Risk

Investment Options and Risk Investment Options and Risk Issued 1 July 2013 The information in this document forms part of the Product Disclosure Statement for the Military Superannuation and Benefits Scheme (MilitarySuper), third

More information

Global Markets Update Signature Global Advisors

Global Markets Update Signature Global Advisors SIGNATURE GLOBAL ADVISORS MARKETS UPDATE AUGUST 3, 2011 The following comments come from an internal interview with Chief Investment Officer, Eric Bushell. They represent Signature s current market views

More information

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016

Fund commentary. John Hancock Retirement Living Portfolios Q1 2016 John Hancock Retirement Living Portfolios Fund commentary Seek: Long-term growth of capital or a balance between a high level of current income and growth of capital Use for: Broadly diversified, risk-targeted

More information

2015 2 nd Quarter Market Commentary

2015 2 nd Quarter Market Commentary 2015 2 nd Quarter Market Commentary 1 Second Quarter Summary The U.S. Federal Reserve communicated that recent economic growth means the era of easy money may soon come to a close, causing bond yields

More information

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014

Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly

More information

Economic & Market Outlook

Economic & Market Outlook Monthly Portfolio Commentary December 31, 2015 Economic & Market Outlook Stocks rebounded in 2015 s fourth quarter, but provided little reward for the year as a whole. The S&P 500 Index recovered from

More information

Annual Short Report. for the year ending 30 September 2015. City Financial Investment Fund Series III City Financial Multi Asset Diversified Fund

Annual Short Report. for the year ending 30 September 2015. City Financial Investment Fund Series III City Financial Multi Asset Diversified Fund Annual Short Report for the year ending 30 September 2015 City Financial Investment Fund Series III City Financial Multi Asset Diversified Fund Corporate Information Authorised Corporate Director City

More information

Investment Guide. Understanding how your pension is invested

Investment Guide. Understanding how your pension is invested Understanding how your pension is invested Introduction The Creative Pension Trust ( the Scheme ) is an occupational money purchase pension scheme. It operates as a master trust, which means that many

More information

Property Data Report

Property Data Report Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform

More information

Premier Liberation multi-asset risk-targeted solutions

Premier Liberation multi-asset risk-targeted solutions multi-asset risk-targeted solutions Fund update - fourth quarter 2014 For professional adviser use only and not for distribution to retail investors multi-asset risk-targeted solutions Need to know To

More information

Unit-Linked Fund Information

Unit-Linked Fund Information Unit-Linked Information Level of Risk Lower Money Objective of the The investment is in short term deposit instruments, thus allowing sufficient liquidity in a fund that is principally a short-term investment

More information

Global Investment Centre Fund List

Global Investment Centre Fund List Global Investment Centre Fund List The share classes available on Global Investment Centre are either legacy or clean share classes. Clean share classes will replace legacy share classes on the Global

More information

BALANCED fund. Fourth Quarter Results FOCUSED INVESTING FOR THE LONG-TERM. December 31, 2015

BALANCED fund. Fourth Quarter Results FOCUSED INVESTING FOR THE LONG-TERM. December 31, 2015 BALANCED fund Fourth Quarter Results December 31, 2015 FOCUSED INVESTING FOR THE LONG-TERM BALANCED fund (MAPOX) Fourth Quarter Market Overview - December 31, 2015 Investors facing growing uncertainty

More information

CHOOSING YOUR INVESTMENT FUND.

CHOOSING YOUR INVESTMENT FUND. STAKEHOLDER PENSION PLAN CHOOSING YOUR INVESTMENT FUND. This is an important document. Please keep it safe for future reference. INSURANCE. SAVINGS. INVESTMENT MANAGEMENT. 2 STAKEHOLDER PENSION PLAN CHOOSING

More information

LC Paper No. CB(1)1621/05-06(01)

LC Paper No. CB(1)1621/05-06(01) LC Paper No. CB(1)1621/05-06(01) Response to the follow up questions for the FA Panel meeting held on 4 May 2006 a. The size, portfolio, return and relevant parameters of the Norwegian Government Pension

More information

London Market Snapshot October 2015 10/15

London Market Snapshot October 2015 10/15 London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than

More information

Three new stock ETFs for greater global diversification

Three new stock ETFs for greater global diversification Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock

More information

SURVEY ON UK INCOME INVESTING

SURVEY ON UK INCOME INVESTING OUR 2014 SURVEY OF UK INVESTORS REVEALS DEEP CONCERNS ABOUT WITH THE RESULTS SHOWING INVESTORS TRAPPED INTO LOW RETURNS BY A HOME BIAS WHICH EXPOSES THEM TO TODAY'S CLIMATE OF LOW INTEREST RATES. ABOUT

More information

M&G Corporate Bond Fund

M&G Corporate Bond Fund Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving

More information

MANAGED PORTFOLIO SERVICE

MANAGED PORTFOLIO SERVICE When clients select our Managed Portfolio Service they expect us to take care of their wealth. Over the past decade we have been proactive and innovative in expanding our offering to meet the evolving

More information

ABI Sector Definitions

ABI Sector Definitions ABI Sector Definitions March 2015 1 Definitions for funds in the ABI Sectors Unit-linked life and pension funds are split into a total of 34 ABI Sectors. Funds in the same sector can be compared on a

More information

Absolute return: The search for positive returns in changing markets

Absolute return: The search for positive returns in changing markets Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What

More information

Performance Attribution Analysis

Performance Attribution Analysis Performance Attribution Analysis Preface Performance attribution interprets how investors achieve their performance and measures the sources of value added to a portfolio. This guide describes how returns,

More information

INVESTMENT BOND GUIDE. You can put more life in your money AXA: smarter investment solutions

INVESTMENT BOND GUIDE. You can put more life in your money AXA: smarter investment solutions INVESTMENT BOND GUIDE You can put more life in your money AXA: smarter investment solutions Investment Bond CONTENTS page Introducing our Investment Bond Investment Bond allocation rates and charges Your

More information

The Chinese University of Hong Kong

The Chinese University of Hong Kong Member Review for The Chinese University of Hong Kong 8 & 9 March 2007 0 Agenda Fidelity Your Reliable Retirement Partner Portfolio Review Performance Market Review & Outlook Member Services 1 Fidelity

More information

WHY RISING INTEREST RATES ARE ACTUALLY GOOD FOR GLOBAL REAL ESTATE STOCKS

WHY RISING INTEREST RATES ARE ACTUALLY GOOD FOR GLOBAL REAL ESTATE STOCKS WHY RISING INTEREST RATES ARE ACTUALLY GOOD FOR GLOBAL REAL ESTATE STOCKS AUGUST 2015 Prepared by: W. Stevens Carroll, CPA Senior Global Portfolio Manager Jonathan Miniman, CFA Portfolio Manager According

More information

Sterling Investment Bond. Investment funds guide

Sterling Investment Bond. Investment funds guide Sterling Investment Bond Investment funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 10 Fund risks 11 Managed funds 12 Multi-Managed funds

More information

Market Review September 2015

Market Review September 2015 Market Review September 2015 Markets remained volatile in September, impacted by the ongoing concerns over slower growth in China and other emerging markets and fears over possible contagion to the global

More information

GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Investment Principles

GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Investment Principles GW Contracted-out Money Purchase Scheme ( the Scheme ) Statement of Principles This Statement of Principles (SIP) covers the defined contribution section of the Scheme. It is set out in three parts: 1)

More information

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years.

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years. Financial Review Long-term model delivering widespread growth This is another set of record results with widespread growth in all sectors and all regions. High returns were maintained and good cash generation

More information

How Smaller Stocks May Offer Larger Returns

How Smaller Stocks May Offer Larger Returns Strategic Advisory Solutions April 2015 How Smaller Stocks May Offer Larger Returns In an environment where the US continues to be the growth engine of the developed world, investors may find opportunity

More information

RISK ASSESSMENT QUESTIONNAIRE

RISK ASSESSMENT QUESTIONNAIRE Time Horizon 6/14 Your current situation and future income needs. 1. What is your current age? 2. When do you expect to start drawing income? A Less than 45 A Not for at least 20 years B 45 to 55 B In

More information

Global Investment Outlook

Global Investment Outlook PRUDENTIAL INTERNATIONAL INVESTMENTS ADVISERS, LLC. Global Investment Outlook May 2014 Stocks to Rebound with Q2 GDP & Earnings Recovery, Fresh ECB (& BoJ) Stimulus, Fed keeping U.S. Rates Low & Easing

More information

The General Dental Council 1970 Pension and Life Assurance Plan Statement of Investment Principles July 2011

The General Dental Council 1970 Pension and Life Assurance Plan Statement of Investment Principles July 2011 1 Introduction 1.1 The Scheme The General Dental Council 1970 Pension and Life Assurance Plan Statement of Investment Principles July 2011 The Plan has two sections - a Final Salary section and a Defined

More information

Public Equity Portfolio Overview May 29, 2013

Public Equity Portfolio Overview May 29, 2013 Public Equity Portfolio Overview May 29, 2013 Agenda Equity Markets Overview Portfolio Profile Portfolio Structure Activities/Accomplishments Global Equity Initiatives Hedged Equity Portfolio 2 General

More information

Category Definitions

Category Definitions Category Definitions Thailand Morningstar Methodology Paper October 2014 Introduction The Morningstar Categories for funds in the Thailand universe were first established in the year 2009 to help investors

More information

ETF Portfolio Solutions Core Diversified ETF Model December quarter 2013

ETF Portfolio Solutions Core Diversified ETF Model December quarter 2013 ETF Portfolio Solutions ETF Model December quarter 2013 PORTFOLIO SOLUTIONS Portfolio Objective The broad investment objective of the ETF Model is to offer financial advisers an ETF-based investment portfolio

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

Premier Liberation Absolute Growth Fund

Premier Liberation Absolute Growth Fund Premier Liberation Absolute Growth Fund Professional Adviser Report - Second Quarter 2013 For professional adviser use only and not for distribution to retail investors The Premier Liberation Absolute

More information

Pension & Investment Options. A Guide to Irish Life Corporate Business Pension Funds

Pension & Investment Options. A Guide to Irish Life Corporate Business Pension Funds Pension & Investment Options A Guide to Irish Life Corporate Business Pension s Your Click into Pensions Irish Life Corporate Business offers a wide range of online tools to keep you up to date with pension

More information

ASIAN PORTFOLIO INVESTMENT ADVISORY

ASIAN PORTFOLIO INVESTMENT ADVISORY ASIAN PORTFOLIO INVESTMENT ADVISORY This Asian Portfolio Investment Advisory service is set up to assist international financial advisory and planning organizations to create dedicated Asian investment

More information

Statement to Parliamentary Committee

Statement to Parliamentary Committee Statement to Parliamentary Committee Opening Remarks by Mr Glenn Stevens, Governor, in testimony to the House of Representatives Standing Committee on Economics, Sydney, 14 August 2009. The Bank s Statement

More information

METLIFE FUND LIST FOR NEW INVESTMENT

METLIFE FUND LIST FOR NEW INVESTMENT METLIFE FUND LIST FOR NEW INVESTMENT RETIREMENT PORTFOLIO - INVESTMENT BOND PORTFOLIO - TRUSTEE RETIREMENT PORTFOLIO - ISA PORTFOLIO MAY 2016 Contents 1 Introduction 3 2 Managing risk in investment management

More information

INVESTMENT REPORT AT 31st MARCH 2004

INVESTMENT REPORT AT 31st MARCH 2004 INVESTMENT REPORT AT 31st MARCH 2004 The Committee is asked to note the report and valuation at 31st March 2004 that has been received from brokers, Carr Sheppards Crosthwaite. HPC/FRC28/04 London EC2V

More information

Cirilium Dynamic Passive Fund DYNAMIC

Cirilium Dynamic Passive Fund DYNAMIC DYNAMIC Annual Short Report Fund Manager Paul Craig The Cirilium Dynamic Passive Fund launched on 8 February 2013 Investment objective To achieve long term capital growth. The Fund will typically have

More information

Premier Global Utilities. Income Fund

Premier Global Utilities. Income Fund Premier Global Utilities % 5.1p.a. paid quarterly historic yield Income Fund Switch on this powerful alternative income Best performing global equity income fund in 2014 For professional adviser use only

More information

LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS

LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS APRIL 2014 LIST OF MAJOR LEADING & LAGGING ECONOMIC INDICATORS Most economists talk about where the economy is headed it s what they do. Paying attention to economic indicators can give you an idea of

More information

RBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015

RBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015 RBS Stakeholder Investment Fund ICVC Annual Short Report for the year ended 31 March 2015 Table of Contents Report of the Authorised Corporate Director 1 Economic and Market Overview 2 Statistics 3 Major

More information

Sterling Investment Bond. Investment funds guide

Sterling Investment Bond. Investment funds guide Sterling Investment Bond Investment funds guide Contents Introduction 3 List of current investment funds by sector 4 Investment choice and flexibility 10 Fund risks 11 Managed funds 12 Multi-Managed funds

More information

PRESS RELEASE. New sub-fund for top performing DSP US Equity manager

PRESS RELEASE. New sub-fund for top performing DSP US Equity manager PRESS RELEASE Monday 23 rd October 2006 New sub-fund for top performing DSP US Equity manager The Melchior North American Opportunities Sterling Hedged (MNAOFSHF) is being launched by Dalton Strategic

More information

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES

MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES MERCHANT NAVY OFFICERS PENSION FUND STATEMENT OF INVESTMENT PRINCIPLES Introduction The main purpose of the MNOPF is the provision of pensions for Officers in the British Merchant Navy on retirement at

More information

INVESTMENT MANAGEMENT. Investment Management Services

INVESTMENT MANAGEMENT. Investment Management Services INVESTMENT MANAGEMENT Investment Management Services World class team JLT Investment Solutions employs over 60 people. Our entire focus is on investing our clients money. We are based in Exeter, Bournemouth,

More information