Agenda item

This paper provides the Pensions Board with a summary of the Pension Fund’s overall performance for the quarter ended 30 September 2020

Timothy Mpofu (Pension Fund Manager), presented the report and gave a summary of the key points, these included the Pension Fund’s overall performance for the quarter ended 30^th September 2020 and the Environment, Social and Governance Appendix.

It was also noted that the Pension Fund Sub-Committee decided to allocate 15% of its overall investment portfolio to an active equity manager. An agreement was reached to appoint Morgan Stanley, who managed the LCIV Global Equity Sustain Fund, as the Pension Fund’s new active equity manager.

At the Pension Fund Sub-Committee meeting held on 29 September 2020, the committee approved for officers to use Northern Trust’s Conservative Ultra Short Fund as part of the Fund’s overall cash management strategy.

The Chair asked for further clarification to be provided on a few of the higher risks included in the risk register. In response Timothy Mpofu outlined the concerns relating to the key risk categories and the mitigating actions taken by the Council.

Resolved

That the Pension Board noted the report.