Agenda and decisions

Local Pension Committee
Friday, 19 January 2018 9.30 am

Venue: County Hall, Glenfield.

Contact: Mr. M. Hand (Tel. 0116 305 6038)  Email: matthew.hand@leics.gov.uk

Items
No. Item

1.

Minutes of the meeting held on 10 November 2017. pdf icon PDF 158 KB

2.

Question Time.

3.

Questions asked by members.

4.

Urgent items.

5.

Declarations of interest.

6.

Market Outlook. pdf icon PDF 1 MB

Decision:

That the report be noted.

 

7.

Strategic Investment Benchmark and Portfolio Structure of the Fund. pdf icon PDF 332 KB

Additional documents:

Decision:

a)    That the revised strategic benchmark for the Fund as shown on page 20 of Appendix A of the report be approved;

 

b)    That subject to recommendation a), the Director of Finance ,following consultation with the Fund’s investment consultants, be authorised to split the increase in the Fund’s strategic asset allocation to infrastructure between the Fund’s existing infrastructure managers;

 

c)    That the revised portfolio split within the Fund’s targeted return portfolios as set out below, be approved:

 

Ruffer                   6.0% of total Fund assets

Aspect Capital    3.5% of total Fund assets

Pictet                    2.0% of total fund assets

 

d)    That a change in the neutral hedging position in respect of the Fund’s currency exposure created by its overseas equity benchmark position to 50% be approved;

 

e)    That an additional £25m investment into the Kames Active Value Property Unit Trust II in order to close some of the Fund’s current underweight position in property, be approved;

 

f)       That the Investment Subcommittee be asked to consider over the course of 2018 the issues of the regional equity split, the appropriate benchmarks against which the Fund’s passive equities should be managed and the potential impact of climate change onto benchmark returns.

 

 

8.

Any other items which the Chairman has decided to take as urgent.