Issue - meetings

To receive an investment update including the quarterly investment report.

Received:

Quarterly Investment Report Q3 2017

Received:

Minutes from the Officer meeting 19^th February 2018. (Please refer to this for further information on the item)

Agreed:

Given the delays with the LCIV appointing a transition manager, officers were planning to appoint Blackrock as transition manager to transfer the funds into the LCIV Henderson, Longview and Ballie Gifford funds, under the LGPS framework run by Norfolk.

Following discussions around fixed income the meeting decided to consider the following at the April Committee meeting:

·         Consideration of the role of bonds in the Fund’s investment strategy, and the strategic allocation to them, in light of the recent investment strategy review and cash flow considerations

·         Review of the existing index-linked gilts, absolute return bonds and corporate bond mandates and their current investment objectives;

·         Considerations of alternative potential structures for the Fund’s bond portfolio incorporating both existing asset class strategies as well as alternative strategies provided by the London CIV;

·         Overview of the key characteristics for each of the asset classes under consideration which will allow the meeting to compare/contrast the differences between the asset classes with respect to key features such as expected risk and return profiles, expected risk, liquidity;

·         Establish proposals for the future structure for the bond portfolio.

Aon were asked to prepare a report accordingly