Transport for LondonTfL Pension Fund
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Investment returns
The table below shows the investment returns of the Fund up to 31 March 2011 compared with the benchmark set by the Trustees.
| One year | Three year average | Five year average | |||
|---|---|---|---|---|---|
| Total Fund | Bench- mark |
Total Fund | Bench- mark |
Total Fund | Bench- mark |
| 8.2 | 7.9 | 6.2 | 6.3 | 4.9 | 5.1 |
Please note:
- Investment returns include both capital and income
- The Fund's assets exclude additional voluntary contributions
- The benchmark quoted is a weighted average of indices relevant to the new structure. It is therefore of limited application to the five year averages.
Value of the Fund
The value of the Fund over the last five years has been:
| Year | Value |
|---|---|
| 2011 | £5,699.0m |
| 2010 | £5,097.8m |
| 2009 | £3,829.0m |
| 2008 | £4,681.6m |
| 2007 | £4,660.9m |
The Fund over-performed against its benchmark over the year, returning 8.2 per cent, 0.3 per cent higher than the benchmark. The Fund's value at 31 March 2011 amounted to £5,699m, £601.2m (11.8 per cent) above the value of £5,097.8m in March 2010.
Portfolio changes
There were a number of portfolio changes during the year. Three new investment managers were appointed.
Assessing performance
The Fund participates in an investment performance measurement scheme organised by BNY Mellon Asset Servicing. They provide comparative information for assessing investment performance.
BNY Mellon Asset Servicing calculates both the overall investment returns obtained on the Fund's assets and the returns obtained by the individual investment managers.
