Accounts
Money in and out
The table below shows the money coming into and going out of the Fund during the year.
|
Money in 2018/19 |
Money out 2018/19 |
||
|---|---|---|---|
|
Total income |
£594.2m |
Total outgoings |
£427.8m |
| Employers' contribution | £399.2m | Pensions and other benefits paid | £381.9m |
| Investment income | £125.2m | Investment management | £17.6m |
| Members' contribution | £65.5m | Other payments | £5.5m |
| Transfers in from other pension schemes | £4.3m | Administration | £4.3m |
| Payments in respect of leavers | £5.3m | ||
| Pension levies | £13.2m | ||
| Change in value of investments | £455.3m | ||
Administration expenses
| Item | Cost |
|---|---|
| Staff costs | £2.3m |
| Fund office running costs | £0.6m |
| Professional fees | £1.1m |
| Communications and consumables | £0.3m |
How we invested
The Fund is held in a range of different investments (assets) in the UK and overseas. The following tables show how the Fund was invested on 31 March 2019.
Who manages the Fund |
|
|---|---|
| Blackrock Investment Management UK Limited (Index tracking and liability matching assets) | 36.3% |
Active Specialist |
|
| Goldman Sachs (Global bonds) | 6.2% |
| Pzena (Global equities) | 5.0% |
| JO Hambro (Global equities) | 4.5% |
| Veritas (Global equities) | 4.1% |
| Ardevora (Global equities) | 2.5% |
| Nomura (Pacific Basin equities) | 2.5% |
| Oak Hill (Alternative credit) | 2.1% |
| Paradice (Global Small Cap equities) | 1.9% |
| Russell (Global Emerging Market equities) | 1.8% |
| Coronation (Global Emerging Market equities) | 1.3% |
| JO Hambro (Asia (ex Japan) equities) | 1.2% |
| JP Morgan (Emerging Market debt) | 1.2% |
| Wellington (Alternative credit) | 0.8% |
| Russell (Currency overlay) | 0.1% |
Alternative Assets |
|
| CBRE (Real Estate (Fund of Funds exposure)) | 3.1% |
| Neuberger Berman (Global equity Fund of Funds) | 2.9% |
| Bridgewater (Global Macro Systematic Hedge Fund) | 2.7% |
| Semperian (Infrastructure assets) | 2.6% |
| Credit Suisse (Reinsurance Hedge Fund) | 1.7% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 1.5% |
| Goldman Sachs (Alternative Risk Premium Hedge Fund) | 1.3% |
| Man (Alternative Risk Premium Hedge Fund) | 1.3% |
| SCM ManCo 1 Limited (Infrastructure assets) | 1.2% |
| Industry Funds (Infrastructure debt) | 1.2% |
| Colonial First State (Infrastructure assets) | 1.1% |
| Partners Group (Private Equity Fund of Funds) | 1.1% |
Who manages the Fund |
|
| Anchorage (Multi-Strategy Credit Hedge Fund) | 0.9% |
| BlackRock (UK Renewables Private equity) | 0.9% |
| Blue Mountain (Multi-Strategy Credit Hedge Fund) | 0.9% |
| Siguler Guff (Distressed Debt Private equity) | 0.9% |
| AQR (Futures Hedge Fund) | 0.8% |
| BlackRock (Real Estate) | 0.7% |
| BlackRock (Commodities) | 0.6% |
| GS Mezzanine (Private Mezzanine debt) | 0.4% |
| IFC (Emerging Market Infrastructure Fund) | 0.3% |
| Cash | 0.1% |
| Goldman Sachs (Alternative Credit) | 0.1% |
| Goldman Sachs (Private equity) | 0.1% |
| Stonepeak (Infrastructure Private Equity Fund) | 0.1% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2019.
| The Fund's assets | |
|---|---|
| Overseas equities | 40.1% |
| Index linked instruments | 11.6% |
| Liquid alternatives | 11.0% |
| Infrastructure | 6.3% |
| Global bonds | 6.1% |
| Cash & other assets | 5.5% |
| Real estate | 4.5% |
| Private equities | 4.4% |
| UK equities | 3.3% |
| Alternative credit | 3.0% |
| Illiquid credit | 2.1% |
| Emerging market debt | 1.2% |
| Commodities | 0.6% |
| Fixed interest gilts | 0.3% |
Top 25 shares
The Fund has significant direct holdings in the shares (equities) of a number of major quoted companies. The twenty five largest direct holdings as at 30 September 2019 are shown in the table below:
| Company | Sector | Value |
|---|---|---|
| Alphabet Inc | Communication Services | £40.1m |
| Charter Communications Inc | Communication Services | £37.4m |
| Thermo Fisher Scientific | Health Care | £35.7m |
| Intercontinental Exchange | Financials | £32.6m |
| Microsoft | Information Technology | £30.5m |
| Unilever | Consumer Staples | £27.2m |
| Oracle | Information Technology | £25.7m |
| Airbus | Industrials | £24.1m |
| BAE Systems | Aerospace | £23.0m |
| Canadian Pacific Railway | Railroads | £21.5m |
| Baxter International | Health Care | £21.4m |
| Communication Services | £21.0m | |
| Honda | Consumer Discretionary | £20.8m |
| Nippon Telegraph & Telephone | Communication Services | £20.0m |
| General Electric | Industrials | £18.8m |
| Phillip Morris International | Consumer Staples | £18.8m |
| Taiwan Semiconductor Manufacturing | Information Technology | £18.5m |
| McKesson Corp | Health Care | £16.8m |
| Tencent Holdings | Communication Services | £16.6m |
| Accenture | Information Technology | £16.5m |
| Ping An Insurance Group | Financials | £16.5m |
| Reckitt Benckiser | Consumer Staples | £16.3m |
| Avnet Inc | Information Technology | £16.1m |
| Nasdaq Inc | Financials | £16.0m |
| Sonic Healthcare | Health Care | £16.0m |
| Total | £567.9m |
