Accounts
Money in and out
The table below shows the money coming into and going out of the Fund during the year.
|
Money in 2021/22 |
Money out 2021/22 |
||
|---|---|---|---|
|
Total income |
£565.7m |
Total outgoings |
£480.9m |
| Employers' contribution | £373.3m | Pensions and other benefits paid | £422.7m |
| Investment income | £119.7m | Investment management | £27.5m |
| Members' contribution | £71.6m | Other payments | £5.6m |
| Transfers in from other pension schemes | £1.1m | Administration | £4.7m |
| Payments in respect of leavers | £4.4m | ||
| Pension levies | £16.0m | ||
| Change in value of investments | £1,253.7m | ||
Administration expenses
| Item | Cost |
|---|---|
| Staff costs | £2.3m |
| Fund office running costs | £0.5m |
| Professional fees | £1.6m |
| 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 2022.
Who manages the Fund |
|
|---|---|
| Blackrock (Index tracking and liability matching assets) | 25.0% |
Active Specialist |
|
| Goldman Sachs (Global bonds) | 5.1% |
| Pzena (Global equities) | 4.3% |
| JO Hambro (Global equities) | 4.3% |
| Wellington (Alternative credit) | 4.3% |
| Veritas (Global equities) | 4.2% |
| Ardevora (Global equities) | 2.7% |
| Oak Hill (Alternative credit) | 2.6% |
| Nomura (Pacific Basin equities) | 2.1% |
| Paradice (Global Small Cap equities) | 1.8% |
| JP Morgan (Emerging Market debt) | 1.5% |
| Russell (Global Emerging Market equities) | 1.4% |
| Coronation (Global Emerging Market equities) | 1.0% |
| JO Hambro (Asia (ex Japan) equities) | 0.9% |
| Russell (Currency overlay) | (0.2%) |
Alternative Assets |
|
| Neuberger Berman (Global equity Fund of Funds) | 6.1% |
| Bridgewater (Global Macro Systematic Hedge Fund) | 4.2% |
| CBRE (Real Estate (Fund of Funds exposure)) | 3.2% |
| Stonepeak (Infrastructure Private Equity Fund) | 2.3% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 2.1% |
| Semperian (Infrastructure assets) | 2.0% |
| Harrison Street (Social Infrastructure Fund) | 1.9% |
| BlackRock (Real Estate) | 1.7% |
| Industry Funds (Infrastructure debt) | 1.6% |
| Siguler Guff (Distressed Debt Private equity) | 1.5% |
| Credit Suisse (Reinsurance Hedge Fund) | 1.3% |
| Cash | 1.1% |
| Man (Alternative Risk Premium Hedge Fund) | 1.0% |
| BlackRock (Commodities) | 1.0% |
| SCM ManCo 1 Limited (Infrastructure assets) | 0.9% |
| Goldman Sachs (Alternative Risk Premium Hedge Fund) | 0.9% |
| Man (Multi Strategy Hedge Fund) | 0.9% |
| Goldman Sachs (Alternative Risk Premium Hedge Fund) | 0.8% |
| Anchorage (Multi-Strategy Credit Hedge Fund) | 0.7% |
| BlackRock (UK Renewables Private equity) | 0.7% |
| Partners Group (Private Equity Fund of Funds) | 0.6% |
| GS Mezzanine (Private Mezzanine debt) | 0.6% |
| Cambridge Associates (Hedge Fund) | 0.5% |
| Colonial First State (Infrastructure Private Equity Fund) | 0.4% |
| Brevan Howard (Macro Opportunities Drawdown Fund) | 0.3% |
| Goldman Sachs (Alternative credit) | 0.2% |
| Equilibrium (Agriculture Capital Fund) | 0.2% |
| Goldman Sachs (Private equity) | 0.2% |
| IFC (Emerging Market Infrastructure Fund) | 0.1% |
| Blue Mountain (Multi-Strategy Credit Hedge Fund) | 0.0% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2022.
| The Fund's assets | |
|---|---|
| Overseas equities | 38.0% |
| Liquid alternatives | 12.6% |
| Index linked instruments | 9.2% |
| Alternative credit | 8.4% |
| Infrastructure | 7.6% |
| Private equities | 7.4% |
| Global bonds | 5.1% |
| Alternative credit | 5.1% |
| Real estate | 4.8% |
| Private credit | 3.9% |
| Cash & other assets | 1.5% |
| Commodities | 1.0% |
| UK equities | 0.5% |
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 June 2022 are shown in the table below:
| Company | Sector | Value |
|---|---|---|
| BAE SYSTEMS PLC | Industrials | £39.3m |
| CANADIAN PACIFIC RAILWAY LTD | Industrials | £39.1m |
| MICROSOFT CORP | Information Technology | £38.3m |
| CATALENT INC | Health Care | £37.6m |
| ALPHABET INC | Communication Services | £35.8m |
| CHARTER COMMUNICATIONS INC | Communication Services | £33m |
| ALIBABA GROUP HOLDING LTD | Consumer Discretionary | £27.5m |
| THERMO FISHER SCIENTIFIC INC | Health Care | £27.5m |
| TENCENT HOLDINGS LTD | Communication Services | £24.6m |
| SONY GROUP CORP | Consumer Discretionary | £24m |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Information Technology | £23.5m |
| FISERV INC | Information Technology | £22.9m |
| VINCI SA | Industrials | £22.4m |
| CVS HEALTH CORP | Health Care | £22.3m |
| UNILEVER PLC | Consumer Staples | £22.1m |
| SAFRAN SA | Industrials | £21.5m |
| UNITEDHEALTH GROUP INC | Health Care | £21.4m |
| AMAZON.COM INC | Information Technology | £20.8m |
| KOMATSU LTD | Industrials | £20.8m |
| INTERCONTINENTAL EXCHANGE INC | Financials | £20.4m |
| LEAR CORP | Consumer Discretionary | £20m |
| MASTERCARD INC | Financials | £19.8m |
| META PLATFORMS INC | Communication Services | £19.7m |
| BAXTER INTERNATIONAL INC | Health Care | £19.5m |
| BECTON DICKINSON AND CO | Health Care | £18.2m |
| Total | £642m |