Accounts

Money in and out

The table below shows the money coming into and going out of the Fund during the year.

Money in 2022/23

Money out 2022/23

Total income

£560.7m

Total outgoings

£491.3m
Employers' contribution £307.7m Pensions and other benefits paid £433.4m
Investment income £177.7m Investment management £29.7m
Members' contribution £73.9m Other payments £5.5m
Transfers in from other pension schemes £1.4m Administration £4.0m
    Payments in respect of leavers £2.6m
    Pension levies £16.1m
Change in value of investments -£333.2m    

Administration expenses

Item  Cost
Staff costs  £2.2m
Fund office running costs  £0.4m
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 2023.

Who manages the Fund 

 
Blackrock (Index tracking and liability matching assets) 24.4%

Active Specialist

 
Goldman Sachs (Global bonds) 5.0%
Pzena (Global equities) 4.4%
JO Hambro (Global equities) 3.8%
Wellington (Alternative credit) 0.7%
Veritas (Global equities) 3.1%
Ardevora (Global equities) 2.7%
Oak Hill (Alternative credit) 2.8%
Nomura (Pacific Basin equities) 1.7%
Paradice (Global Small Cap equities) 1.7%
JP Morgan (Emerging Market debt) 1.4%
Russell (Global Emerging Market equities) 1.3%
Coronation (Global Emerging Market equities) 1.0%
JO Hambro (Asia (ex Japan) equities) 0.9%
Russell (Currency overlay) 0.6%

Alternative Assets

 
Neuberger Berman (Global equity Fund of Funds) 6.6%
Bridgewater (Global Macro Systematic Hedge Fund) 4.2%
CBRE (Real Estate (Fund of Funds exposure)) 3.5%
Stonepeak (Infrastructure Private Equity Fund) 3.3%
Brevan Howard (Global Macro Discretionary Hedge Fund) 2.5%
Semperian (Infrastructure assets) 2.6%
Harrison Street (Social Infrastructure Fund) 2.2%
BlackRock (Real Estate) 1.4%
Industry Funds (Infrastructure debt) 1.2%
Siguler Guff (Distressed Debt Private equity) 2.1%
Credit Suisse (Reinsurance Hedge Fund) 1.4%
Cash 1.6%
Goldman Sachs (Beta Trend Hedge Fund) 1.2%
Man (Alternative Risk Premium Hedge Fund) 1.1%
BlackRock (Commodities) 0.8%
SCM ManCo 1 Limited (Infrastructure assets) 1.5%
Man (Multi Strategy Hedge Fund) 1.0%
Anchorage (Multi-Strategy Credit Hedge Fund) 0.3%
BlackRock (UK Renewables Private equity) 0.8%
Partners Group (Private Equity Fund of Funds) 0.4%
GS Mezzanine (Private Mezzanine debt) 0.7%
Cambridge Associates (Hedge Fund) 2.0%
Colonial First State (Infrastructure Private Equity Fund) 0.4%
Brevan Howard (Macro Opportunities Drawdown Fund) 0.4%
Augment Brazil (Infrastructure Emerging Market Fund) 0.3%
Goldman Sachs (Alternative credit) 0.3%
Equilibrium (Agriculture Capital Fund) 0.3%
Goldman Sachs (Private equity) 0.3%
IFC (Emerging Market Infrastructure Fund) 0.1%

The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2023.

The Fund's assets  
Overseas equities 35.2%
Liquid alternatives 13.6%
Infrastructure 10.2%
Index linked instruments 10%
Private equities 7.9%
Global bonds 4.9%
Alternative credit 4.9%
Real estate 4.8%
Private credit 4.2%
Cash & other assets 2.1%
Renewables 0.8%
Commodities 0.8%
UK equities 0.6%

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 2023 are shown in the table below:

Company Sector Value
ALPHABET INC Communication Services £43.2m
AMAZON.COM INC Information Technology £38.3m
CHARTER COMMUNICATIONS INC Communication Services £33.5m
MICROSOFT CORP Information Technology £32.5m
MASTERCARD INC Financials £30.3m
UNITED HEALTH GROUP INC Health Care £29.9m
INTERCONTINENTAL EXCHANGE INC Financials £28.6m
THERMO FISHER SCIENTIFIC INC Health Care £27m
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD Information Technology £23.9m
ELEVANCE HEALTH INC Health Care £23.8m
CANADIAN PACIFIC KANSAS CITY LTD Industrials £23.5m
AIRBUS SE Industrials £22.9m
VINCI SA Industrials £20.6m
LEAR CORP Consumer Discretionary £20.3m
COGNIZANT TECHNOLOGY SOLUTIONS CORP Information Technology £18.9m
UNILEVER PLC Consumer Staples £17.7m
SHELL PLC Energy £17.2m
FISERV INC Information Technology £16.8m
AENA SME SA Industrials £16.6m
MOODY'S CORP Financials £16.5m
BANK MANDIRI PERSERO TBK PT  Financials £15.8m
LINDE PLC Materials £15.6m
VERTEX PHARMACEUTICALS INC Health Care £15m
COOPER COS INC Health Care £14.9m
CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA Consumer Discretionary £14.7m
Total   £578m