About TfL Pension Fund

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
Total income£560.7m
Employers' contribution£307.7m
Investment income£177.7m
Members' contribution£73.9m
Transfers in from other schemes£1.4m
 
 
Change in value of investments-£333.2m
Money out 2022/23
Total outgoings£491.3m
Pensions and other benefits paid£433.4m
Investment management£29.7m
Other payments£5.5m
Administration£4.0m
Payments in respect of leavers£2.6m
Pension levies£16.1m

Administration expenses

ItemCost
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%
Veritas (Global equities) 3.1%
Oak Hill (Alternative credit) 2.8%
Ardevora (Global equities) 2.7%
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%
Wellington (Alternative credit) 0.7%
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%
Semperian (Infrastructure assets) 2.6%
Brevan Howard (Global Macro Discretionary Hedge Fund) 2.5%
Harrison Street (Social Infrastructure Fund) 2.2%
Siguler Guff (Distressed Debt Private equity) 2.1%
Cambridge Associates (Hedge Fund) 2.0%
Cash1.6%
SCM ManCo 1 Limited (Infrastructure assets) 1.5%
BlackRock (Real Estate) 1.4%
Credit Suisse (Reinsurance Hedge Fund) 1.4%
Goldman Sachs (Beta Trend Hedge Fund)1.2%
Industry Funds (Infrastructure debt) 1.2%
Man (Alternative Risk Premium Hedge Fund) 1.1%
Man (Multi Strategy Hedge Fund) 1.0%
BlackRock (Commodities) 0.8%
BlackRock (UK Renewables Private equity) 0.8%
GS Mezzanine (Private Mezzanine debt) 0.7%
Brevan Howard (Macro Opportunities Drawdown Fund) 0.4%
Colonial First State (Infrastructure Private Equity Fund) 0.4%
Partners Group (Private Equity Fund of Funds) 0.4%
Anchorage (Multi-Strategy Credit Hedge Fund) 0.3%
Augment Brazil (Infrastructure Emerging Market Fund) 0.3%
Equilibrium (Agriculture Capital Fund)0.3%
Goldman Sachs (Alternative credit) 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%
Alternative credit 4.9%
Global bonds 4.9%
Real estate 4.8%
Private credit 4.2%
Cash & other assets 2.1%
Commodities0.8%
Renewables 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 31 December 2023 are shown in the table below:

CompanySectorValue
ALPHABET INCCommunication Services£40.0m
AMAZON.COM INCInformation Technology£37.0m
INTERCONTINENTAL EXCHANGE INCFinancials£31.4m
MICROSOFT CORPInformation Technology£30.2m
UNITED HEALTH GROUP INCHealth Care£28.5m
MASTERCARD INCFinancials£27.0m
AIRBUS SEIndustrials£25.4m
ELEVANCE HEALTH INCHealth Care£24.7m
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTDInformation Technology£24.2m
CANADIAN PACIFIC KANSAS CITY LTD Industrials£24.0m
CHARTER COMMUNICATIONS INCCommunication Services£23.6m
DIAGEO PLCConsumer Staples£22.7m
VINCI SA Industrials£22.2m
LEAR CORPConsumer Discretionary£20.5m
COGNIZANT TECHNOLOGY SOLUTIONS CORPInformation Technology£20.2m
THERMO FISHER SCIENTIFIC INCHealth Care£19.3m
AENA SME SAIndustrials£19.0m
FISERV INCInformation Technology£19.0m
COOPER COS INCHealth Care£17.0m
BANK MANDIRI PERSERO TBK PTFinancials£16.9m
SHELL PLCEnergy£16.8m
NU HOLDINGS LTDFinancials£16.7m
UNILEVER PLCConsumer Staples£16.5m
CIE GENERALE DES ETABLISSEMENTS MICHELIN SCAConsumer Discretionary£16.4m
MERCADOLIBRE INCInformation Technology£15.6m
Total £574.8m