Accounts
Money in and out
The table below shows the money coming into and going out of the Fund during the year.
|
Money in 2020/21 |
Money out 2020/21 |
||
|---|---|---|---|
|
Total income |
£589.3m |
Total outgoings |
£445.9m |
| Employers' contribution | £401.5m | Pensions and other benefits paid | £394.7m |
| Investment income | £117.2m | Investment management | £21.6m |
| Members' contribution | £70.1m | Other payments | £5.2m |
| Transfers in from other pension schemes | £0.5m | Administration | £4.1m |
| Payments in respect of leavers | £4.9m | ||
| Pension levies | £15.4m | ||
| Change in value of investments | £2,301.7m | ||
Administration expenses
| Item | Cost |
|---|---|
| Staff costs | £2.3m |
| Fund office running costs | £0.6m |
| Professional fees | £0.9m |
| 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 2021.
Who manages the Fund |
|
|---|---|
| Blackrock (Index tracking and liability matching assets) | 27.9% |
Active Specialist |
|
| Goldman Sachs (Global bonds) | 5.9% |
| Pzena (Global equities) | 5.4% |
| JO Hambro (Global equities) | 4.8% |
| Veritas (Global equities) | 4.1% |
| Ardevora (Global equities) | 2.9% |
| Oak Hill (Alternative credit) | 2.6% |
| Nomura (Pacific Basin equities) | 2.4% |
| Paradice (Global Small Cap equities) | 1.9% |
| Russell (Global Emerging Market equities) | 1.7% |
| JP Morgan (Emerging Market debt) | 1.7% |
| Coronation (Global Emerging Market equities) | 1.5% |
| JO Hambro (Asia (ex Japan) equities) | 1.5% |
| Wellington (Alternative credit) | 0.7% |
| Russell (Currency overlay) | 0.6% |
Alternative Assets |
|
| Neuberger Berman (Global equity Fund of Funds) | 4.1% |
| CBRE (Real Estate (Fund of Funds exposure)) | 3.0% |
| Bridgewater (Global Macro Systematic Hedge Fund) | 2.8% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 2.3% |
| Semperian (Infrastructure assets) | 2.1% |
| Harrison Street (Social Infrastructure Fund) | 1.8% |
| Cash | 1.8% |
| BlackRock (Real Estate) | 1.6% |
| Industry Funds (Infrastructure debt) | 1.6% |
| Credit Suisse (Reinsurance Hedge Fund) | 1.5% |
| Stonepeak (Infrastructure Private Equity Fund) | 1.4% |
| Siguler Guff (Distressed Debt Private equity) | 1.3% |
| Man (Alternative Risk Premium Hedge Fund) | 1.0% |
| SCM ManCo 1 Limited (Infrastructure assets) | 1.0% |
| Goldman Sachs (Alternative Risk Premium Hedge Fund) | 0.9% |
| Man (Multi Strategy Hedge Fund) | 0.9% |
| Anchorage (Multi-Strategy Credit Hedge Fund) | 0.8% |
| Goldman Sachs (Beta Trend Hedge Fund) | 0.8% |
| Partners Group (Private Equity Fund of Funds) | 0.7% |
| BlackRock (UK Renewables Private equity) | 0.7% |
| Colonial First State (Infrastructure Private Equity Fund) | 0.6% |
| BlackRock (Commodities) | 0.5% |
| GS Mezzanine (Private Mezzanine debt) | 0.4% |
| IFC (Emerging Market Infrastructure Fund) | 0.3% |
| Goldman Sachs (Alternative credit) | 0.2% |
| Blue Mountain (Multi-Strategy Credit Hedge Fund) | 0.1% |
| Equilibrium (Agriculture Capital Fund) | 0.1% |
| Goldman Sachs (Private equity) | 0.1% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2021.
| The Fund's assets | |
|---|---|
| Overseas equities | 42.4% |
| Liquid alternatives | 11.0% |
| Index linked instruments | 9.3% |
| Infrastructure | 7.3% |
| Global bonds | 5.9% |
| Alternative credit | 5.1% |
| Private equities | 5.0% |
| Alternative credit | 4.5% |
| Private credit | 3.7% |
| Real estate | 4.7% |
| Private credit | 3.4% |
| Cash & other assets | 3.1% |
| UK equities | 2.3% |
| Commodities | 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 2021 are shown in the table below:
| Company | Sector | Value |
|---|---|---|
| Alphabet Inc | Consumer Discretionary | £47.7m |
| Microsoft | Information Technology | £44.2m |
| Charter Communications | Communication Services | £40.5m |
| Vinci SA | Industrials | £39.4m |
| Alibaba Group | Consumer Discretionary | £33.4m |
| Taiwan Semiconductor Manufactury | Information Technology | £33.2m |
| Thermo Fisher Scientific | Health Care | £33.2m |
| Canadian Pacific Railway | Industrials | £33.2m |
| Intercontinental Exchange | Financials | £30.6m |
| Catalent Inc | Health Care | £27.7m |
| Lear Corp | Consumer Discretionary | £26.7m |
| Hong King Exchanges and Clearing | Financials | £24.5m |
| General Electric | Industrials | £24.5m |
| Unilever | Consumer Staples | £24.2m |
| United Health Group | Health Care | £23.0m |
| Sony Group | Consumer Discretionary | £23.0m |
| Samsumg Electronics | Information Technology | £22.9m |
| Honda | Consumer Discretionary | £22.5m |
| Halliburton | Energy | £22.1m |
| Nvidia Corp | Information Technology | £21.6m |
| Naver Corp | Communication Services | £21.5m |
| Communication Services | £21.5m | |
| BAE Systems | Industrials | £21.3m |
| Safran SA | Industrials | £20.6m |
| Moody's Corp | Financials | £20.4m |
| Total | £703.4m |