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
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% |
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%
|
Cash | 1.6% |
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% |
Commodities | 0.8% |
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:
Company | Sector | Value |
---|
ALPHABET INC | Communication Services | £40.0m |
AMAZON.COM INC | Information Technology | £37.0m |
INTERCONTINENTAL EXCHANGE INC | Financials | £31.4m |
MICROSOFT CORP | Information Technology | £30.2m |
UNITED HEALTH GROUP INC | Health Care | £28.5m |
MASTERCARD INC | Financials | £27.0m |
AIRBUS SE | Industrials | £25.4m |
ELEVANCE HEALTH INC | Health Care | £24.7m |
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Information Technology | £24.2m |
CANADIAN PACIFIC KANSAS CITY LTD | Industrials | £24.0m |
CHARTER COMMUNICATIONS INC | Communication Services | £23.6m |
DIAGEO PLC | Consumer Staples | £22.7m |
VINCI SA | Industrials | £22.2m |
LEAR CORP | Consumer Discretionary | £20.5m |
COGNIZANT TECHNOLOGY SOLUTIONS CORP | Information Technology | £20.2m |
THERMO FISHER SCIENTIFIC INC | Health Care | £19.3m
|
AENA SME SA | Industrials | £19.0m |
FISERV INC | Information Technology | £19.0m |
COOPER COS INC | Health Care | £17.0m |
BANK MANDIRI PERSERO TBK PT | Financials | £16.9m |
SHELL PLC | Energy | £16.8m |
NU HOLDINGS LTD | Financials | £16.7m |
UNILEVER PLC | Consumer Staples | £16.5m |
CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA | Consumer Discretionary | £16.4m |
MERCADOLIBRE INC | Information Technology | £15.6m |
Total | | £574.8m |