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