Money in and out

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

Money in 2018/19

Money out 2018/19

Total income


Total outgoings

Employers' contribution £399.2m Pensions and other benefits paid £381.9m
Investment income £125.2m Investment management £17.6m
Members' contribution £65.5m Other payments £5.5m
Transfers in from other pension schemes £4.3m Administration £4.3m
    Payments in respect of leavers £5.3m
    Pension levies £13.2m
Change in value of investments £455.3m    

Administration expenses

Item  Cost
Staff costs  £2.3m
Fund office running costs  £0.6m
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 2019.

Who manages the Fund 

Blackrock Investment Management UK Limited (Index tracking and liability matching assets) 36.3%

Active Specialist

Goldman Sachs (Global bonds) 6.2%
Pzena (Global equities) 5.0%
JO Hambro (Global equities) 4.5%
Veritas (Global equities) 4.1%
Ardevora (Global equities) 2.5%
Nomura (Pacific Basin equities) 2.5%
Oak Hill (Alternative credit) 2.1%
Paradice (Global Small Cap equities) 1.9%
Russell (Global Emerging Market equities) 1.8%
Coronation (Global Emerging Market equities) 1.3%
JO Hambro (Asia (ex Japan) equities) 1.2%
JP Morgan (Emerging Market debt) 1.2%
Wellington (Alternative credit) 0.8%
Russell (Currency overlay) 0.1%

Alternative Assets

CBRE (Real Estate (Fund of Funds exposure)) 3.1%
Neuberger Berman (Global equity Fund of Funds) 2.9%
Bridgewater (Global Macro Systematic Hedge Fund) 2.7%
Semperian (Infrastructure assets) 2.6%
Credit Suisse (Reinsurance Hedge Fund) 1.7%
Brevan Howard (Global Macro Discretionary Hedge Fund) 1.5%
Goldman Sachs (Alternative Risk Premium Hedge Fund) 1.3%
Man (Alternative Risk Premium Hedge Fund) 1.3%
SCM ManCo 1 Limited (Infrastructure assets) 1.2%
Industry Funds (Infrastructure debt) 1.2%
Colonial First State (Infrastructure assets) 1.1%
Partners Group (Private Equity Fund of Funds) 1.1%

Who manages the Fund


Anchorage (Multi-Strategy Credit Hedge Fund) 0.9%
BlackRock (UK Renewables Private equity) 0.9%
Blue Mountain (Multi-Strategy Credit Hedge Fund) 0.9%
Siguler Guff (Distressed Debt Private equity) 0.9%
AQR (Futures Hedge Fund) 0.8%
BlackRock (Real Estate) 0.7%
BlackRock (Commodities) 0.6%
GS Mezzanine (Private Mezzanine debt) 0.4%
IFC (Emerging Market Infrastructure Fund) 0.3%
Cash 0.1%
Goldman Sachs (Alternative Credit) 0.1%
Goldman Sachs (Private equity) 0.1%
Stonepeak (Infrastructure Private Equity Fund) 0.1%

The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2019.

The Fund's assets  
Overseas equities 40.1%
Index linked instruments 11.6%
Liquid alternatives 11.0%
Infrastructure 6.3%
Global bonds 6.1%
Cash & other assets 5.5%
Real estate 4.5%
Private equities 4.4%
UK equities 3.3%
Alternative credit 3.0%
Illiquid credit 2.1%
Emerging market debt 1.2%
Commodities 0.6%
Fixed interest gilts 0.3%

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 2019 are shown in the table below:

Company Sector Value
Alphabet Inc Communication Services £40.1m
Charter Communications Inc Communication Services £37.4m
Thermo Fisher Scientific Health Care £35.7m
Intercontinental Exchange Financials £32.6m
Microsoft Information Technology £30.5m
Unilever Consumer Staples £27.2m
Oracle Information Technology £25.7m
Airbus Industrials £24.1m
BAE Systems Aerospace £23.0m
Canadian Pacific Railway Railroads £21.5m
Baxter International Health Care £21.4m
Facebook Communication Services £21.0m
Honda Consumer Discretionary £20.8m
Nippon Telegraph & Telephone Communication Services £20.0m
General Electric Industrials £18.8m
Phillip Morris International Consumer Staples £18.8m
Taiwan Semiconductor Manufacturing Information Technology £18.5m
McKesson Corp Health Care £16.8m
Tencent Holdings Communication Services £16.6m
Accenture Information Technology £16.5m
Ping An Insurance Group Financials £16.5m
Reckitt Benckiser Consumer Staples £16.3m
Avnet Inc Information Technology £16.1m
Nasdaq Inc Financials £16.0m
Sonic Healthcare Health Care £16.0m
Total   £567.9m