Accounts
Money in and out
The table below shows the money coming into and going out of the Fund during the year.
|
Money in 2017/18 |
Money out 2017/18 |
||
|---|---|---|---|
|
Total income |
£586.3m |
Total outgoings |
£402.5m |
| Employers' contribution | £374.9m | Pensions and other benefits paid | £357.7m |
| Investment income | £127.3m | Investment management | £18.7m |
| Members' contribution | £64.1m | Other payments | £4.3m |
| Transfers in from other pension schemes | £20.0m | Administration | £4.2m |
| Payments in respect of leavers | £7.6m | ||
| Pension levies | £10.0m | ||
| Change in value of investments | £286.2m | ||
Administration expenses
| Item | Cost |
|---|---|
| Staff costs | £2.4m |
| Fund office running costs | £0.6m |
| Professional fees | £0.8m |
| 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 2018.
Who manages the Fund |
|
|---|---|
| Blackrock Investment Management UK Limited (Index tracking and liability matching assets) | 38.9% |
Active Specialist |
|
| Pzena (Global equities) | 6.4% |
| Goldman Sachs (Global bonds) | 6.4% |
| JO Hambro (Global equities) | 4.5% |
| Veritas (Global equities) | 4.2% |
| Nomura (PacificBasin equities) | 2.7% |
| Ardevora (Global equities) | 2.4% |
| Russell (Global Emerging Market equities) | 2.2% |
| Burgundy (North American Small Cap equities) | 2.0% |
| Oak Hill (Alternative credit) | 1.9% |
| Coronation (Global Emerging Market equities) | 1.4% |
| JO Hambro (Asia (ex Japan) equities) | 1.3% |
| Paradice (Global Small Cap equities) | 1.2% |
| JP Morgan (Emerging Market debt) | 1.0% |
| Wellington (Alternative credit) | 0.8% |
| Currency overlay | 0.4% |
Alternative Assets |
|
| Bridgewater (Global Macro Systematic Hedge Fund) | 2.9% |
| Semperian (Infrastructure assets) | 2.5% |
| CBRE (Real Estate (Fund of Funds exposure)) | 2.4% |
| Neuberger Berman (Global equity Fund of Funds) | 2.1% |
| Credit Suisse (Reinsurance Hedge Fund) | 1.9% |
| Partners Group (Private Equity Fund of Funds) | 1.3% |
| Colonial First State (Infrastructure Assets) | 1.2% |
| Goldman Sachs (Alternative Risk Premium Hedge Fund) | 1.0% |
| AQR (Futures Hedge Fund) | 1.0% |
| Anchorage (Multi-Strategy Credit Hedge Fund) | 1.0% |
| Blackrock (UK renewables Private equity) | 1.0% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 1.0% |
| Blue Mountain (Multi-Strategy Credit Hedge Fund) | 1.0% |
| Industry Funds (Infrastructure debt) | 0.7% |
| Siguler Guff (Distressed Debt Private Equity) | 0.6% |
| GS Mezzanine (Private Mezzanine debt) | 0.4% |
| IFC (Emerging Market Infrastructure Fund) | 0.3% |
The table above shows the actual allocations of the Fund's assets between investment managers as at 31 March 2018.
| The Fund's assets | |
|---|---|
| Overseas equities | 48.1% |
| Index linked instruments | 11.6% |
| Liquid alternatives |
10.6% |
| Global bonds |
6.2% |
| UK equities |
5.2% |
| Private equities | 4.2% |
| Infrastructure | 3.9% |
| Alternative credit |
3.6% |
| Real estate | 2.9% |
| Cash & other assets |
2.9% |
| Commodities | 0.5% |
| 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 1 December 2018 are shown in the table below:
| Company | Sector | Value |
|---|---|---|
| Charter Communications | Communication Services | £33.0m |
| Oracle | Information Technology | £31.4m |
| Thermo Fisher Scientific | Health Care | £28.7m |
| Unilever | Consumer Staples | £27.1m |
| Cigna | Health Care | £26.8m |
| Microsoft | Information Technology | £25.6m |
| Alphabet Inc | Communication Services | £23.0m |
| Roche | Health Care | £21.7m |
| CVS Health | Health Care | £20.3m |
| Reckitt Benckiser | Consumer Staples | £19.5m |
| Comcast | Communication Services | £18.3m |
| Honda | Consumer Discretionary | £17.9m |
| Total SA | Energy | £17.5m |
| Rolls-Royce | Industrials | £17.3m |
| United Health | Health Care | £16.8m |
| American Express | Financials | £16.5m |
| Safran SA | Industrials | £16.4m |
| Taiwan Semiconductor | Information Technology | £16.1m |
| Philip Morris International | Consumer Staples | £15.8m |
| Baxter International | Health Care | £15.6m |
| General Electric | Industrials | £15.5m |
| Allergan | Health Care | £15.2m |
| Tencent Holdings | Communication Services | £15.2m |
| Travis Perkins | Industrials | £15.1m |
| Communication Services | £15.0m | |
| Total | £501.3m |
