Accounts
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 |
Money out 2022/23 |
||
---|---|---|---|
Total income |
£560.7m |
Total outgoings |
£491.3m |
Employers' contribution | £307.7m | Pensions and other benefits paid | £433.4m |
Investment income | £177.7m | Investment management | £29.7m |
Members' contribution | £73.9m | Other payments | £5.5m |
Transfers in from other pension schemes | £1.4m | Administration | £4.0m |
Payments in respect of leavers | £2.6m | ||
Pension levies | £16.1m | ||
Change in value of investments | -£333.2m |
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% |
Wellington (Alternative credit) | 0.7% |
Veritas (Global equities) | 3.1% |
Ardevora (Global equities) | 2.7% |
Oak Hill (Alternative credit) | 2.8% |
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% |
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% |
Brevan Howard (Global Macro Discretionary Hedge Fund) | 2.5% |
Semperian (Infrastructure assets) | 2.6% |
Harrison Street (Social Infrastructure Fund) | 2.2% |
BlackRock (Real Estate) | 1.4% |
Industry Funds (Infrastructure debt) | 1.2% |
Siguler Guff (Distressed Debt Private equity) | 2.1% |
Credit Suisse (Reinsurance Hedge Fund) | 1.4% |
Cash | 1.6% |
Goldman Sachs (Beta Trend Hedge Fund) | 1.2% |
Man (Alternative Risk Premium Hedge Fund) | 1.1% |
BlackRock (Commodities) | 0.8% |
SCM ManCo 1 Limited (Infrastructure assets) | 1.5% |
Man (Multi Strategy Hedge Fund) | 1.0% |
Anchorage (Multi-Strategy Credit Hedge Fund) | 0.3% |
BlackRock (UK Renewables Private equity) | 0.8% |
Partners Group (Private Equity Fund of Funds) | 0.4% |
GS Mezzanine (Private Mezzanine debt) | 0.7% |
Cambridge Associates (Hedge Fund) | 2.0% |
Colonial First State (Infrastructure Private Equity Fund) | 0.4% |
Brevan Howard (Macro Opportunities Drawdown Fund) | 0.4% |
Augment Brazil (Infrastructure Emerging Market Fund) | 0.3% |
Goldman Sachs (Alternative credit) | 0.3% |
Equilibrium (Agriculture Capital Fund) | 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% |
Global bonds | 4.9% |
Alternative credit | 4.9% |
Real estate | 4.8% |
Private credit | 4.2% |
Cash & other assets | 2.1% |
Renewables | 0.8% |
Commodities | 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 March 2023 are shown in the table below:
Company | Sector | Value |
---|---|---|
ALPHABET INC | Communication Services | £46.7m |
MICROSOFT CORP | Information Technology | £41.8m |
THERMO FISHER SCIENTIFIC INC | Health Care | £33.9m |
UNITED HEALTH GROUP INC | Health Care | £28.8m |
CHARTER COMMUNICATIONS INC | Communication Services | £28.7m |
INTERCONTINENTAL EXCHANGE INC | Financials | £28.2m |
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Information Technology | £25.5m |
CANADIAN PACIFIC RAILWAY LTD | Industrials | £24m |
SAFRAN SA | Industrials | £23.6m |
VINCI SA | Industrials | £22.9m |
AIRBUS SE | Industrials | £22.2m |
LEAR CORP | Consumer Discretionary | £21.8m |
SONY GROUP CORP | Consumer Discretionary | £21.8m |
GENERAL ELECTRIC CO | Industrials | £21.7m |
KEYENCE CORP | Industrials | £20.8m |
MASTERCARD INC | Financials | £19.8m |
FISERV INC | Information Technology | £19.3m |
UNILEVER PLC | Consumer Staples | £18.2m |
SHELL PLC | Energy | £18m |
AMAZON.COM INC | Information Technology | £17.8m |
AENA SME SA | Industrials | £17.5m |
ANSYS INC | Information Technology | £17.5m |
REGENERON PHARMACEUTICALS INC | Health Care | £17.4m |
NEW LINDE PLC | Materials | £17.4m |
CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA | Consumer Discretionary | £17.3m |
Total | £592.6m |