The table below shows the investment returns of the Fund up to 31 March 2014 compared with the benchmark set by the Trustees.
|One year||Three year average||Five year average|
|Total Fund||Benchmark||Total Fund||Benchmark||Total Fund||Benchmark|
The value of the Fund over the last five years has been:
The Fund under-performed against its benchmark over the year, returning 13.2%, 0.5% lower than the benchmark. The Fund's value at 31 March 2015 amounted to £8,304.2, £992.3m (13.6%) above the value of £7,311.9m in March 2014.
There were a number of portfolio changes during the year. Four new investment managers were appointed and one investment manager was terminated.
The Fund participates in an investment performance measurement scheme organised by JP Morgan Investor Services. They provide comparative information for assessing investment performance.
JP Morgan Investor Services calculates both the overall investment returns obtained on the Fund's assets and the returns obtained by the individual investment managers.