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 | |
|---|
| Total income | £560.7m |
| Employers' contribution | £307.7m |
| Investment income | £177.7m |
| Members' contribution | £73.9m |
| Transfers in from other schemes | £1.4m |
| | |
| | |
| Change in value of investments | -£333.2m |
| Money out 2022/23 | |
|---|
| Total outgoings | £491.3m |
| Pensions and other benefits paid | £433.4m |
| Investment management | £29.7m |
| Other payments | £5.5m |
| Administration | £4.0m |
| Payments in respect of leavers | £2.6m |
| Pension levies | £16.1m |
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% |
| Veritas (Global equities) | 3.1%
|
| Oak Hill (Alternative credit) | 2.8% |
| Ardevora (Global equities) | 2.7% |
| 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% |
| Wellington (Alternative credit) | 0.7% |
| 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% |
| Semperian (Infrastructure assets) | 2.6% |
| Brevan Howard (Global Macro Discretionary Hedge Fund) | 2.5% |
| Harrison Street (Social Infrastructure Fund) | 2.2% |
| Siguler Guff (Distressed Debt Private equity) | 2.1% |
| Cambridge Associates (Hedge Fund) | 2.0%
|
| Cash | 1.6% |
| SCM ManCo 1 Limited (Infrastructure assets) | 1.5% |
| BlackRock (Real Estate) | 1.4% |
| Credit Suisse (Reinsurance Hedge Fund) | 1.4% |
| Goldman Sachs (Beta Trend Hedge Fund) | 1.2% |
| Industry Funds (Infrastructure debt) | 1.2% |
| Man (Alternative Risk Premium Hedge Fund) | 1.1% |
| Man (Multi Strategy Hedge Fund) | 1.0% |
| BlackRock (Commodities) | 0.8% |
| BlackRock (UK Renewables Private equity) | 0.8%
|
| GS Mezzanine (Private Mezzanine debt) | 0.7% |
| Brevan Howard (Macro Opportunities Drawdown Fund) | 0.4% |
| Colonial First State (Infrastructure Private Equity Fund) | 0.4% |
| Partners Group (Private Equity Fund of Funds) | 0.4% |
| Anchorage (Multi-Strategy Credit Hedge Fund) | 0.3% |
| Augment Brazil (Infrastructure Emerging Market Fund) | 0.3% |
| Equilibrium (Agriculture Capital Fund) | 0.3% |
| Goldman Sachs (Alternative credit) | 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% |
| Alternative credit | 4.9% |
| Global bonds | 4.9% |
| Real estate | 4.8% |
| Private credit | 4.2% |
| Cash & other assets | 2.1% |
| Commodities | 0.8% |
| Renewables | 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 2024 are shown in the table below:
| Company | Sector | Value |
|---|
| ALPHABET INC | Communication Services | £47.2m |
| AMAZON.COM INC | Information Technology | £45.4m |
|
MICROSOFT CORP | Information Technology | £34.8m |
| INTERCONTINENTAL EXCHANGE INC | Financials | £33.5m |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | Information Technology | £30.3m |
| ELEVANCE HEALTH INC | Health Care | £28.6m |
| CANADIAN PACIFIC KANSAS CITY LTD | Industrials | £27.0m |
| CHARTER COMMUNICATIONS INC | Communication Services | £26.7m |
| AIRBUS SE | Industrials | £26.3m |
| UNILEVER PLC | Consumer Staples | £25.0m |
| DIAGEO PLC | Consumer Staples | £23.2m |
| FISERV INC | Information Technology | £23.1m |
| SK HYNIX INC | Information Technology | £22.9m |
| VINCI SA | Industrials | £22.9m |
| THERMO FISHER SCIENTIFIC INC | Health Care | £21.3m |
| LEAR CORP | Consumer Discretionary | £21.2m |
| AENA SME SA | Industrials | £20.9m |
| DAIMLER TRUCK HOLDING AG | Consumer Discretionary | £20.5m |
| MASTERCARD INC | Financials | £20.1m |
| COGNIZANT TECHNOLOGY SOLUTIONS CORP | Information Technology | £19.8m |
| UNITED HEALTH GROUP INC | Health Care | £19.7m |
| BANK MANDIRI PERSERO TBK PT | Financials | £19.2m |
| SAFRAN SA | Industrials | £19.2m |
| NU HOLDINGS LTD | Financials | £17.8m |
| SHELL PLC | Energy | £17.2m |
| Total | | £633.8m |
