Attendance by Fund Managers
Attendance by Fund Managers for a presentation and questions from Trustees, the Advisor to Trustees and the Chief Financial Officer.
7:15pm Pantheon
7:45pm Capital
Minutes:
The Committee received presentations from two Fund Managers as follows:
PANTHEON
Pantheon presented information on the performance of the private equity mandate. Pantheon set out the position on current performance and answered questions from Trustees.
The Committee asked about the apparent difference in the amount of funds drawn and the amount reported as allocated. It was reported that this was as a result of recent activity which would be reflected in the figures presented to the next meeting. In response to a question regarding the anticipated maximum net investment over time, Pantheon agreed to provide an estimate on the basis of the portfolio and it was agreed that the Committee would find this useful.
In relation to the issue of responsible investment, the Committee asked whether Pantheon held a list of the companies they held stakes in. Pantheon advised that confidentiality agreements applied to certain companies they held, but agreed to provide a representative list in as great detail as possible on the request of the Committee. Pantheon reported that they were the first private equity manager to sign up to the UN Principles of Responsible Investment.
It was requested that staffing issues be included in future reports to the Committee.
The Chair thanked Pantheon for their presentation.
CAPITAL
Fund performance for the equity mandate was 1.74% below the benchmark and 3.74% below the target in annualised terms in the 30-month period to the end of September 2009.
Fund performance for the fixed income mandate was 1.03% below the benchmark and 2.03% below the target in annualised terms in the 30-month period to the end of September 2009.
Capital explained the reasons for current performance and answered questions from Trustees. It was noted that the Committee had not been provided with revised versions of the performance information, and Capital agreed to supply these outside the meeting.
The Chair thanked Capital for their presentation.
RESOLVED
That the presentations and answers to questions given by the Fund Managers be noted.