Investments and Contracts Committee – the charity funds are now administered by the private registered charity, Y Gymdeithas, and the County Council is no longer the trustee
Wednesday, 11th September, 2002
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investment and contracts
sub-committee
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minutes of the meeting HELD ON 11 september,
2002.
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Mr. R.Ll. Jones - Vice-Chairman in the Chair
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Messrs. Dr. J.B. Hughes, Richard Jones O.B.E., O. Gwyn
Jones, John Roberts.
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H.S.B.C. - Asset Management
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Ms. Valerie Pike - Director, Client Investment
Services,
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1
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DECLARATION OF INTEREST
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No declaration of interest was received by any
Member or Officer in respect of any item of business on the
Agenda.
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The minutes of the following meetings were
confirmed :-
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2.1
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Minutes of the meeting held on 10 May, 2002.
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2.2
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Minutes of the meeting held on 13 May, 2002, subject to
the amendment at the resolution at item 3 Rhosgoch Land should read
as follows :-
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" (ch)
that arrangements be made for a
professional economist to advise the
Sub-Committee on the
economic potential of the Rhosgoch Site before the visit to
the
Republic of Ireland as noted in (c)
above."
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3
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H.S.B.C. ASSET MANAGEMENT - QUARTERLY
REPORT
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Submitted - the H.S.B.C., Asset Management
Quarterly Report for the period up to 30 June, 2002.
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A presentation document was presented to the
meeting.
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The Asset Management representatives reported
that the equity markets suffered a difficult quarter with concern
that US growth would not be sustained overlaid with further
revelations of fraudulent accounting in major US corporations.
Within the equity markets the best performance came from the
Japanese market as growth began to recover. Bonds benefited
from the uncertainty in equity markets and more than recovered the
ground lost in the first quarter.
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For the 12 months to end of June 2002, the
portfolio showed a return of -8.3% against a benchmark return of
-8.0%. The market value of the fund as at 2 September, 2002
was £11,223,078.
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Following concern at the performance of the
actively managed US fund, the Asset Management representatives
reported on the possibility of transfering the U.S. exposure into a
index tracking portfolio. In response to questons it was
stated that this was a larger fund, and there would be no cost of
transfer to this fund.
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3.1
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to accept the contents of the report.
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3.2
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to agree to transfering the U.S., equity exposure to
an index tracking fund, as proposed by the Managers.
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