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, 27th November, 2002
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INVESTMENT AND CONTRACTS SUB-COMMITTEE
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Minutes of the meeting held on 27 November,
2002 at H.S.B.C. Asset Management Offices, London
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Mr. O. Gwyn Jones - Chairperson
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Messrs. John Byast, Dr. J.B. Hughes, R.Ll.
Jones,
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John Roberts, G. Alun Williams.
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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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Messrs. Richard Jones O.B.E., Elwyn Schofield.
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1
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DECLARATION OF INTEREST
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No declaration of interest were received by any Member or
Officer in respect of any item of business.
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2
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H.S.B.C. ASSET MANAGEMENT - QUARTERLY
REPORT
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Submitted - the quarterly report of H.S.B.C. Asset
Management for the period up to 30 September, 2002.
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Mr. Simon Gurgle outlined the U.K. Equities performance on
the quarter ended 30 September, and current prospects. The
market has fallen significantly in the period, with a 76% fall in
nine months, but the underlying outlook for the U.K. economy is
still robust. Performance was still ahead of the benchmark
for the comparisons shown. Yields on some equities are very
high as a result of the fall in prices.
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Ms. Valerie Pike referred to the performance of the
portfolio as a whole. Over the rolling 3 year and 3 year
period performance is negative but still ahead of the benchmark.
There had been three years of negative growth and the recent
quarter had been the worst since quarter 4 in 1987. The fund
currently (25 November) stood at £10.8m.
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The Panel discussed the outlook for the income and
spending. In reflection of market trends, income projections
had fallen and an increased draw down of capital would be required
to meet the Trust's spending profile. It was felt that there
was no immediate need to change the investment strategy or spending
plan but the Trust may need to review the position before entering
into any new spending commitments.
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On behalf of the Panel the Chairman thanked H.S.B.C. Asset
Management for their hospitality.
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RESOLVED to accept the
contents of the report.
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