Meeting documents

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
Tuesday, 18th May, 2004

INVESTMENTS AND CONTRACTS SUB-COMMITTEE

 

Minutes of the meeting held on  18 May, 2004.  

 

PRESENT:

 

Mr. G.W. Roberts O.B.E. - Chairperson

 

Messrs. E.G. Davies, H. Eifion Jones, John Roberts,

E. Schofield.

 

H.S.B.C. - Asset Management

Ms. Jenine Langrish - Director, Institutional Investment

Ms. Allison Bell

Mr. Simon Gergel

 

 

 

IN ATTENDANCE:

 

Secretary,

Treasurer,

Committee Officer (MEH)

 

 

 

APOLOGIES:

 

Dr. J.B. Hughes

 

 

 

 

 

Members of the Sub-Committee expressed their sympathy to Mr. O. Gwyn Jones on the loss of his wife recently.  It was agreed that a letter expressing the Sub-Committee's sympathy be sent to Mr. Jones and his family.

 

1

DECLARATION OF INTEREST

 

No declaration of interest were received by any Member or Officer in respect of any item of business.

 

2

MINUTES

 

The minutes of the meeting held on 23 March, 2003 were confirmed.

 

A copy of notes of a meeting with the Charity Commission held on 14 April, 2004 at the Civic Centre, Newport was circulated at the meeting and were confirmed.

 

3

INVESTMENT MANAGEMENT

 

Submitted - the H.S.B.C. Asset Management Quarterly Report for the period up to 31 March, 2004.  A presentation document was presented to the meeting.

 

The Asset Management representatives reported that for the quarter ending 31 March, 2004 the portfolio showed a return of 0.8% against a benchmark return of 1.4%.  The market value of the fund was £11,708,332.  The portfolio strategy was reduced in it's exposure to UK Bonds and increased in Cash.

 

It was noted that sector rotation and a negative contribution from stock selection combined to produce a weak quarter, but the strategy stance remained confident in the economy.

 

Mr. Simon Gergel reported that the Sub-Committee had requested H.S.B.C., to comment on the possibility of investment in High Yield Shares.  Mr. Gergel reported that there were different circumstances in which high yield shares would be attractive and they have a place within the present investment strategy.  An approach of investing specifically in high-yield shares would be more volatile from year to year and require a review of the benchmark.

 

RESOLVED to accept the contents of the report.

 

4

FEE REBATES ON THE ISLE OF ANGLESEY CHARITABLE TRUST FUND

 

Submitted and noted - correspondence received by H.S.B.C., Asset Management in relation to the above.

 

 

G.W. ROBERTS O.B.E.

CHAIRPERSON