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
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Minutes of the meeting held on 18 May,
2004.
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Mr. G.W. Roberts O.B.E. - Chairperson
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Messrs. E.G. Davies, H. Eifion Jones, John
Roberts,
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H.S.B.C. - Asset Management
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Ms. Jenine Langrish - Director, Institutional
Investment
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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.
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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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The minutes of the meeting held on 23 March, 2003 were
confirmed.
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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.
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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.
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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.
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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.
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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.
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RESOLVED to accept the contents of the
report.
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4
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FEE REBATES ON THE ISLE OF ANGLESEY CHARITABLE TRUST
FUND
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Submitted and noted - correspondence received by H.S.B.C.,
Asset Management in relation to the above.
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