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
Thursday, 18th May, 2006
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INVESTMENT AND CONTRACTS COMMITTEE
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Minutes of the meeting held on 18 May, 2006.
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Mr. G.W. Roberts OBE - Chairman
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Messrs. H. Eifion Jones, Bob Parry OBE, E.
Schofield
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Ms. Jenine Langrish - Director, Institutional
Investment,
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Ms. Coral Martin - U.K. Equity Fund Manager,
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Ms. Allison Bell - Client Associate
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Messrs. A.M. Jones, J.A. Jones, John
Roberts;
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Mr. G.O. Parry MBE - Chairman of the Isle of Anglesey
Charitable Trust;
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Mr. H.W. Thomas - Vice-Chairman of the Isle of Anglesey
Charitable Trust.
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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 ins respect of any item on the Agenda.
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The minutes of the following meetings were confirmed
:-
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Minutes of the special meeting held on 21 April,
2006.
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Members expressed concern at the apparent lack of progress
with the Rhosgoch site and would discuss matters with Officers
separately.
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Minutes of the special meeting held on 5 May,
2006.
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The Committee received and considered a report from HSBC
Investments (UK) on the quarter ended 31 March, 2006.
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The fund had achieved a return of 5.5% in the quarter,
compared to a benchmark return of 6.1%, and was now 1% below
benchmark on a rolling 12 month basis. The fund was valued at
£14.673m at the quarter end and at £14.24m on 16 May.
The Committee discussed reasons for this performance and the
future outlook.
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The Fund Managers went on to outline some future options
for management of the portfolio. They were now able to offer
alternative approaches in US and Japanese markets instead of the
indexation adopted temporarily last year, including multi-manager
and enhanced indexation. The multi-manager approach offered
the potential for added value but at a higher cost. Enhanced
indexation was relatively new area in which they were able to
demonstrate a short track record of above index returns.
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Long-term performance statistics demonstrated that the
benchmark adopted by the Charitable Trust in 1997 and continued
since has outperformed both the previous benchmark and the WM
unconstrained universe of charities. This suggested that the
benchmark is still appropriate.
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The Treasurer noted that having recently appointed
advisors for its investment review, the Committee would take their
advice on these options.
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RESOLVED to accept the report.
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