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
Thursday, 3rd December, 2009

ISLE OF ANGLESEY CHARITABLE TRUST

 

INVESTMENT AND CONTRACTS COMMITTEE

 

Minutes of the meeting held on 3 December, 2009 

 

PRESENT:

 

Mr. Aled Morris Jones - Chairman

 

Messrs. R. Dylan Jones, G.W. Roberts OBE, Elwyn Schofield.

 

HSBC Global Asset Management (UK) Limited

 

Mr. Gareth Watts - Client Director

Mr. Marcus Pakenham

 

 

 

IN ATTENDANCE:

 

Treasurer,

Committee Officer (MEH).

 

 

 

APOLOGIES:

 

Messrs. H. Eifion Jones, J.V. Owen, Bob Parry OBE.

 

 

 

 

1

DECLARATION OF INTEREST

 

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

 

2

MINUTES

 

The minutes of the meeting held on 18 September, 2009 were confirmed.

 

3

INVESTMENT MANAGEMENT

 

Submitted - the HSBC Global Asset Management (UK) Limited Quarterly Report for the period up to the end of September 2009.

 

The Investment Management reported that the portfolio showed a return of +17.3%, benchmark of +18.9%.  The closing value of the fund on 30 November, 2009 was £12,556,214.  The value of the fund at present was £12,817,000.  The fund underperformed its benchmark this quarter by -1.6%.  

 

Mr. Gareth Watts, Client Director reported that there are some improvement in the global markets but recovery is expected to be subdued. Low interest rates is likely to persist for some time.  Banking system are more stable but are still fragile; significant government intervention, leading to ballooning debt and deteriorating national balance sheets.  The equity and corporate bond valuations are still reasonable.  

 

Mr. Marcus Pakenham reported on the stock selection within the U.K. and other Global markets.

 

Mr. E. Schofield noted that the electorate of Anglesey wish to see investment in project on the Island together with investments for the future.  However, he accepted that there is a need to look into medium term areas of growth but hoped the investment management will investigate short term benefits aswell.
 

 
 

Mr. G.W. Roberts OBE noted that he was concerned that the investment managers did not invested in the quality companies recently  i.e. Barclays, which seemed to have done well in the financial markets.
 

 
 

The Treasurer noted that the Charitable Trust a few years ago decided to add 2% of the portfolio to the emerging markets, this seems to have been successful as the emerging markets are now relatively strong.  
 

 
 

The Chairman of the Committee thanked the representatives of HSBC for their presentation but expressed his concern that the portfolio was still underperforming the benchmark.
 

 
 

RESOLVED to accept the report.
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

MR. ALED MORRIS JONES
 

CHAIRMAN