Investment governance

Real governance needs to be transparent so you can see what action we've taken and why. This should give you and your clients peace of mind that we're looking after their investments.

View our easy to read summaries which detail the key outcomes or our full in-depth minutes from the Investment Advisory Committee (IAC) meetings held within the last year.

Details of previous IAC meetings can be found on the governance meeting updates archive.

14 June 2016 - Governance meeting update

Highlights:

  • Three tactical asset allocation changes were made since the last meeting on 3 March 2016. Overweight positions were maintained in equities, high yield, gilts and absolute return strategies (including cash). We continue to adopt underweight positions in corporate bonds and index linked and remain neutral on property.
  • All nine Governed Portfolios continue to be within their projected target risk ranges. All five GRIPs are within their short term measures with four within the long term ranges.
  • Significant market volatility triggered by outcome of EU referendum post-meeting.
3 March 2016 - Governance meeting update

Highlights:

  • Three tactical asset allocation changes made during the period – Overweight in equity, absolute return strategies (including cash) and high yield bonds and underweight in corporate bonds and index-linked bonds. 
  • Work is ongoing to implement additional strategies within the portfolios.
  • Market volatility remained throughout remainder of 2015 and into early 2016. Economic data remains mixed causing unsettled investor sentiment.
1 December 2015 - Governance meeting update

Highlights:

  • Three minor tactical asset allocation changes made during the period – Continue to be overweight in equities, high yield bonds and conventional gilts. Neutral property and underweight in index linked gilts and corporate bonds.
  • Work is ongoing to review the strategic asset allocation and research whether additional asset classes could add value to the existing portfolios.
  • Markets witnessed large bouts of volatility, particularly during the China sell off at end of August. Recovery witnessed since then but volatility has remained high.
25 August 2015 - Governance meeting update

Highlights:

  • Tactical asset allocation change was made on 9th July strengthening the overweight in equities at the expense of corporate and index linked gilts. Property moved to neutral from an underweight position.
  • Use of Trevor Greetham's 'Investment Clock' underpinning tactical asset allocation decisions.
  • Investors witnessed a 'Black Monday' amidst significant volatility in August due mainly to poor economic data in China.
Last updated: 01 Jul 2016

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