|Number of Governed Portfolios outperforming benchmark||1 year||3/9|
|Number of Governed Portfolios within target volatility ranges||9/9|
|Number of GRIPs outperforming benchmark||1 year||5/5|
|Number of GRIPs within short-term risk measure||5/5|
|Number of GRIPS within long-term risk measure||5/5|
All GRIPs were within the tolerances for their income and fund value risk metrics.
*For more information on the risk metrics please see leaflet“Managing Risk in GRIPs.”
|Absolute Return Strategies (including cash)|
The following funds will be subject to action prior to the next IAC meeting:
The IAC commented that they were concerned by the effect that last year’s retirement of Angus Tulloch may have had. They requested a review of the First State matrix funds in light of this change with particular emphasis on continuity planning and investment leadership.