Strathclyde pension fund gains 5.9%, Lothian rejigs allocation categories

first_imgThe pension fund also said it extended its private debt programme to 4.5% of the total fund with the award of four new mandates, including a first strategic allocation to real estate debt.According to the fund’s report the year under review also saw it finish a review of its direct investment portfolio, agreeing changes such as an increase in its overall capacity and in the target size of individual investments.As at the end of March the commitments in the direct investment portfolio made up 5% of the total fund, with the permissible range of 2.5-7.5%. The target investment size is £20-100m, with a minimum of £10m and a maximum of the greater of £200m or 1% of the total fund value.Infrastructure, renewable energy and credit commitments make up the bulk of the direct investments portfolio.Lothian rejigs allocation categoriesLothian Pension Fund, Scotland’s second largest LGPS with assets of £7.8bn, has changed the way it expresses its strategic asset allocation following a review of its investment strategies.The investment strategy used to be set at the broad asset class level of equities, index-linked gilts and alternatives, but the number of “policy groups” has been expanded from three to five: equities, gilts, non-gilt debt, real assets and cash.The strategic allocation was broadly unchanged, however, it said in its unaudited annual report.Last year the Scottish LGPS Advisory Board launched a consultation on possible structural reform of Scottish local authority pension funds, and Lothian said the prospect of this was “the most significant possible development” affecting it.In contrast to Strathclyde, Lothian came out in favour of structural change. The latter has an authorised internal asset management company that it shares with the schemes for two nearby local authorities.In its unaudited report for 2018-19, Lothian said partner funds were benefiting from its internal resources and it was sharing its costs, but there was not yet any significant impact on any of Lothian’s investments.“The arrangements are expected to evolve and for Lothian to benefit from greater overlap in investments,” it added. “The governance of Lothian’s collaborative arrangements is not straightforward. While other funds rely on advice from Lothian, they need to continue to be resourced appropriately to make decisions for their respective funds.“Further, there are practical constraints to the expansion of this type of collaboration.”Both Strathclyde and Lothian reported for the first time in their annual reports on their approach to climate change using the framework recommended by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. Investments made by Strathclyde Pension Fund, Scotland’s largest local authority pension fund and the UK’s second biggest, gained 5.9% in the year to the end of March for a “remarkable” 10th consecutive year of growth, according to its unaudited annual report.Returns were largely driven by the equity markets, the £21.9bn (€24.4bn) local government pension scheme (LGPS) noted. It gave its estimated funding level as 109%.Over the past few years the pension fund has been reducing its equity allocation in favour of a more diversified portfolio, and it reported agreeing at least £1bn of new investments during the 2018-19 financial year.These included £200m in an absolute return fund, £500m in global infrastructure, and seven investments with a total value of £205m by Strathclyde’s direct investment portfolio, its vehicle for alternative and local investments.last_img read more

Stokes, Sibley grit helps England past 400

first_img(ESPNCricinfo) – Ben Stokes and Dom Sibley picked up where they left off on the opening day to guide England into a commanding position at the end of the second day with West Indies a wicket down and trailing on first innings by 437 runs.Having spent the best part of two days toiling hard in the field, an unchanged West Indies outfit from the one that won the first Test by four wickets in Southampton just five days ago, face a fresh English seam attack.Stuart Broad, Chris Woakes and Sam Curran all missed the last game but came into this one for the omitted Jofra Archer and the resting Mark Wood and James Anderson. Stokes, the fourth leg, will be understandably less crisp but he won’t turn down the chance to build on his contribution with the bat.Stokes faced 356 deliveries for his 176, his longest innings by far in terms of balls faced – he faced significantly fewer balls for his highest Test score of 258. Yes, it was slow going, but not as slow as Sibley’s 372-ball 120 and Stokes produced some jolt-you-awake shots when warranted, including an indignant shove all the way over long-on off Alzarri Joseph to add to his other six off Roston Chase the previous day.Chase could hold his head high, having claimed a five-wicket haul, but his side were left with it all to do after the stubborn-ness of Stokes and Sibley.Coming in with his side 81 for 3 on the first day, Stokes’ knock was the intelligent innings England required. It also carried with it the air of a man keen to go on after falling in the 40s in both innings at the Ageas Bowl.There were also 17 fours for Stokes, including the odd reverse sweep, one of which brought up his 10th Test century. It was another, attempted, reverse off Kemar Roach which brought about his undoing, but he had done his job.The moment wicketkeeper Shane Dowrich caught Stokes was hugely significant for Roach as it broke a Test wicket drought going back to August 31, 2019, and lasting 521 deliveries, or 86.5 overs.And just as he had done in that drought with two wickets in two balls, including Virat Kohli for a golden duck in Kingston, so he came out of it in the same manner, as Woakes was caught at gully next ball for a duck.Just as the tempo of Stokes’ knock can’t be criticised in England’s circumstances, or can Sibley’s, as sedate as it was. Sibley had been at the crease as fellow opener Rory Burns, Zak Crawley and Joe Root fell, meaning it was hardly the time to change his circumspect nature.Sibley resumed yesterday tantalisingly close to his second century, not out 86 with Stokes unbeaten on 59 and England 207 for 3. The pair added 57 runs in the morning session and Sibley seemed stuck in the 90s for an age. There was even the possibility of Stokes beating him to the milestone but Sibley got there first, pushing Joseph through mid-on for three.Stokes went to lunch on 99 but brought up his ton on the third ball he faced after the break. Sibley finally holed out to Roach off Chase, ending a 260-run stand with Stokes off 568 balls, which was England’s second-longest partnership this century.Off-spinner Chase bowled 44 overs – including 28 unchanged from the over before lunch to the end of the England innings – to claim 5 for 172.The quick turnaround between Tests was telling on West Indies’ quicks, with Shannon Gabriel moving gingerly from the start of the match and spending time off the ground in the hands of the team physio. Joseph also sought treatment for a sore biceps tendon as Roach toiled long and hard for his eventual reward, and Holder carried a heavy workload too.With swing in the air, Holder delayed taking the second new ball until the 94th over, about an hour into the day’s play. But even then, there was no breakthrough until well into the second session.Sibley’s dismissal brought Ollie Pope to the crease for a short-lived stay, but Jos Buttler stuck around long enough to add 40 off 79 balls. After Curran had provided Chase’s fifth wicket, Dom Bess added an unbeaten 31 off 26 before Root had seen enough.Joseph ended up returning to the middle sooner than he would have liked – as nightwatchman – when Curran had Windies opener John Campbell out lbw for 12 late in the evening session.SCOREBOARDENGLAND 1st innings (overnight 207 for three)R. Burns lbw b Chase 15D. Sibley c Roach b Chase 120Z. Crawley c Holder b Chase 0J. Root c Holder b Joseph 23B. Stokes c wkp. Dowrich b Roach 176O. Pope lbw b Chase 7J. Buttler c Joseph b Holder 40C. Woakes c Hope b Roach 0S. Curran c Brathwaite b Chase 17D. Bess not out 31S. Broad not out 11Extras: (b-4, lb-7, w-10, nb-8) 29Total: (9 wkts decl., 162 overs) 469Fall of wickets: 1-29, 2-29, 3-81, 4-341, 5-352, 6-395), 7-395, 8-426, 9-427.Bowling: Roach 33-9-58-2 (w-1, nb-3), Gabriel 26-2-79-0 (w-5, nb-4), Joseph 23.1-5-70-1, Holder 32-10-70-1, Chase 44-3-172-5, Brathwaite 3.5-0-9-0.WEST INDIES 1st inningsK. Brathwaite not out 6J. Campbell lbw b Curran 12A. Joseph not out 14Total: (1 wkt, 14 overs) 32Fall of wicket: 1-16 (Campbell)Bowling: Broad 5-1-14-0, Woakes 4-3-2-0, Curran 3-1-8-1, Bess 2-0-8-0.Position: West Indies trail England by 437 runs with nine first-innings wickets remaining.last_img read more