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Nilgosc


Fund Performance

Over the year to 31 March 2017, the Fund’s overall return on the total assets was 21.73% (gross of investment manager fees). NILGOSC’s overall investment target is to exceed the Consumer Price Index (CPI) by 5% per annum, to be measured over a three and five year period. The Fund exceeded this target by 5.8% and 5.1% on a three and five year basis respectively for the period ended 31 March 2017. The comparable statistics for the three and five year periods to 31 March 2017 on an annualised basis are set out in the table below:

Asset Class

 Three Years % p.a.

 Five Years % p.a.

Return of Fund

 11.8

11.6

CPI +5%

 5.9

6.5


The performance of the individual managers is monitored against their corresponding benchmark and performance target.  These targets are set to allow NILGOSC to meet its overall investment objective, taking into account expected returns and market cycles. In the case of real assets such as the Fund’s infrastructure investments, the returns are measured against the overall fund target of CPI+5% for consolidated reporting purposes. The table below sets out the returns for each fund manager and fund against their performance target for the twelve months ended 31 March 2017.

Asset Class

Manager / Fund

Portfolio Return %

Target Return %

Excess Return %

UK Equities

Ballie Gifford

23.76

 23.95

-0.19

BlackRock

17.78

 25.95

-8.17

Jupiter

18.97

 23.95

-4.98

Global Equities

 Baillie Gifford

 37.94

36.12

1.82

 Unigestion*

 7.48

14.04

-6.56

 Wellington

 34.67

34.89

-0.22

Fixed Income

 Wellington

 0.77

1.34

-0.57

Passive

 Legal & General

24.56

24.83

-0.27

Property

 LaSalle Core

 5.39

5.60

-0.21

 LaSalle ILP

 3.74

 6.14

-2.40

 Infrastructure

KKR Global Infrastructure Investors Fund II

 10.80

 7.30

 3.50

Antin Infrastructure Fund II

 8.22

7.30

0.92

* Since inception return shown as mandate commenced 1 October 2016

Note: Amounts may not be exact due to rounding

As NILGOSC’s objective is to achieve the maximum return on Fund investments in the longer term, having due regard to the liabilities of the Fund and an acceptable level of investment risk, it is important that undue attention is not given to the returns for a single year in isolation.  Accordingly, NILGOSC focuses its attention on the performance of its investments over the longer-term, being periods of 5 years or longer.

 

Top 10 Equity Holdings at 31 March 2017

Company

 Total Investment £'000

% of Total Equity Portfolio

British American Tobacco

72,904

2.55%

Amazon.com

58,152

2.03%

Compass Group Plc

51,328

1.80%

Facebook NPV

47,238

1.66%

Reckitt Benckiser

46,474

1.63%

Tencent Holdings

43,412

1.52%

Shire Ltd

43,313

1.51%

Relx Plc

42,607

1.49%

Tesla Motors

39,862

1.39%

Barclays

39,539

1.38%