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Nilgosc


Fund Performance

Investment Performance 2016/ 2017

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:


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

Fund Manager

% of Total Fund

% of Total Fund

% of Total Fund

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 Ballie 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

Note: Amounts may not be exact due to rounding

*Since inception return shown as mandate commenced 1 October 2016.

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's

% 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%