DOCSLIB.ORG

Capgemini Uk (2004) Pension Plan

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Capgemini Uk (2004) Pension Plan Implementation Statement CAPGEMINI UK (2004) PENSION PLAN Table of Contents 1. Introduction 3 2. Governance 4 3. Engagement 8 4. Voting Behaviour 13 2 JULY 2020 1. Introduction This statement provides information on how, and the extent to which, the Trustees of the Capgemini UK (2004) Pension Plan have followed the policies in the Plan’s Statement of Investment Principles (“SIP”) during the financial year to 31 March 2020. In addition, the statement provides a summary of the voting behaviour and most significant votes cast during the reporting year. The Trustees recognise their responsibilities as owners of capital, and believe that good stewardship practices, including monitoring and engaging with investee companies, and exercising voting rights attaching to investments, protect and enhance the long-term value of investments. The Trustees have delegated to their fiduciary manager and investment managers the exercise of rights attaching to investments, including voting rights, and engagement with issuers of debt and equity and other relevant persons about relevant matters such as performance, strategy, capital structure, management of actual or potential conflicts of interest, risks and Environmental, Social and Governance (“ESG”) considerations. The Trustees do not monitor or engage directly with issuers or other holders of debt or equity. For the defined benefit (“DB”) Sections, the Trustees expect the fiduciary manager, Kempen Capital Management (Kempen) to exercise ownership rights and undertake monitoring and engagement in line with its’ own corporate governance policies, and taking account of current best practice including the UK Corporate Governance Code 2018 and the UK Stewardship Code 2020. The fiduciary manager expects the underlying investment managers it selects, who are regulated in the UK, to comply with the UK Stewardship Code 2020, including public disclosure of compliance via an external website. For an investment manager to be appointed my Kempen, on behalf of the Trustees, they must also take into consideration Kempen’s’ Responsible Investment and Exclusions policy which can be found here - https://www.kempen.com/nl/asset-management/responsible-investment Similarly, for the defined contribution (“DC”) sections, the Trustees have delegated responsibility for the exercise of rights (including voting rights) attached to the Plan’s investments to the Investment Managers. The Trustees encourage them to engage with investee companies and vote whenever it is practical to do so on financially material matters such as strategy, capital structure, conflicts of interest policies, risks, social and environmental impact and corporate governance as part of their decision-making processes. This Implementation Statement documents how the stewardship policy has been followed by the investment managers during the period, and describes their and the fiduciary manager’s engagement and in particular their voting behaviour during the year. The Trustees are conscious that some investment managers may not be able to provide voting records for all investment held within certain pooled structures. 3 JULY 2020 2. Governance Generally, the Trustees meet three times a year, including one meeting focussed on investment issues, and consider the economic outlook and whether any changes should be made to the Plan’s investment strategy. The Trustees also receive reports from the Investment Advisor and fiduciary manager on the progression of the funding position and investment performance. 2.1 Review of SIP During the year to 31 March 2020, the Trustees received training on ESG issues from their Investment Adviser, XPS Investment (“XPS”) and discussed their beliefs around those issues. This enabled the Trustees to consider how to update their policy in relation to ESG and voting issues. The Trustees’ new policy was documented in the updated Statements of Investment Principles dated September 2019. The Trustees also considered their general investment beliefs and incorporated those into the updated SIPs. For the DB Sections, the SIP was further updated in February 2020 to reflect an increase in the target level of liability hedging. 2.2 Asset Allocation In understanding that asset allocation plays an important role in achieving investment objectives and good member outcomes, the Trustees regularly monitor the asset allocation of DB and DC sections of the Plan to ensure that these are in line with the current investment objectives. The Trustees are required to review the strategy of the default investment arrangements offered by the DC Section of the Plan at least every three years or immediately following any significant change in investment policy or in the DC Section’s member profile. During the reporting year, no changes were made to the default arrangements. Towards the end of the financial year, the Property Fund in the DC Section was gated by the investment manager, although only one deferred member was invested in this fund. Apart from the increase in the target level of liability hedging referred to above, no other changes were made to the investment strategy for the DB Section during the year. The strategy will be considered further in the 2020/21 Plan year. 4 JULY 2020 2.3 The Trustees’ investment policies The Trustees had various investment policies for the Plan on the topics listed in the table below; the table also provides commentary on how and the extent to which the various policies were followed during the reporting year. Policy How the policy was The extent to which the followed policy was followed Kinds of investments to be held DB Section: the Trustees The Trustees are satisfied that DB Section: The Trustees’ invest in a range of different they followed this policy in full policy is to acquire assets asset classes for during the year. of appropriate liquidity diversification purposes and which will generate set the overall strategy income and capital based on professional growth to help meet the advice. benefits payable. DC Section: The Trustees' DC Section: The Trustees long-term objectives are provide members with to provide members with investment vehicles investment options that encompassing both real and will enable them to monetary assets. optimise the real return on investments. Balance between different investments DB Section: The types of The Trustees are satisfied that DB Section: The Trustees’ asset classes held include they followed this policy in full policy is to invest in a both return seeking assets during the year. diversified portfolio of (e.g. equities, multi asset return seeking assets funds, hedge funds, bonds and liability matching funds) and liability matching assets. assets. DC Section: The amounts DC Section: The options allocated to any available to members individual asset class will include equities (UK and be influenced by the overseas), bonds, property, choices made by the cash and multi asset funds. members. Choosing investments During the year, following The Trustees are satisfied that The Trustees’ policy is to advice from XPS, there was they followed this policy in full regularly review the an increase in liability during the year. investments over which hedging for the DB Section. they retain control and No changes were made for to obtain written advice the DC Section. about them when necessary. For the DB Section, the Trustees have delegated the selection, monitoring and 5 replacement of some investment managers to the fiduciary manager. Risks (measurement and management) The Trustees receive The Trustees are satisfied that The Trustees have a quarterly reporting from appropriate reporting is in number of policies in their fiduciary manager and place. respect of risk investment advisor to management and provide the information measurement. required to monitor the investment strategy and performance. In addition, for the DB Section, a monthly dashboard is produced highlighting the funding level progression and a measure of risk. Expected return DB Section: The Trustees DB Section: Based on The Trustees are satisfied that expect that future advice, the Trustees believe they followed this policy in full investment returns will that the current strategy during the year. at least meet the rate of will achieve the objectives return underlying the over the long term, but are Recovery Plan. also conscious of the associated risks. DC Section: The Trustees DC Section: The Trustees anticipate that the have made available a range investment options and of investment funds with the associated future different risk-reward absolute investment characteristics. returns will allow members to maintain the real value of their fund whilst at the same time providing them with the opportunity to invest in assets which are closely aligned to the way in which they expect to convert their fund at retirement. Realisation of investments DB Section: The The Trustees are satisfied that The Trustees’ policy is to administrators monitor the they followed the policy to a hold most of the Plan’s projected cashflow position reasonable extent over the assets in readily on a monthly basis and reporting period but realisable assets. request disinvestments acknowledge they have little from the fiduciary manager control over the events if required to pay benefits leading to the Property Fund and other outflows. closure. 6 DC Section: The temporary closure of the Property Fund as a result of Covid-19 led to some assets held by members temporarily not being readily realisable. The Fund has reopened since the end of the
Load more

Recommended publications
  • APFC Fund Managers
    Board of Trustees Annual Meeting September 26-27, 2018 TABLE OF CONTENTS Tab No. Title 1 Agenda 2 Approval of Minutes Memo a) May 23-24, 2018 b) July 24, 2018 3 CEO’s Reports a) Pending Board Matters b) Trustee Education c) Disclosure Report d) Travel e) Due Diligence Log f) Staff Education & Training 4 Communications 5 Financials 6 Cash Flow 7 Monthly Performance Report 8 Strategic and Tactical Moves 9 Investment Management Fee Report 10 FY19 Budget Report a) Capital Project Appropriations Report 11 Chief Investment Officer’s Report 12 Report of Annual Audit Memo a) Presentation: KPMG Annual Audit 13 Callan APFC Performance Review Memo a) Presentation: Callan APFC Performance 14 Risk Overview Memo a) Presentation: Risk Dashboard 15 Asset Class Updates: Public Equites Memo a) Presentation: Public Equities 16 Asset Class Updates: Fixed Income Memo a) Presentation: Fixed Income 1/462 17 Asset Class Updates: Private Equity & Special Opportunities Memo a) Presentation: Private Equity & Special Opportunities 18 Asset Class Updates: Asset Allocation Strategies Memo a) Presentation: Asset Allocation Strategies Review 19 Asset Class Updates: Real Assets Memo a) Presentation: Real Assets: Infrastructure, Special Income, Real Estate, Absolute Return 20 Strategic Plan Review Memo a) Strategic Plan Review 21 FY20 Budget Approval Memo a) Presentation: FY20 Proposed Budget b) FY20 Proposed Budget Request 22 Legislative Requests Memo 23 Investing in Global Real Estate Memo a) Presentation: RCLCO b) Presentation: CBRE c) Presentation: Brookfield 24 Investing
    [Show full text]
  • Inprs Cafr Fy20 Working Version
    COMPREHENSIVE ANNUAL FINANCIAL REPORREPORTT 2020 For the FiscalFiscal YearYear EndedEnded JuneJune 30,30, 20202019 INPRS is a component unit and a pension trust fund of the State of Indiana. The Indiana Public Retirement System is a component Prepared through the joint efforts of INPRS’s team members. unit and a pension trust fund of the State of Indiana. Available online at www.in.gov/inprs COMPREHENSIVE ANNUAL FINANCIAL REPORT 2020 For the Fiscal Year Ended June 30, 2020 INPRS is a component unit and a pension trust fund of the State of Indiana. INPRS is a trust and an independent body corporate and politic. The system is not a department or agency of the state, but is an independent instrumentality exercising essential governmental functions (IC 5-10.5-2-3). FUNDS MANAGED BY INPRS ABBREVIATIONS USED Defined Benefit DB Fund 1. Public Employees’ Defined Benefit Account PERF DB 2. Teachers’ Pre-1996 Defined Benefit Account TRF Pre-’96 DB 3. Teachers’ 1996 Defined Benefit Account TRF ’96 DB 4. 1977 Police Officers’ and Firefighters’ Retirement Fund ’77 Fund 5. Judges’ Retirement System JRS 6. Excise, Gaming and Conservation Officers’ Retirement Fund EG&C 7. Prosecuting Attorneys’ Retirement Fund PARF 8. Legislators’ Defined Benefit Fund LE DB Defined Contribution DC Fund 9. Public Employees’ Defined Contribution Account PERF DC 10. My Choice: Retirement Savings Plan for Public Employees PERF MC DC 11. Teachers’ Defined Contribution Account TRF DC 12. My Choice: Retirement Savings Plan for Teachers TRF MC DC 13. Legislators’ Defined Contribution Fund LE DC Other Postemployement Benefit OPEB Fund 14.
    [Show full text]
  • Europe's Largest Single Managers Ranked by a Um
    2013 IN ASSOCIATION WITH IN ASSOCIATION 5O EUROPEEUROPE’S LARGEST SINGLE MANAGERS RANKED BY AUM EUROPE50 01 02 03 04 Brevan Howard Man BlueCrest Capital Blackrock Management 1 1 1 1 Total AUM (as at 30.06.13) Total AUM (as at 30.06.13) Total AUM (as at 01.04.13) Total AUM (as at 30.06.13) $40.0bn $35.6bn $34.22bn $28.7bn 2 2 2 2 2012 ranking 2012 ranking 2012 ranking 2012 ranking 2 1 3 6 3 3 3 3 Founded Founded Founded Founded 2002 1783 (as a cooperage) 2000 1988 4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Alan Howard Manny Roman (CEO), Luke Ellis (President), Mike Platt, Leda Braga Larry Fink Jonathan Sorrell (CFO) 5 5 5 Hedge fund(s) 5 Hedge fund(s) Hedge fund(s) Fund name: Brevan Howard Master Fund Hedge fund(s) Fund name: BlueCrest Capital International Fund name: UK Emerging Companies Hedge Limited Fund name: Man AHL Diversified plc Inception date: 12/2000 Fund Inception date: 04/2003 Inception date:03/1996 AUM: $13.5bn Inception date: Not disclosed AUM: $27.4bn AUM: $7.9bn Portfolio manager: Mike Platt AUM: Not disclosed Portfolio manager: Multiple portfolio Portfolio manager: Tim Wong, Matthew Strategy: Global macro Portfolio manager: Not disclosed managers Sargaison Asset classes: Not disclosed Strategy: Equity long/short Strategy: Global macro, relative value Strategy: Managed futures Domicile: Not disclosed Asset classes: Not disclosed Asset classes: Fixed income and FX Asset classes: Cross asset Domicile: Not disclosed Domicile: Cayman Islands Domicile: Ireland Fund name: BlueTrend
    [Show full text]
  • Bloomberg Briefs: Hedge Funds
    Tuesday March 7, 2017 March 7, 2017 Alaska's Wealth Fund Seeks 11 Funds for Investments Number of the Week By Hema Parmar Alaska’s $55.4 billion wealth fund is seeking up to 11 hedge funds for allocations, following its decision in May to redeem from its funds of hedge funds and invest in $1.06 Billion managers directly. The Alaska Permanent Fund Corp. prefers experienced managers that have a track Net inflows into macro hedge funds in record of producing returns of at least inflation plus 5 percent, according to public January, according to eVestment. documents from its quarterly board of trustees meeting. Alaska is seeking funds with low correlation to equity markets, "appropriate" risk controls as measured by historical drawdowns and volatility and that can show they have protected capital during down Inside markets, the documents from the Feb. 22-23 board meeting show. Equity-focused Viking Global saw a Marcus Frampton, Alaska’s director of private markets, declined to comment. slight loss in February, while Alaska currently has nine managers in its program that invests directly in hedge funds. Renaissance's equities fund gained It plans to invest a total 5 percent of the firm’s assets, or about $2.8 billion, in managers in the month: Returns in Brief via that program, the documents said. As of Dec. 31, Alaska had a 4.5 percent exposure to commingled funds, either directly Macro funds run by Prologue and or via the funds of hedge funds from which it is redeeming. The move to allocate to State Street are closing: Closures managers directly will save Alaska $15 million a year, according to the documents, as it allows the wealth fund to cut the layer of fees paid to funds of funds for making Ray Dalio jolts Bridgewater as Jon investments.
    [Show full text]
  • 2017-2018 Is 6.875%
    CityofSanJosé FederatedCityEmployeesRetirementSystem ComprehensiveAnnualFinancialReportfortheFiscalYearsendedJune30,2018andJune30,2017 Photo credits Cover Top image:©UladzikKryhin/123rf.com, Cover Middle images, Left to Right:©KennyTong/123rf.com;©elf0724/123rf.com Title, Top to Bottom:©PanomBounak/123rf.com;©MichaelMarfell/123rf.com;©UladzikKryhin/123rf.com Introductory, Left to Right:©Dolgachov/123rf.com;©MichaelMarfell/123rf.com;©SiraJantararungsan/123rf.com Financial, Left to Right:©Dolgachov/123rf.com;©MichaelMarfell/123rf.com;©SiraJantararungsan/123rf.com Investment, Left to Right: ©Dolgachov/123rf.com;©MichaelMarfell/123rf.com;©SiraJantararungsan/123rf.com Actuarial, Left to Right: ©Dolgachov/123rf.com;©MichaelMarfell/123rf.com;©SiraJantararungsan/123rf.com Statistical, Left to Right:©Dolgachov/123rf.com;©MichaelMarfell/123rf.com;©SiraJantararungsan/123rf.com CityofSanJosé FederatedCityEmployees RetirementSystem PensionTrustandPostemploymentHealthcare RobertoL.Peña TrustFundsoftheCityofSanJosé,California Chief Executive Officer ComprehensiveAnnualFinancialReportforthe FiscalYearsendedJune30,2018andJune30,2017 OfficeofRetirementServices 1737NorthFirstStreet,Suite600 SanJosé,California951124505 Phone:4087941000Fax:4083926732 www.sjretirement.com Board Chair Letter November 9, 2018 The Honorable Mayor and City Council Members of the Federated City Employees’ Retirement System City of San José San José, California Dear Mayor, Council Members, and System Members: On behalf of the members of the Board of Administration, I present the Federated City Employees’ Retirement System’s (the System) Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2018. The System's Pension Plan earned a time-weighted gross of investment fees rate of return of 6.3% and net of investment fees rate of return of 5.9% on investments for the fiscal year, compared to a 7.4% return for its policy benchmark and an 8.0% return for the InvestorForce universe net median of public funds greater than $1 billion.
    [Show full text]
  • 2019-Annual-Report-Investment.Pdf
    Our long-term plan helps ensure that retirement promises are kept. Investment Section Investment Section Chief Investment Officer’s Report October 18, 2019 Dear Members, MOSERS’ portfolio returned a time-weighted rate of return of 4.3% for fiscal year 2019. The Fund’s policy return (i.e. what we should have expected through benchmark replication) was 2.5%. Comparing what we earned, 4.3%, to what the benchmark return expectation was, 2.5%, resulted in a 1.8% out performance. The fiscal-year return did not meet our long-term return objective this year. While we do strive to hit the long-term investment return objective each year, this objective is not always realized. This variation is because of investment risk, which all pension plans must take in order to make money. In certain years, the market environment is good and risk taking is rewarded with profits. In years like fiscal year 2019, the environment was not as rewarding and returns were below expectations. The key consideration during all of these outcomes is our long-term earnings relative to our expectations. In 2018, the Board voted to systematically reduce MOSERS’ long-term investment return assumption. With this decision, the Board recognized an investment environment that was making it difficult for MOSERS to achieve its long-term return assumption. The Board also repositioned the portfolio in 2018 to address the challenging return environment. The new Board- adopted portfolio is generally more oriented to growth investments, but maintains a large degree of portfolio balance with significant allocations to core bonds, long duration U.S.
    [Show full text]
  • Annual Financial Report – 2012
    1937 2012 ® School Employees Retirement System of Ohio Comprehensive Annual Financial Report For the year ended June 30, 2012 Serving the People Who Serve Our Schools® Art by Trinity R., Winton Montessori Trinity Art by 1937 2012 ® School Employees Retirement System of Ohio Comprehensive Annual Financial Report For the year ended June 30, 2012 Prepared by SERS Staff Lisa J. Morris, Executive Director 300 E. Broad St., Suite 100, Columbus, Ohio 43215-3746 www.ohsers.org Serving the People Who Serve Our Schools® “The mission of SERS is to provide our members, retirees, and beneficiaries with pension benefit programs and services that are soundly financed, prudently administered, and delivered with understanding and responsiveness.” Table of Contents Introductory Section (unaudited) SERS Retirement Board . 2 Introductory Section Executive Staff and Organizational Chart . 3 GFOA Certificate of Achievement . 4 PPCC Standards Award . 4 Letter of Transmittal . 5 Legislative Summary . 9 Financial Section Independent Auditors’ Report . 12 Management’s Discussion and Analysis (unaudited) . 14 Financial Statements Statement of Plan Net Assets . 18 Statement of Changes in Plan Net Assets . 20 Notes to Financial Statements . 22 Required Supplementary Information Schedules of Funding Progress . 34 Schedules of Employer Contributions . 35 Note to Required Supplementary Schedules . 36 Additional Information Schedule of Administrative Expenses . 37 Schedule of Investment Expenses . 38 Schedule of Payments to Consultants . 38 Investment Section (unaudited) Investment Summary . 40 Asset Allocation . 40 Asset Allocation vs. Policy . 40 Letter from Interim Director of Investments . 41 Investment Report . 42 Schedule of Investment Results . 43 Total Fund Rates of Return vs. Policy Benchmark . 43 Total Fund at Fair Value .
    [Show full text]
  • Specialised Training for Traders & Investment Managers
    TRAINING CALENDAR 2014 Specialised Training For Traders & Investment Managers Courses and Workshops on Trading and Investment Strategies Technical Analysis Derivatives Trading Hedge Fund Strategies Market Fundamentals High Quality Training Presented by World Class Market Experts Global Markets Media is proud to present its latest 2014 training calendar for trading and investment professionals. All of our courses are specifically designed for traders, hedge funds and fund managers across all asset classes, with a focus on trading and investment strategies. Our trainers are recognised experts in their fields as well as being highly experienced in teaching market professionals in seminar and workshop settings. Training takes place at the luxury Apex City of London Hotel, located in the heart of the City of London and just moments from Tower Hill underground station. We offer all our published training courses for delivery ‘in-house’ at our client’s premises. This can enable us to tailor the content towards a preferred asset class, market or strategy during the course. Our in-house training courses can also be bespoke, being designed and delivered to meet your specific needs across the full range of trading strategies and financial products. Global Markets Training Ltd 10 Quarry Street Guildford GU1 3UY United Kingdom +44 (0)1483 573150 CONTENTS Training courses and workshops Asset Allocation Workshop 4 Economics for Traders and Fund Managers 5 Fundamental Bond Strategies 6 Fundamental Data and the Markets 7 FX Exotic Options 8 Millisecond
    [Show full text]
  • Preqin Special Report: Top Performing Hedge Funds in 2017 Preqin Special Report: Top Performing Hedge Funds in 2017 Foreword
    PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 PREQIN SPECIAL REPORT: TOP PERFORMING HEDGE FUNDS IN 2017 FOREWORD his Preqin Special Report takes a closer look at those funds that have reached the top of the performance ranks in 2017. Using data Ttaken from Preqin’s online platform, we examine the top performing hedge funds over a one- and three-year basis, as well as those funds that have been performing consistently well over the past three and five years. METHODOLOGY Top Performing Funds: The top performing funds presented in this report are based on a ranking by net returns over the periods 2017 and 2015-2017. Funds must report a full 12-month performance track record over 2017, and a full 36-month track record over 2015-2017 in order to be eligible to be listed in our one- and three-year league tables. The tables are based on data reported to Preqin in early 2018. Although fund rankings are not expected to alter significantly, final performance tables are subject to change as more data becomes available. Most Consistent Top Performing Funds: Most consistent top performing funds were determined using a percentile ranking methodology, whereby each of the four metrics – annualized return, annualized volatility, Sharpe ratio and Sortino ratio – were representatively graded in a universe of hedge funds with matching strategy criteria and performance data up to December 2017 on Preqin’s online platform over two sample periods. The ‘average score’ of each fund was then derived through an average of the four percentile values and solely used to determine fund consistency.
    [Show full text]
  • 2017 Preqin Global Hedge Fund Report
    alternative assets. intelligent data. 2017 PREQIN GLOBAL HEDGE FUND REPORT TOP PERFORMING FUNDS 2017 PREQIN GLOBAL HEDGE FUND REPORT CONTENTS This excerpt from the 2017 Preqin Global Hedge Fund Report contains all the league tables of the top performing hedge funds in 2016 and over the past three years, as well as the most consistent performing funds over a three- and five-year period. The top performing funds presented in this report are based on a ranking by net returns over the periods 2016 and 2014-2016 and are based on data reported to Preqin in early January 2017 and include preliminary data for December 2016. Although fund rankings are not expected to alter significantly, final performance tables are subject to change. The most consistent top performing funds were determined as most consistent using a percentile rank methodology, whereby each of the four metrics – annualized return, annualized volatility, Sharpe ratio and Sortino ratio – were representatively graded in a universe of hedge funds with matching strategy criteria and performance data up to December 2016 on Preqin’s Hedge Fund Online database over two sample periods. The ‘average score’ of each fund was then derived through an average of the four percentile values and solely used to determine fund consistency. Where a Sortino ratio could not be calculated due to the fund not generating a negative return in the sample period, the fund was given a percentile score of 100 for its Sortino ratio metric. We hope you find this report useful, and welcome any feedback you may have. For more information, please visitwww.preqin.com or contact [email protected].
    [Show full text]
  • Investment Section INVESTMENT SECTION INVESTMENT Years to Break This Mark
    INVESTMENT SECTION Investment Section Investment MOSERS’ first investment transaction occurred in 1957 when a single outside advisor placed $100,000 in a 90-day U.S. Treasury Bill on behalf of plan participants. By 1987, MOSERS’ total investments exceeded $1 billion. This is a notable accomplishment as it took nearly 30 years to break this mark. Investment Section 65 Chief Investment Officer’s Report 67 Investment Policy Summary 72 Total Fund Review 75 Schedule of Investment Portfolios by Asset Class 76 Schedule of Investment Advisors 78 Total Fund – Top Ten Publicly Traded Separate Account Holdings 78 Schedule of Investment Results 79 Schedule of Investment Manager Fees 81 Asset Class Summary 88 Securities Lending Program Investment Section ■ Chief Investment Officer’s Report October 16, 2017 Dear Members: I start this letter by thanking the MOSERS Board of Trustees and executive director, John Watson, for allowing me the honor of leading the investment effort at MOSERS. MOSERS’ fund returned 3.5% this fiscal year, which is 1.9% more than expected from passive investing. The extra return was made from decisions MOSERS’ investment staff implemented through the year. We achieved this excess return while also cutting about $7 million in management fees (about 12% savings). Finishing with higher-than-expected returns and reducing fees are the two things staff has the most control over and, by those measurements, this year was a success. However, our absolute return is lower than what most other pension funds experienced. The reason for the performance difference is because we do not own what they own. By way of analogy, investment portfolios are like recipes.
    [Show full text]
  • COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Fiscal Year Ended June 30, 2018
    2018 For the Fiscal Year Ended June 30, 2018 COMPREHENSIVE ANNUAL The Indiana Public Retirement System is a component FINANCIAL REPORT unit and a pension trust fund of the State of Indiana. Prepared by the INPRS Finance and Administration Department 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2018 The Indiana Public Retirement System is a component unit and a pension trust fund of the State of Indiana. Public Employees’: Defined Benefit Account and Defined Contribution Account | Teachers’: Pre-1996 Defined Benefit Account, 1996 Defined Benefit Account, and Defined Contribution Account | 1977 Police Officers’ and Firefighters’ Retirement Fund | Judges’ Retirement System | Excise, Gaming and Conservation Officers’ Retirement Fund | Prosecuting Attorneys’ Retirement Fund | Legislators’: Defined Benefit Fund and Defined Contribution Fund | Special Death Benefit Fund | Local Public Safety Pension Relief Fund INPRS | One North Capitol, Suite 001 | Indianapolis, IN 46204 Toll-free: (844) GO - INPRS | www.inprs.in.gov | [email protected] INPRS is a trust and an independent body, corporate and politic. The fund is not a department or agency of the State of Indiana, but is an independent instrumentality exercising essential governmental functions. (Indiana Code Section 5-10.5-2-3). Table of Contents 2018 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2018 INTRODUCTORY SECTION INVESTMENT SECTION Public Employees’ Defined Benefit 7 Letter of Transmittal 101 Report on Investment Activities
    [Show full text]