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Roger Gray. Chief Investment Officer. Roger Gray: Background. Oxford MA (PPE), Harvard AM (Economics) Rothschild Fixed income and currency CIO UBS CEO/CIO (Europe) Global Head of Asset Allocation/Currency Hermes CIO. FTSE All-Share:1998-current. FTSE All-Share: Jan 80-Nov 09.

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Presentation Transcript

Roger Gray

Chief Investment Officer


Roger Gray: Background

  • Oxford MA (PPE), Harvard AM (Economics)

  • Rothschild

    • Fixed income and currency

    • CIO

  • UBS

    • CEO/CIO (Europe)

    • Global Head of Asset Allocation/Currency

  • Hermes

    • CIO







Strategic Asset Mix

At 30 Sep 2009:

TOTAL FUND VALUE £26,684m





Main performance detractors in 2008

  • Alternatives versus long-term target at RPI + 5%

    • unrealistic benchmark for 2008, new programme, short-term

  • Tactical Asset Allocation

    • overweight stocks in Q4 (slow rebalancing)

  • Capital International

    • overweight Financials (especially US)

  • Pacific ex Japan

    • underweight low-growth defensives (Telecoms, Utilities)


Performance relative to benchmark

* Valuation data lags


Actions

  • Graham Burnett heads Property since 2006

    • Portfolio restructured; investment programme underway

  • Alternatives team build-up under Mike Powell

    • Hedge fund selection team now in place

  • Risk and Quantitative capability under Cindy Chan

  • Matt Clark (ex Americas team) heads Japanese equities since Q2 2009

  • Capital International

    • Personnel and organisation changes

    • Transparency – On ‘Watch’


Organisation update

  • 2009 performance

    • Good absolute and overall close to benchmark

  • Professional Pensions award 2009

    • Best use of SRI

  • Operational/systems advances

    • ‘POMS’ implementation under Andrew Little and team

  • Strong, collegial, motivated team


Plans

  • Strategy function

    • Tactical Asset Allocation

    • Rebalancing

  • Emerging Markets

  • We’re going places ....


LIO: 60 Threadneedle Street


Roger Gray

Chief Investment Officer


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