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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
slide1

Roger Gray

Chief Investment Officer

slide2

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
slide8

Strategic Asset Mix

At 30 Sep 2009:

TOTAL FUND VALUE £26,684m

slide12

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)
slide13

Performance relative to benchmark

* Valuation data lags

slide14

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’
slide15

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
slide16

Plans

  • Strategy function
    • Tactical Asset Allocation
    • Rebalancing
  • Emerging Markets
  • We’re going places ....
slide18

Roger Gray

Chief Investment Officer

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