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Nilgosc


Fund Performance

Over the year to 31 March 2016, the Fund’s overall return on the total assets was -0.40% (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 1.7% and 1.1% on a three and five year basis respectively for the period ended 31 March 2016.  The comparable statistics for the three and five year periods to 31 March 2016 on an annualised basis are set out in the table below:


Three Years % p.a. Five Years % p.a.


Return of Fund


7.4


7.8


CPI +5%


5.7


6.7

The performance of the individual managers is monitored against their corresponding benchmark and performance target.  The table below sets out the returns for each fund manager against their performance target for the 12 months ended 31 March 2016.  Infrastructure investments are still in the stages of drawdown and therefore no meaningful performance data is available.

Asset Class

Manager

Portfolio Return %

Target Return %

Excess Return %


UK Equities


Baillie Gifford
BlackRock
Jupiter


-1.08
-0.27
-6.14


-1.92
0.08
-1.92


0.84
-0.35
-4.22


Global Equities


Baillie Gifford
Edinburgh Partners
Wellington


4.78
-4.95
0.31


2.51  
2.35
2.35


2.28
-7.30
-2.04


Fixed Income


Wellington


2.80


3.41


-0.62


Passive


Legal & General


-3.04


-3.01


-0.03


Property


LaSalle Core
LaSalle Index-Linked


12.69
5.83


12.30
4.56


0.39
1.27


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 has agreed to focus its attention on the performance of its investments over the longer term, particularly on a five-year basis.

Top 10 Equity Holdings at 31 March 2016

 Company

Total Investment £'000's

% of Total Equity Portfolio


British American Tobacco
Amazon.com
AstraZeneca
RELX
Facebook
Compass Group
Illumina
Shire Ltd
Wolseley
Reckitt Benckiser


54,299
41,817
41,250
37,899
35,222
33,558
30,892
29,368
28,703
28,375


0.94
0.72
0.71
0.65
0.61
0.58
0.53
0.51
0.49
0.49