Investment Managers and Performance

Investment manager mandates

The mandates agreed with the investment managers set out performance targets over rolling three year periods and are shown in the table below.

The Scheme specific liability benchmark is calculated by the Investment Adviser, using prevailing bond yields, to reflect the change in value of the projected future cash flows of the Scheme provided by the Actuary (this is consistent with the Scheme’s Statement of Funding Principles).


The numbers in this table may not add up exactly because of rounding differences.

1. Or since inception if the performance monitoring period is shorter (AXA PCS and Amundi IG Bonds: June 2017, AXA and M&G sleeves run-off: July 2017).

2. Formerly Pioneer until its acquisition by Amundi

3. The LGIM target shown above is the Scheme target of Libor +4% for the investment, whereas the manager aims to track an equity index.

4. The target for the Investment Portfolio and the managed assets reflects the Investment Manager Target

5. AllianceBernstein Broad Bonds mandate of c.£100m was fully divested in 3 tranches over December 2018 – January 2019 and the mandate was terminated on February 28th 2019. The performance since 1 April 2018 to termination was -0.8%. The performance since 1 April 2016 to termination is 1.6%p.a.