November Investment Committee Meeting

The recent market falls have been challenging for all investors. We have approached this challenge by using it as an opportunity to test our portfolio in these trying circumstances. Some managers have delivered on our expectations and a few have disappointed. Regardless of the outcome, we are focusing on identifying the reasons why the managers we engage perform the way they do when things get tough. Even though we have delivered value after fees, we continue to work hard to improve and produce a better outcome in the future.

Our Portfolio Manager, Bart Dowling is undertaking further analysis on our holdings and will report back to us at our next meeting. Pleasingly, we are doing this in a measured way and are not forced to take urgent action. Indeed, we did not make any changes to the portfolio in this meeting or the extra meeting we held when market falls were at their worst.

Once Bart has completed his research and presented his recommendations, the committee will then have the opportunity to consider and discuss this before implementing any changes.