The Pensions Fund Committee - Investment Sub-Committee met to review investment performance, stewardship activities, and current market conditions. Discussions were scheduled to cover the quarterly performance report, stewardship and engagement efforts, and updates on investment topics.

Stewardship and Engagement Report

The committee was scheduled to receive an update on stewardship and engagement activities related to the Fund's investments. This included information on the Fund's voting activity for assets held within the ACCESS pool, a summary of engagement activities by ACCESS sub-fund managers, and engagement efforts by Border to Coast (BCPP). The report was also expected to detail direct engagement with investment managers and activities undertaken by the Local Authority Pension Fund Forum (LAPFF). A letter from the Palestine Solidarity Campaign (PSC) regarding investments in companies alleged to be linked to breaches of International Humanitarian Law was also to be discussed, with a draft response to be considered.

Current Investment Topics - Update

An update on current investment topics was scheduled, likely covering geopolitical and economic outlooks. This would include discussions on the impact of global events, such as the Middle East conflict, on financial markets, oil flow, and inflation. The role of Artificial Intelligence (AI) in driving market performance and capital expenditure was also anticipated to be a focus, alongside potential risks of concentration in asset portfolios due to AI-related spending. The report was expected to recommend a Total Portfolio approach to risk management.

Quarterly Performance Report

The committee was to review the quarterly performance report for the period ending 30 June 2026. This report was expected to detail the Fund's funding position, which had shown improvements, leading to a strong financial standing. Investment performance over the quarter and longer-term periods was to be presented, with an analysis of equity, bond, infrastructure, property, and private equity portfolios. The report was also to include an overview of the Fund's asset allocation in relation to its new Strategic Asset Allocation (SAA) and manager research updates.

Asset Transition and SAA Update

A discussion was scheduled regarding the Asset Transition and Strategic Asset Allocation (SAA) update. This would likely cover the ongoing transition of assets and the implementation of the Fund's new SAA, which involved an increased allocation to Bonds and a reduced allocation to Equities and Real Estate. The report was expected to detail changes made to the asset allocation, including the sale of Longview Global Equity and investments in BCPP and UBS Gilt funds.

BCPP Capabilities and Workstreams Update

The committee was also set to receive an update on the capabilities and workstreams of the Border to Coast Pensions Partnership (BCPP). This would likely cover BCPP's ongoing development of its stewardship and responsible investment approach, including the publication of a Just Transition Overlay and updates to its responsible investment policies. The report was expected to detail BCPP's engagement activities and voting record.

BCPP Introductory Briefing

An introductory briefing on BCPP was also on the agenda. This would likely provide an overview of BCPP's structure, objectives, and operational framework, particularly in relation to its role as the Fund's principal investment adviser.

The meeting was also scheduled to include a review of the Action Log and the minutes of the previous meeting. Certain items, including the private performance report, private minutes, asset transition update, and BCPP updates, were designated as containing exempt information and were to be considered in private session.