The Pension Investment Sub-Committee met to review the performance of the Worcestershire Pension Fund's investments. The committee received updates from its independent advisor and from representatives of Novum Investment Management and Walton Street Real Estate Debt Funds.

Investment Performance Update

The sub-committee received an update on the performance of the Worcestershire Pension Fund's investments. Philip Hebson, Independent Advisor to the Fund, presented the Pensions Independent Investment Advisor update together with associated investment performance information. The report also included an LGPSC investment performance update.

The committee resolved to note the quarterly pensions investment performance information, the associated Independent Advisor's Report, and the LGPSC investment performance update.

Novum Investment Management Shaped Equity Update

The sub-committee received an update from Masroor Ahmad, Mark Davies, and Jason Wood from Novum Investment Management on their shaped equity investments.

The committee resolved to note the Novum Investment Management Limited shaped equity update presentation.

Walton Street Real Estate Debt Funds I and II Quarter 1 2025 Update

The sub-committee received an update from Richard Ratke, Kate Kappas, Luke Goodwin, Amanda Milnes, Taylor Gallo, and Jim Odenbach from Walton Street on the performance of the Walton Street Real Estate Debt Funds I and II.

The committee resolved to note Walton Street's Worcestershire Pension Fund Investment update for Q1 2025.