The Independent Advisers presented the Market Commentary Report for members to consider and note.

Members sought the views of the advisors around what the market would look like following a UK election taking place next year, which would bring further uncertainty into the markets.

The Advisors responded that although it is impossible to know exactly what will happen, they predict that the UK has already dealt with a lot of uncertainty and a lot of technical damage has already happened. Consensus around policy provides somewhat more certainty and with Australian Sovereign Wealth funds looking to invest in the UK economy and the sterling picking up, could it be any worse than it has already been.

Members also sought the Advisors views on corporate profiteering and price gouging being a cause of sticky investment.

The Advisors responded that consumer loyalty to these brands has allowed prices to remain high, although deflation is happening in other areas which is combating this, so they don’t expect we are looking at higher inflation for longer.

Further discission took place around the Artificial Intelligence ‘bubble’ which reflected on the importance of diverse portfolios.

Finally, members sought the views of the advisors on the pressure the Government are putting on LGPS funds to invest in specific ways.

The Advisors commented that Authority are investing in different areas whilst always considering South Yorkshire, to ensure there is balance in diversifying the portfolio.

RESOLVED: Members thanked the advisors and noted the report.