The Assistant Director – Investment Strategy delivered the Q1 Investment Performance Report highlighting key areas of performance over the last quarter.

Members probed around why the performance for climate opportunity and renewables was below the benchmark as shown in the chart on page 63.

The Assistant Director – Investment Strategy responded that as these are alternative funds, money is committed but in the early years fees are being taken out and the performance is only just starting to come through, so it is very common to see what is described as  J curve, and this is to be expected.

RESOLVED: Members noted and accepted the report.