investment performance - Lothian Buses
You can view the Buses Fund's high level performance report here. Below you will see the returns to 31 March 2011.
| |
1 year | 3 year | 10 year |
| Lothian Buses Pension Fund | 10.0 |
8.4 |
7.1 |
| Benchmark | 8.0 |
6.9 |
5.8 |
| Retail Price Index | 5.3 |
3.1 |
3.0 |
| National Average Earnings | 1.8 |
1.8 |
3.8 |
Investment Performance
As a result of the changes to the investment strategy and the revised manager structure, the performance target for the Fund has been increased from 1.0% p.a. to 1.5% per year over rolling 3 years. This change will be phased in over time with performance targets for the financial year ends as follows:For the 3 year period to 31 March 2011, the target is +1.17% per year
For the 3 year period to 31 March 2012, the target is +1.33% per year
For the 3 year period to 31 March 2013, the target is +1.5% per year
Short Term (1 year)
The Fund delivered a return of +10.0% over the year. The Fund outperformed its benchmark over the year as both Baillie Gifford and the internal UK equity fund exceeded their respective benchmarks.
Medium Term (3 years)
Over the 3 years to 31 March 2011, the Fund posted a return of +8.4% per year. The Fund outperformed its benchmark over the period by 1.5% per year meeting its target of +1.17% per year. The outperformance was due to strong results from Baillie Gifford.
Long Term (10 years)
The Fund's long term performance exceeds the growth in the retail price index and national average earnings growth. The Fund's return over the period is ahead of the benchmark by 1.3% per year over the 10 year period to 31 March 2011. This is mainly due to good stock selection by Baillie Gifford.
