Investment report - DB

31 March 2020

Investment returns

This section gives you a brief overview of each Section of the Plan’s investments at 31 March 2019, including the distribution of investments across various asset classes.

DB Segregated Section (excluding V&C sub section)
12 month returns to 31 March 2019
	1 year return (%)	1 year benchmark (%)	3 year return (%)	3 year benchmark (%)
UK Equities	6.22	6.36	9.52	9.51
Global Equities	7.87	7.93	13.32	13.19
Bonds	4.97	4.84	8.47	8.23
Total	6.84	6.96	10.99	10.66

Asset allocation

The Plan allocation is well-diversified among passive UK Equities, Global Equities and a corporate bond. The actual allocation is reviewed monthly, in order to ensure the assets are allocated within the ranges stated above. To lessen currency risk from the increasing in the investment in global equities, some of that investment is hedged against currency exposure back to sterling.

As at 31 March 2019, the Plan’s strategic asset allocation was as follows:

DB Segregated Section
Asset class	Strategic allocation (%)	Ranges by asset class (%)
UK Equities	10	7.5 – 12.5
Global Equities	50	47.5 – 52.5
Bonds	40	37.5 – 42.5
Total	100

V&C Section of the DB Segregated Section
Asset class	Strategic allocation (%)	Ranges by asset class (%)
Equities	50	45 - 55
Bonds	50	45 - 55
Total	100

EBCO Segregated Section
Asset class	Strategic allocation (%)	Ranges by asset class (%)
Equities	20	15 – 25
Bonds	80	75 - 85
Total	100

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