Transport for LondonTfL Pension Fund
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Investment returns
The table below shows the investment returns of the Fund up to 31 March 2009 compared with the benchmark set by the Trustees.
| One year | Three year average | Five year average | ||||
|---|---|---|---|---|---|---|
| Total Fund | Bench mark |
Total Fund | Bench mark |
Total Fund | Bench mark | |
| Annual return (per cent) | -16.3 | -14.0 | -3.9 | -2.9 | 3.9 | 4.5 |
Please note
- Investment returns include both capital and income
- The Fund's assets exclude additional voluntary contributions
- The benchmark quoted is a weighted average of indices relevant to the new structure. It is therefore of limited application to the five year averages.
Value of the Fund
The value of the Fund over the last five years has been:
| Year | Value |
|---|---|
| 2005 | £3,516.3m |
| 2006 | £4,342.4m |
| 2007 | £4,660.9m |
| 2008 | £4,681.6m |
| 2009 | £3,829.0m |
The Fund under-performed against its benchmark over the year, returning -16.3 per cent, 2.3 per cent lower than the benchmark. The Fund's value at 31 March 2009 amounted to £3,829m, £853m (18.2 per cent) below the value of £4,682m in March 2008.
Portfolio changes
There were no portfolio changes during the year, however, Trillium PPP Investment Partners LP changed its name to Semperian Investment Partners LP.
Assessing performance
The Fund participates in an investment performance scheme organised by Mellon Analytical Solutions. They provide comparative information for assessing investment performance.
Mellon Analytical Solutions calculate both the overall investment returns obtained on the Fund's assets and the returns obtained by the individual investment managers.
