The Fund carries out a Review every three years with the aim of improving the performance on those areas where returns have been weaker and, more generally, to consider the risk/return profile of the Fund in the context of current investment and market trends.

The recommendations of the Review, undertaken by two officers from the lead authority Flintshire County Council, the Fund’s Independent Adviser and the Fund Consultant, were approved at the Clwyd Pension Fund Panel on the 11th August 2006.

As a result of previous reviews, the Fund already had a diversified portfolio and upper quartile performance compared with its peers over 3 and 5 years, hence no fundamental structural adjustments have been made on this occasion. However, there will be some changes in the method of delivery aimed at further diversification from, and less constraint on, traditional asset classes, along with the use of new investment approaches, tools and products to improve returns further and reduce volatility.

This modified approach and capacity constraints in certain existing products will result in the following mandates being advertised via OJEU over the next few months.

• UK Core Equity
• UK Equity High Alpha
• Global Equity Unconstrained
• Unconstrained Fixed Interest
• Global Tactical Allocation Fund
• Commodities