Investment implementation document
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1 implementation document End of June to end of September 2016 All of NEST s funds are delivered by our expert in-house team blending building block funds managed by professional external fund managers. The implementation document (IID) provides information on how this works in practice. Table 1 shows the underlying building block funds used to implement the investment strategy of NEST s fund range. It also shows the total exposure of all NEST funds to each underlying fund as a percentage of all the money managed by NEST. Table 2 show shows the selection of building block funds used to deliver each of the NEST funds and the resulting asset allocations. Figure 1 shows the asset allocation for each single year target date fund in the default range of NEST Retirement Date s. This information is updated quarterly. The IID is a companion document to NEST s Quarterly investment report and Statement of investment principles (SIP). You may also find it helpful to read this document in conjunction with Looking after members money. You can find all these documents at nestpensions.org.uk
2 Page 2 implementation document end of June to end of September 2016 Table 1: Exposure to building block funds and asset classes class manager Date appointed approach Benchmark name Exposure to asset class* Global developed equities UBS FTSE All World Developed Index UBS Life World Equity Tracker 43.4% UK gilts State Street Global Advisors FTSE Actuaries All Stocks Index SSgA UK Conventional Gilts All Stocks Index 0.9% UK index-linked gilts State Street Global Advisors FTSE Actuaries Index Linked Gilts over 5 years Index SSgA UK Index Linked Gilts over 5 Years Index 1% Low-risk sterling liquidity BlackRock Active Seven-day LIBID BlackRock Aquila Connect Cash 9.2% Global ethical equities BMO Global ** April Active MSCI World Index F&C Responsible Global Equity 0.1% Sharia compliant equities HSBC Global April Dow Jones Islamic Titans 100 HSBC Amanah Global Equity Index 0.1% Sterling corporate bonds Royal London April 2012 Active iboxx Sterling Non-Gilt All Maturities Index Royal London UK Corporate Bond Pooled Pension 15% UK direct property Legal & General July 2013 Active REF/IPD UK Quarterly Property All Balanced s Index LGIM Managed Property 0.4% Hybrid property (UK direct property and global listed property) Legal & General July 2013 Active FTSE EPRA/NAREIT Global REITS/REF/ IPD UK Quarterly Property All Balanced s Index LGIM Hybrid Property (70% UK direct property, 30% Global listed property) 13.4% Global property LGIM March 2016 FTSE EPRA/NAREIT Global Developed Real Estate Index Global Real Estate Equity 3.2% Ethical corporate bonds BMO Global ** April 2014 Active iboxx Sterling Non- Gilt All Maturities Index F&C Responsible Sterling Bond 0.04% Emerging markets (alternative indices) HSBC Global June 2014 HSBC Economic Scale Emerging Markets Index HSBC GIF Economic Scale Index Emerging Markets Equity 1.3% Emerging markets (alternative indices) Northern Trust July 2014 MSCI Emerging Markets Custom ESG Index Northern Trust Emerging Markets Custom ESG Equity Index 1.3 % Emerging market debt Amundi March 2016 Active 50% JPM EMBI Global Diversified Hedged Euro/50% JP Morgan ELMI Plus Amundi s Global Emerging Blended - IE 4.9%
3 Page 3 implementation document end of June to end of September 2016 class manager Date appointed approach Benchmark name Exposure to asset class* Short-dated gilts Legal & General April 2015 Buy and hold N/A LGIM Single Year Gilt s 5.7% *Figures may be affected by rounding. **Please note that F&C funds are distributed by BMO Global
4 Page 4 implementation document end of June to end of September 2016 Table 2: NEST Retirement Date s allocations to building block funds NEST fund NEST fund phase class building blocks Target asset allocation* NEST Retirement Date s NEST Starter Foundation phase Growth phase Consolidation phase NEST Post Retirement 1. Global developed equities 2. UK gilts 3. UK index-linked gilts 4. Low-risk liquidity 5. Short-dated gilts 6. Sterling corporate bonds 7. UK direct/global listed property 8. Emerging market equities (alternative indices) 9. Emerging market debt Each NEST Retirement Date follows a glide path with a varying asset allocation each year. The Starter is for members who join NEST before they are eligible for auto enrolment. The Post Retirement fund is for members who stay with NEST past their State Pension age and do not tell us which year they would prefer to retire in. Members money can also be moved to the Post Retirement if they ve selected a retirement date between their 55th birthday and their State Pension Age if they don t retire on the date they chose. This is because the NEST Retirement Date they were invested in would have matured and closed down and at this stage we move the money over to the Post Retirement. The glide path allocation is managed dynamically and factors in market conditions that contribute to delivering the investment objectives. Please see Figure 1 for a breakdown of the asset allocation of each NEST Retirement Date. NEST Ethical this fund is automatically lifestyled across three phases. Switching from foundation phase to growth phase is linear and occurs automatically over five years. Switching from growth phase to consolidation phase is linear and occurs over 10 years. Foundation phase 1. Global ethical equities 43.8% 2. UK direct property % 3. UK gilts 1.8% 4. UK index-linked gilts 1.8% 5. Ethical corporate bonds % 1. Global ethical equities 6. Short-dated gilts 12.2% 2. Ethical corporate bonds Growth phase 1. Global ethical equities 59.6% 3. UK gilts 2. UK direct property 16% 4. UK index-linked gilts 3. UK gilts - 1% 5. UK direct property 4. UK index-linked gilts - 1% 6. Short-dated gilts 5. Ethical corporate bonds % 6. Short-dated gilts 6.7% Consolidation phase 1. UK gilts % 2. Ethical corporate bonds % 3. Short-dated gilts - 25% NEST Sharia 1. Sharia compliant equities 1. Sharia compliant equities 100% NEST Higher Risk Members invested in the Higher Risk are wholly Growth phase 1. Global developed equities 2. UK direct/global listed property 3. Emerging market equities 1. Global developed equities - 67% 2. UK direct/global listed property - 18%
5 Page 5 implementation document end of June to end of September 2016 NEST fund NEST fund phase class building blocks Target asset allocation* switched into the appropriate Retirement Date when they are 10 years from their expected year of retirement, unless they change their retirement date to a later year. (alternative indices) 4. Emerging market debt 3. Emerging market equities (alternative indices) - 7% 4. Emerging market debt 8% NEST Lower Growth 1. Low-risk liquidity 1. Low risk liquidity 100% NEST Pre-retirement fund 1. UK gilts 2. Sterling corporate bonds 3. Low-risk liquidity 1. UK gilts % 2. Sterling corporate bonds % 3. Low-risk liquidity - 25%
6 Page 6 implementation document end of June to end of September 2016 Figure 1: allocation for each single year NEST Retirement Date 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% NEST Retirement Date Emerging market equities Emerging market debt Property Gilts Money market investments Developed market equities Sterling corporate bonds Index-linked gilts Short-dated gilts NEST Corporation All rights reserved. Any form of reproduction of all or any part of this document is not allowed. We do not make any personal recommendation or give advice on how to make decisions concerning investment or taxation. The information in this document does not constitute financial, investment or professional advice or a personal recommendation and should not be relied on. No undertaking is given, or representation or warranty is made, express or implied, by NEST that the material in this document is current, accurate, complete or error free, and the material must not be relied upon as such. NEST does not accept responsibility for any loss caused to any recipient of this document as a result of any error, inaccuracy or incompleteness of the document. The NEST trade marks and trade names used above are owned by NEST Corporation and should not be used in any way without our permission. p50025v /16
Investment implementation document End of September to end of December 2016
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