Investment implementation document
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1 implementation document December 2015 to March 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 December 2015 to March Table 1: Exposure to building block funds and asset classes as at end of March class manager Date appointed approach Benchmark name Exposure to asset class at March * Global developed UBS FTSE All World Developed UBS Life World Equity Tracker 41.8% UK gilts State Street Global Advisors FTSE Actuaries All Stocks SSgA UK Conventional Gilts All Stocks 1.0% UK index-linked gilts State Street Global Advisors FTSE Actuaries Linked Gilts over 5 years SSgA UK Linked Gilts over 5 Years 0.9% Low-risk sterling liquidity BlackRock Active Seven-day LIBID BlackRock Aquila Connect Cash 12.1% Global ethical BMO Global ** April Active MSCI World F&C Responsible Global Equity 0.1% Sharia compliant HSBC Global April Dow Jones Islamic Titans 100 HSBC Amanah Global Equity 0.1% Sterling corporate bonds Royal London April 2012 Active iboxx Sterling Non-Gilt All Maturities Royal London UK Corporate Bond Pooled Pension 13.6% UK direct property July 2013 Active REF/IPD UK Quarterly Property All Balanced s LGIM Managed Property 0.3% Hybrid property (UK direct property and global listed property) July 2013 Active FTSE EPRA/NAREIT Global REITS/REF/ IPD UK Quarterly Property All Balanced s LGIM Hybrid Property (70% UK direct property, 30% Global listed property) 17.8% Global property LGIM March FTSE EPRA/NAREIT Global Developed Real Estate Global Real Estate Equity 0.0% Ethical corporate bonds BMO Global ** April 2014 Active iboxx Sterling Non- Gilt All Maturities F&C Responsible Sterling Bond 0.03% Emerging markets (alternative indices) HSBC Global June 2014 HSBC Economic Scale Emerging Markets HSBC GIF Economic Scale Emerging Markets Equity 1.5% Emerging markets (alternative indices) Northern Trust July 2014 MSCI Emerging Markets Custom ESG Northern Trust Emerging Markets Custom ESG Equity 1.5 %
3 Page 3 implementation document December 2015 to March class manager Date appointed approach Benchmark name Exposure to asset class at March * Emerging market debt Amundi March Active 50% JPM EMBI Global Diversified Hedged Euro/50% JP Morgan ELMI Plus Amundi s Global Emerging Blended - IE 2.9% Short-dated gilts April 2015 Buy and hold N/A LGIM Single Year Gilt s 6.5% *Figures shown to 1 decimal place and may be affected by rounding. **Please note that F&C funds are distributed by BMO Global
4 Page 4 implementation document December 2015 to March 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 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 (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. 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 Foundation phase 1. Global ethical 39.0% 2. UK direct property % 3. UK gilts 1.8% 4. UK index-linked gilts 1.8% 5. Ethical corporate bonds % 1. Global ethical 6. Short-dated gilts - 17% 2. Ethical corporate bonds Growth phase 1. Global ethical 53.6% 3. UK gilts 2. UK direct property 20% 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 9.7% Consolidation phase 1. UK gilts % 2. Ethical corporate bonds % 3. Short-dated gilts - 25% NEST Sharia 1. Sharia compliant 1. Sharia compliant 100% NEST Higher Risk * Growth phase 1. Global developed 2. UK direct/global listed property 3. Emerging market (alternative indices) 4. Emerging market debt 1. Global developed - 66% 2. UK direct/global listed property - 20% 3. Emerging market (alternative indices) - 6% 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%
5 Starter Post Retirment Page 5 implementation document December 2015 to March Figure 1: allocation for each single-year NEST Retirement Date as at end of March 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Global developed UK gilts UK index-linked gilts Low-risk liquidity Sterling bonds Property Emerging markets equity Emerging market debt Short-dated gilts Nest Corporation. All rights reserved. This information does not constitute financial, investment or professional advice and should not be relied upon as such. Reproduction in any form of all or any part of this document is prohibited. p50025v /16
Investment implementation document
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.
More informationInvestment implementation document End of September to end of December 2016
implementation document End of September to end of December 2016 All of NEST s funds are delivered by our expert in-house team blending building block funds managed by professional external fund managers.
More informationInvestment implementation document End of December 2016 to end of March 2017
implementation document End of December 2016 to end of March 2017 All of NEST s funds are delivered by our expert in-house team blending building block funds managed by professional external fund managers.
More informationInvestment implementation document End of March 2017 to end of June 2017
implementation document End of March 2017 to end of June 2017 All of NEST s funds are delivered by our expert in-house team blending building block funds managed by professional external fund managers.
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