Investment implementation document End of December 2016 to end of March 2017
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1 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. 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 December 2016 to end of March 2017 Table 1: Exposure to building block funds and asset classes class manager Date appointed approach Benchmark name Exposure to asset class* Global developed UBS FTSE All World Developed UBS Life World Equity Tracker 35.5% Global developed climate aware UBS 2017 FTSE All World Developed UBS Life Climate Aware World Equity 9.5% 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 0.2% Low-risk sterling liquidity BlackRock Active Seven-day LIBID BlackRock Aquila Connect Cash 6.8% Short Duration Grade Credit BlackRock December 2016 Active GBP 3 Month LIBID Blackrock Institutional Sterling Ultra Short Bond 2.6% Short Duration Grade Credit December 2016 Active ML 1-5 year Sterling Non-Gilt All Stocks Grade Short Dated Credit 6.6% 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 April 2012 Active iboxx Sterling Non-Gilt All Maturities UK Corporate Bond Pooled Pension 14.6% UK direct July 2013 Active REF/IPD UK Quarterly Property All Balanced s LGIM Managed Property 0.3% Hybrid (UK direct and global listed ) July 2013 Active FTSE EPRA/NAREIT Global REITS/REF/ IPD UK Quarterly Property All Balanced s LGIM Hybrid Property (70% UK direct, 30% Global listed ) 11.8% Global LGIM March 2016 FTSE EPRA/NAREIT Global Developed Real Estate Global Real Estate Equity 2.8% Ethical corporate bonds BMO Global ** April 2014 Active iboxx Sterling Non- Gilt All Maturities F&C Responsible Sterling Bond 0.05% Emerging markets HSBC Global June 2014 HSBC Economic HSBC GIF Economic 1.4%
3 Page 3 implementation document end of December 2016 to end of March 2017 class manager Date appointed approach Benchmark name Exposure to asset class* (alternative indices) Scale Emerging Markets Scale Emerging Markets Equity Emerging markets (alternative indices) Northern Trust July 2014 MSCI Emerging Markets Custom ESG Northern Trust Emerging Markets Custom ESG Equity 1.5 % 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 5.3% Short-dated gilts April 2015 Buy and hold N/A LGIM Single Year Gilt s 0.0% *Figures may be affected by rounding. **Please note that F&C funds are distributed by BMO Global
4 Page 4 implementation document end of December 2016 to end of March 2017 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 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 join NEST after their State Pension Age or who haven t taken their money out of NEST in the year they were expected to. NEST Retirement Date s that have matured will be closed down and any money remaining in them will be moved over to the NEST 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. The asset allocation of each phase can be found in the last column. 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 2. Ethical corporate bonds 3. UK gilts 4. UK index-linked gilts 1. Global ethical % 2. UK direct % 3. Ethical corporate bonds % 4. Short Dated Gilts % Growth phase 5. UK direct 6. Short-dated gilts 1. Global ethical % 2. UK direct - 15% 3. Ethical corporate bonds - 20% 4. Short Dated Gilts - 4.5% 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 Members invested in the Higher Risk are wholly 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. Growth phase 1. Global developed 2. UK direct/global listed 3. Emerging market (alternative and ESG indices) 4. Emerging market debt 1. Global developed - 67% 2. UK direct/global listed - 18% 3. Emerging market (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%
5 Page 5 implementation document end of December 2016 to end of March 2017 Figure 1: allocation for each single year NEST Retirement Date 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% NEST Retirement Date s Low-risk sterling liquidity Ultra short duration investment grade bonds Short duration investment grade bonds Gilts -linked gilts Sterling corporate bonds UK Direct Property Global listed Hybrid Property Climate aware global developed Global developed Global emerging market (ESG screened) Global emerging market (economic weighting Emerging market debt 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. p50223v /17
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