FOI Request - Unit Trust Investments Correspondence

Request 101001222573

I am writing to you in reference to the below quote which appeared in the press recently:
“We wrote then to the Trusts formally and also our pensions people to see if they have any investments. At the time we did have [investments] in Rolls Royce and companies similar to that [through] investments in unit trusts, but those investments change day to day.
“At no point ever has the council directly invested in any of these companies and as a result of the request I have written to our pensions and unit trusts people as of yesterday’s date to see if we have any investments either in the specific companies or any armaments companies.”

I have 2 questions:

1: The original letters, which were sent out in 2015 - did every fund reply? 

I can't find these published anywhere online or any FOI requests relating to them. 

- Are you in a position to provide copies of these? 

- If not, are you in a position to provide me data on which trusts hold investments, and the levels involved?

2: The new letters - sent out recently - As yet, have any of the trusts replied? 

- Will you be publishing the replies, or will I have to put in a FOI request?

Response 18-07-2016 (updated 02-08-2016)

As explained at Full Council meeting , investments managed by fund managers  are a very liquid commodity so the information below is only applicable at the specific dates stated. 

  1. Teacher Pension Fund ( information kept by Scottish Government)
  2. Moray Council Local Government Pension Fund is managed by Aberdeen City Council who  have provided the following information
North East Scotland Pension  Fund – 31 May 2016
Active Managers Market Value as at 31 May 2016
Rolls Royce


Ultra Electronics Holdings


Serco Group Plc


BAE Systems








United Technologies






To put this in context the LGPS  has  total investments of around £1 billion so exposure is around 0.8% of total portfolio.

Please see the information attached here.

  1. Council Loans Fund  Money Market Fund Investments

As at 7 June 2016 the Council had money deposited in the following Money Market Funds:-

Standard Life Sterling Liquidity Fund £5,000,000
Blackrock Sterling Liquidity Fund £2,000,000
Insight Sterling Liquidity Fund £1,000,000

The above Funds managers have all confirmed that no investments in armament companies are held in their respective funds.

Please see the information attached here.

  1. Trust Investments  - the latest information from these unit managers  was at 30 the June 2015 ( we have written to them again   last time it took over 4 months to get a reply).
Manager Fund

Value at 31 March 2015

Value at 31 March 2016





Insight Investments (BNY Mellon) Equity High Income Fund A




Henderson (formerly New Star) Strategic High




M&G Global Leader Global



M&G Extra Income Fund



BlackRock Merrill Lynch UK Equity A Income




Invesco Perpetual Income Fund



Index-Linked Treasury 4.125% 2030








Reply at 30 June 2015

  1. Insight Investments – Rolls Royce only. Please see the attached here.
  2. Henderson Strategic High: not directly, but investment trusts and other vehicles in which they invest might do.Please see the attached here.
  3. M&G Extra income fund confirmed 2.15% exposure to companies involved in armaments  – none in Lockheed Martin. 

M&G Global no exposure. Please see the attached here and here.

  1. BlackRock UK Equity Fund combined had 0.17% portfolio weight in aerospace and defence but none in Lockheed Martin. Please see the attached here and here.
  2. Invesco  did not have any exposure to armaments. Please see the attached here here and here.

Update at 21 July 2016

a)  Insight Investments – Rolls Royce only. Please see the attached here.

b) Henderson Strategic High – Response from last year still accurate. Please see the attached here.

c) M&G Global and Extra Income – No exposure to the armaments sector. Please see the attached here.

d) Blackrock UK Equity A - From Annual Report for the BlackRock UK Equity Fund: at 29 February the Portfolio statement shows 0.14% of the Total Net Assets is invested in Aerospace and Defence. Please see the attached here.

e) Invesco – In the 31 March 2016 report, no part of the portfolio noted as armaments or defence, though there is investment in BAE Systems.Please see the attached here here and here.

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