LBW Investment Committee - May 2012 meeting notes

1.      Property Sector Weighting – Our allocation to real estate assets was discussed. The outperformance of listed property was highlighted, with the decision last year to overweight to this sector vindicated by both higher returns and lower volatility. It was discussed whether it might be prudent to now reduce this overexposure.

2.      "Absolute" Equity Funds – Discussion over the role of absolute fund managers or long/short managers was held. The question was raised as to whether these style of funds were providing the risk-weighted returns being sought.

3.      Commodities – A representative from a leading commodities fund manager presented information on the pro's and con's of investing in commodity prices. Low correlation to traditional markets and protection against inflation seemed to be the main arguments for such exposures. Concern over long-term performance was also discussed.

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