Docusign Envelope ID: 7C07248F-983B-4F8B-904D-FCB9B680B5CE
THE UTC COMMON INVESTMENT FUND
ADMINISTRATOR’S REPORT YEAR ENDED 31 DECEMBER 2023
The BlackRock, Insight, Legal & General, M&G, and Ruffer investments are held in unitised pooled funds or segregated funds that have their own Custodians, as was the First Eagle investment prior to disposal in August 2023.
Investment strategy Details of the investment strategy are provided in note 11 to this report and financial statements.
The CIF Administrator manages the investment strategy in accordance with the Statement of Investment Principles produced by the Participating Scheme.
The Administrator has considered the nature, disposition, marke tability, security and valuation of the CIF’s investments and considers them to be appropriate relative to the reasons for holding each class of investments. Further details of investments are set out in the notes to the financial statements. Investment fees The investment managers are remunerated through unit values or on an invoice basis, based on the value of the investments under their management. Invoiced fees are paid by the Participating Scheme.
Investment performance Shown below is the percentage annualised return for the previous one, three and five years.
Year ended 31.12.2023
3 years ended 31.12.2023
5 years ended 31.12.2023
Scheme
5.05
UTC (UK) PS
(10.21)
(1.97)
Marketability All investments except for Secure Income (pooled) Funds are considered to be marketable on a short-term basis.
Employer related investment At 31 December 2023, less than 0.01% (2022; 0.02%) of the CIF assets were indirectly invested in RTX Corporation, the ultimate parent of the principal employer of the UTC (UK) PS through pooled investment vehicles with BlackRock (2022; BlackRock and Legal & General). Socially responsible investment The CIF Administrator has reviewed the policies of each fund and manager in which the CIF invests and is comfortable with the arrangements in place. Corporate governance The CIF Administrator wishes to encourage best practice in terms of activism. The investment managers are therefore encouraged to discharge their responsibilities in respect of investee companies in accordance with the statement drawn up by the Institutional Shareholder’s Committee.
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