Docusign Envelope ID: 7C07248F-983B-4F8B-904D-FCB9B680B5CE
THE UTC COMMON INVESTMENT FUND
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
12 Concentration of investments
Investments accounting for more than 5% of the net assets of the CIF at the year-end date were:
2023
2023
2022
2022
%
%
Legal & General Secure Income Fund
85,495
6.4 n/a
79,730 76,806
6.0 5.8
Ruffer Absolute Return Fund
n/a
‘ n/a ’ relates to holdings that were below 5% in the relevant year.
13 Employer related investments
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).
14
Related party transactions
Employer and other related parties
There have been no direct employer related transactions during the year.
Withdrawals by the participating scheme amounted to £55.391m (2022; £76.427m) for the purposes of settling benefits due under the rules of the scheme and other operating costs.
The participating scheme incurred costs amounting to £449k (2022; £544k) net of rebates in connection with investment administration, management and custody of assets held through the CIF.
15
Contingent liabilities and contractual commitments
The CIF had no contingent liabilities at 31 December 2023 (2022: £nil).
At 31 December 2023 the CIF had unfunded commitments to invest in Secure Income Funds amounting to £11.0m (2022: £120.0m). These commitments were with the following investment managers;
Aviva £nil (2022: £72.2m) BlackRock £11.0m (2022: £47.8m)
16
Subsequent events
Following a vote by Unitholders in May 2024, the Aviva REALM Multi sector Fund (Secure Income Fund) entered a managed wind-down period. As a consequence of the wind-down, the CIF has filed a redemption notice in respect of its entire holding. It is anticipated that the wind-down and receipt of disinvestment proceeds might take approximately five years to achieve.
23
Made with FlippingBook Publishing Software