The Pension Investment Sub-Committee met on 15 September 2025, and agreed to an investment in Novum Investment Management Ltd, subject to due diligence. The committee also received macroeconomic updates from Invesco, and a review of the Fund's Investment Strategy from Redington Ltd.

Novum Investment Management Ltd Investment Proposal

The committee agreed to an investment in Novum Investment Management Ltd^[Novum Investment Management Ltd is an investment management company based in London.] subject to investment and legal due diligence. Due diligence is an investigation or audit of a potential investment.]

Redington Ltd Review of the Fund's Investment Strategy

The Sub-Committee received a presentation from Jill Davys and Charlie Sheridan from Redington Ltd^[Redington Ltd is an investment consultant that advises pension funds and other institutional investors.] regarding their review of the Fund's Investment Strategy. The committee noted the review and its key findings, as detailed in the Executive Summary.

Invesco Macroeconomic Update

The Sub-Committee received a presentation from Paul Jackson and Stephen Messenger from Invesco^[Invesco is an American investment management company.] providing an Invesco Macroeconomic Update, which the committee noted.

Declarations of Interest

Councillor Adrian Hardman, Chair of the Committee, declared an interest as his wife was a retired member of Gloucestershire Pension Fund.^[Gloucestershire Pension Fund is the local government pension scheme for employees and former employees of Gloucestershire County Council and other public sector organisations in Gloucestershire.]