The Pensions Fund Committee - Investment Sub-Committee was scheduled to meet on Monday 10 November 2025 at The Guildhall, Northampton, to discuss investment performance, stewardship, and current investment topics. The meeting was also scheduled to include a presentation from HarbourVest. Some of the items on the agenda were marked as exempt from press and public.

Quarterly Performance

The investment sub-committee were scheduled to review the fund's performance for the period ending 30 September 2025. According to the public report, the fund's assets increased over the quarter by £136 million to £4.0 billion, and have increased by £267 million over the last twelve months.

The report noted that one rebalancing trade was completed over the quarter, with £75 million switched from overweight UBS passive equity to underweight UBS passive Gilts¹. The fund underperformed against the benchmark over the quarter, returning 3.8% compared to the benchmark of 4.5%. According to the report, Longview Partners, private equity, and Baillie Gifford were key contributors to relative performance during the quarter.

The report also included a summary of the fund's asset allocation:

• Equities: £1,751.7 million (44.9%)
• Fixed Income: £1,219.1 million (31.2%)
• Alternatives: £933.9 million (23.9%)

The report also provided a breakdown of manager performance, including:

• Dodge & Cox - Global Equity
• Baillie Gifford - Global Equity
• Longview - Global Equity
• UBS - Climate Aware Rules Based
• Osmosis Investment Management - Core Equity
• UBS – Gilts
• BlueBay Asset Management - Multi-Asset Credit
• M&G Investments - Multi-Asset Credit
• CBRE Investment Management – Property
• Aviva Investors - Long Lease Property
• M&G - Residential Property
• M&G - Shared Ownership
• Legal & General Investment Management (LGIM) - Affordable Housing
• HarbourVest Partners - Private Equity
• Adams Street Partners - Private Equity
• AMP Capital - Infrastructure Debt
• Allianz Global Investors - Infrastructure Debt
• IFM Investors - Infrastructure Equity
• JP Morgan Asset Management - Infrastructure Equity
• Stafford Capital Partners - Timberland

A private version of the quarterly performance report for the period ending 30 September 2025 was also included in the agenda for discussion.

Stewardship and Engagement

The Investment Sub Committee was scheduled to receive an update on stewardship and engagement matters relating to the fund's investments. The report noted that the Northamptonshire Pension Fund recognises the importance of promoting good governance and management in the companies in which it invests.

The report provided an update on:

• The fund's voting activity during the three months to 30 June 2025 for assets held within the ACCESS pool[^1]. [^1]: ACCESS is a collaboration between eleven local authorities to pool investment assets.
• A summary of engagement activity undertaken on behalf of the fund by ACCESS sub-fund managers covering the period between April and June 2025.
• A summary of engagements with investment managers directly by the fund covering the period between July and September 2025.
• A summary of the Local Authority Pension Fund Forum (LAPFF) engagement and voting activity for the period between July and September 2025.

The report noted that the Funding and Investment Manager and Independent Advisor engaged with Baillie Gifford to better understand their proxy voting policy, specifically in relation to instances where they voted against ACCESS voting policy guidelines. According to the report, Baillie Gifford advised that their system allows them more discretion, with final decisions on votes being made by the Baillie Gifford individuals that are closest to the organisation to which the vote relates. The report stated that officers were comfortable with this explanation and felt that Baillie Gifford continue to vote in the best interests of the fund.

The report also mentioned that officers, in collaboration with Mercer, the Independent Advisor, [David Crum], and Pension Fund Committee members have drafted a Responsible Investment (RI) Survey to be issued to members to request their views on how the fund invests.

Current Investment Topics

The investment sub-committee was scheduled to discuss current investment topics, including an overview of the UK debt situation and the attractiveness of gilts as an investment opportunity.

The report noted that gilt yields have climbed higher over the last 12 months due to:

• Global sell-off in developed market government bonds
• UK fiscal position concerns
• Structural changes in demand for long-dated UK bonds

The report stated that a debt crisis occurs when debt burden and servicing costs become unsustainable, but that the UK is unlikely to face a crisis due to four factors:

• Manageable Deficit
• Stable Debt-to-GDP
• Bank of England to lower borrowing costs
• Supply/Demand Imbalance Easing

The report also noted that positive factors supporting the investment case for long-dated gilts include:

• UK growth softening due to fiscal tightening and trade uncertainties
• Inflation expected to fall towards target
• Long-dated gilt yields near 30-year highs (around 5.5%)
• Reduced long-dated gilt supply
• Potential for increased institutional demand as confidence returns

Other Matters

The agenda also included the following items:

• Confirmation of the minutes from the previous meeting held in public on 1 September 2025.
• A review of the action log from the previous meeting.
• A private presentation briefing from HarbourVest.
• An opportunity to raise urgent business.