The Pension Fund Investment Sub-Committee is scheduled to meet on Monday 8 December 2025 to discuss a range of topics related to the management and performance of the Warwickshire Pension Fund¹. These discussions will include investment strategy, risk management, and compliance with governance frameworks. The sub-committee will also review the fund's performance in the third quarter of 2025, and consider its approach to climate-related financial risks.

Taskforce on Climate-Related Financial Disclosures Report

The sub-committee is scheduled to review the Taskforce on Climate-Related Financial Disclosures (TCFD) Report. The TCFD was established in 2015 by the Financial Stability Board to develop recommendations for more effective climate-related disclosures. The report pack includes the TCFD report, which likely outlines the fund's approach to identifying, assessing, and managing climate-related risks and opportunities within its investment portfolio. This may involve assessing the carbon footprint of investments, engaging with companies to improve their climate performance, and investing in climate solutions.

Funding Strategy Statement 2025

The sub-committee is scheduled to discuss the Funding Strategy Statement 2025. This statement sets out the approach to funding the Warwickshire Pension Fund, with the aim of ensuring that it has sufficient assets to meet its future pension obligations. The report pack includes the Funding Strategy Statement 2025, which likely covers topics such as:

• The fund's funding objectives and targets
• The investment strategy and risk management framework
• The contributions required from employers and employees
• The approach to managing any funding deficits or surpluses

Global Property Review

The sub-committee is scheduled to conduct a review of the Warwickshire Pension Fund's global property portfolio. This review will likely involve an assessment of the performance of the fund's existing property investments, as well as consideration of new investment opportunities. The report pack includes the Global Property Review, which may cover topics such as:

• The geographical diversification of the portfolio
• The types of properties held (e.g. office, retail, industrial)
• The performance of individual properties and property managers
• The outlook for the global property market

Review of the WPF Income Portfolio

The sub-committee is scheduled to review the performance of the Warwickshire Pension Fund's Income Portfolio, which is managed by the WPF. The report pack includes the Review of the WPF Income Portfolio, which will likely include an analysis of the portfolio's investment strategy, asset allocation, and risk management. The review may also consider the portfolio's performance relative to its benchmark and its contribution to the overall performance of the pension fund.

Review of the Credit Spread Trigger Framework

The sub-committee is scheduled to discuss the Credit Spread Trigger Framework. The report pack includes the Review of the Credit Spread Trigger Framework, which is likely a mechanism for managing risk within the Warwickshire Pension Fund's fixed income investments. Credit spreads² are the difference in yield between a corporate bond and a comparable government bond, and can be used as an indicator of credit risk. The framework likely sets out specific trigger points at which action will be taken to reduce the fund's exposure to credit risk, such as selling certain assets or hedging the portfolio.

Quarterly Investment Monitoring Report - Quarter 3 2025

The sub-committee is scheduled to review the Quarterly Investment Monitoring Report for Quarter 3 2025. The report pack includes the Quarterly Investment Monitoring Report, which provides an overview of the performance of the Warwickshire Pension Fund's investment portfolio during the third quarter of 2025. This will likely include information on:

• The overall return on investment
• The performance of different asset classes (e.g. equities, bonds, property)
• The performance of individual investment managers
• The fund's asset allocation

General Activity Update - Quarter 3 2025

The sub-committee is scheduled to receive a General Activity Update for Quarter 3 2025. The report pack includes the General Activity Update, which is likely to provide an overview of the key activities and developments related to the Warwickshire Pension Fund during the third quarter of 2025. This may include updates on:

• Changes to the investment team or governance structure
• New investment mandates or strategies
• Regulatory changes or compliance issues
• Communications with members and employers

Macroeconomic Update

The sub-committee is scheduled to receive a Macroeconomic Update. The report pack includes the Macroeconomic Update, which will likely provide an overview of the current state of the global economy and the outlook for the future. This may include information on:

• Economic growth
• Inflation
• Interest rates
• Exchange rates
• Geopolitical risks

Pension Fund Governance Report

The sub-committee is scheduled to discuss the Pension Fund Governance Report. The report pack includes the Pension Fund Governance Report and Appendix 1 for Pension Fund Governance Report, which likely covers the framework and processes in place to ensure that the Warwickshire Pension Fund is managed effectively and in accordance with relevant regulations and best practices. This may include information on:

• The roles and responsibilities of the various committees and officers involved in the management of the fund
• The fund's policies on conflicts of interest, risk management, and responsible investment
• The processes for monitoring the performance of the fund and its investment managers
• Compliance with relevant laws and regulations

Review of the Minutes of the Warwickshire Local Pension Board of 15 July 2025

The sub-committee is scheduled to review the minutes of the Warwickshire Local Pension Board meeting held on 15 July 2025. The report pack includes the Covering Report - Review of the Minutes of the LPB 15 July 2025 and Printed minutes 15072025 1100 Warwickshire Local Pension Board. The Local Pension Board³ plays an important role in the governance of the pension fund, and reviewing its minutes helps the sub-committee to stay informed of its activities and recommendations.