The £2.7bn ($4.1bn) Derbyshire County Council Pension Fund has made further allocations to two emerging markets funds as it increases its allocation to growth equity markets.
Although the fund has a 3% allocation to emerging market equities, the county council investment committee recommended they increase the overweight position to 4% of the portfolio earlier this year.
As a result, the pension fund made additional allocations of £7.5m ($11.7m); £3.5m into Blackrock Frontiers Investment Trust and £4m into Polunin Emerging Markets Strategic Development Countries Unit Trust.
The pension made an additional purchase of £0.1m in the Invesco Asia Trust but will not add more to the portfolio due to its strong position in Asia Pacific ex Japan. Of its 30% overseas equities allocation, 9% each is allocated to US and Europe, 5% to Japan, 4% to Asia Pacific ex Japan and 3% to emerging markets. The rest is split 34% in UK equities and 24% in bonds.
