The Dumfries and Galloway Council Pension Fund’s recently published Annual Accounts 2024/25, dated September 23, 2025, details significant investment strategy adjustments and manager appointments.
Strategic Asset Allocation Adjustments
For the fiscal year ending March 31, 2025, the Fund implemented changes to its strategic asset allocation. Following a decision by the Pensions Sub Committee on March 7, 2024, the Fund fully disinvested from the Baillie Gifford Diversified Growth Fund. This capital was reallocated with a £55 million investment into the Legal and General Small Cap Fund and a £30 million increase in the Barings Global High Yield Credit Fund. The remaining amount was held in cash. These transactions were completed in July 2024. (Page 5)
Additionally, the Fund terminated its investment in the Lothbury Property Trust, a decision made by the Pensions Sub Committee in June 2023. The trust was terminated on May 31, 2024, with the Fund receiving £22.4 million in cash redemptions by March 31, 2025. In September 2024, the Sub Committee agreed to reinvest these proceeds into a Global Infrastructure Fund. On November 12, 2024, a £35 million investment was approved for the JP Morgan Infrastructure Investment Fund. The onboarding was completed in February 2025, with the capital call dated April 1, 2025, resulting in the £35 million being held in cash as of March 31, 2025, awaiting investment. (Page 5)
New Asset Class Considerations
In September 2024, the Pensions Sub Committee agreed to invest proceeds from the Lothbury Property Trust disinvestment into a Global Infrastructure Fund. This led to the approval on November 12, 2024, of a £35 million investment in the JP Morgan Infrastructure Investment Fund. The onboarding was completed in February 2025, with the capital call effective April 1, 2025. (Page 5)
Manager Appointments
For the fiscal year ending March 31, 2025, the Fund made the following manager appointments:
**Legal and General Small Cap Fund**: A £55 million investment was made in this fund, replacing the disinvested Baillie Gifford Diversified Growth Fund. This appointment was completed in July 2024. (Page 5)
**Barings Global High Yield Credit Fund**: An additional £30 million was allocated to this fund, also replacing part of the disinvested Baillie Gifford Diversified Growth Fund. This appointment was completed in July 2024. (Page 5)
**JP Morgan Infrastructure Investment Fund**: A £35 million commitment was made to this fund following the reinvestment decision for Lothbury Property Trust proceeds. The onboarding was completed in February 2025, with the investment placed on April 1, 2025. This fund includes a performance fee of 15% of returns over a 7% per annum hurdle, capped at 13.5% of net return. (Page 5, 28)
