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Universities Superannuation Scheme - USS

PRI reporting framework 2018

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Peering questions

OO LE 01. Breakdown by passive, quantitative, fundamental and other active strategies

LE 01.1. Provide a breakdown of your internally managed listed equities by passive, active - quantitative (quant), active - fundamental and active - other strategies.

Percentage of internally managed listed equities

0 Passive
8 Active - quantitative (quant)
92 Active - fundamental and active - other
Total 100%

LE 01.2. Additional information. [Optional]

The vast majority of our equity assets are actively managed in house by USS Investment Management. The portfolios are run according to geographic region - Pan European, Pacific, US and Global Emerging Markets. There are also two quant portfolios, namely Low Volatility and Sustainable Income.


OO LE 02. Reporting on strategies that are <10% of actively managed listed equities (Not Applicable)


OO FI 01. Breakdown by passive,active strategies

FI 01.1. Provide a breakdown of your internally managed fixed income securities by active and passive strategies

SSA
20 Passive
40 Active - quantitative (quant)
40 Active - fundamental and active - other
Corporate (financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Corporate (non-financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other

FI 01.2. Additional information. [Optional]


OO FI 02. Option to report on <10% assets (Not Applicable)


OO FI 03. Breakdown by market and credit quality

FI 03.1. Indicate the approximate (+/- 5%) breakdown of your SSA investments, by developed markets and emerging markets.

SSA
85 Developed markets
15 Emerging markets

FI 03.3. Additional information. [Optional]


OO SAM 01. Breakdown by passive, quantitative, fundamental and other active strategies

SAM 01.1. Provide a breakdown of your externally managed listed equities and fixed income by passive, active quant and, active fundamental and other active strategies.

Listed equity (LE)
90 Passive
0 Active - quantitative (quant)
10 Active - fundamental and active - other
Fixed income - SSA
100 Passive
0 Active - quantitative (quant)
0 Active - fundamental and active - other
Fixed income - Corporate (financial)
1 Passive
0 Active - quantitative (quant)
99 Active - fundamental and active - other
Fixed income - Corporate (non-financial)
1 Passive
0 Active - quantitative (quant)
99 Active - fundamental and active - other
Fixed income - Securitised
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other

SAM 01.2. Additional information [Optional].

NB our corporate credit mandates are not split into financials and non-financials.

The 1% entries have been included to reflect allocations that have been made to externally managed funds under the USS Investment Builder mandates.  See  https://www.uss.co.uk/members/members-home/the-uss-scheme/uss-investment-builder.  


OO PE 01. Breakdown of investments by strategy

PE 01.1. Provide a breakdown of your organisation’s internally managed private equity investments by investment strategy.

Investment strategy  Percentage of your internally managedprivate equity holdings (in terms of AUM)
Venture capital
Growth capital
(Leveraged) buy-out
Distressed/Turnaround/Special Situations
Secondaries
Other investment strategy, specify
Other investment strategy, specify
Total100%

Other investment strategy, specify

          
        

Other investment strategy, specify

          
        

PE 01.2. Additional information. [Optional]


OO PE 02. Typical level of ownership

PE 02.1. Indicate the level of ownership you typically hold in your private equity investments.

PE 02.2. Additional information. [Optional]

USS usually holds minority stakes in its private equity direct investments.  These are split between private equity funds (i.e. our externally managed private equity portfolio answered under the SAM section), co-investments alongside a private equity General Partner (GP) to, in a few cases, direct investments, where USS has led the investment itself.

The scheme has taken a number of larger direct investment stakes in recent years - for example with Moto in 2015 and Westerleigh Group in 2016. See https://www.uss.co.uk/how-uss-invests/the-fund/investments/private-markets/private-equity/private-equity-case-study and https://www.uss.co.uk/news/all-news/2016/11/ontario-teachers-pension-plan-and-uss-to-acquire-westerleigh-group

 


OO PR 01. Breakdown of investments

New selection options have been added to this indicator. Please review your prefilled responses carefully.

PR 01.1. Indicate the level of ownership you typically hold in your property investments.

PR 01.2. Provide a breakdown of your organisations allocation to Real Estate Investment Trusts (REITs) or similar

PR 01.3. Additional information. [Optional]


OO PR 02. Breakdown of assets by management

PR 02.1. Provide a breakdown of your organisation’s property assets based on who manages the assets.

Property assets managed by Breakdown of your property assets (by number)
Managed directly by your organisation
Managed via third-party property managers appointed by you
Managed by other investors or their property managers
Managed by tenant(s) with operational control
Total100%

PR 02.2. Additional information. [Optional]


OO PR 03. Largest property types

PR 03.1. Indicate up to three of your largest property types by AUM.

Types Main property types (by AUM)
Largest property type
Second largest property type
Third largest property type

PR 03.2. Additional information.

The scheme believes a responsible approach to property investment will protect and enhance the value of its investments, thereby enhancing long term returns for USS members and beneficiaries. It is therefore the trustee's objective to ensure the financial returns needed to fulfil its commitments, and reduce any potentially adverse environmental and social impacts generated by the scheme's investment and management activities, including those that may affect climate change.  In addition, USS endeavours to exert a positive influence on its existing portfolio, and the market, actively encouraging improvements in environmental and social performance, through a structured programme of activity.


OO INF 01. Breakdown of investments

INF 01.1. Indicate the level of ownership you typically hold in your infrastructure investments.

INF 01.2. Additional information. [Optional]

The scheme holds a variety of different stakes in infrastructure assets, ranging from 100% ownership to minority stakes.

Our Real Assets mandate is focused on directly acquiring stable assets generating inflation-linked equity returns, particularly in the infrastructure sector.   We have deployed over £3bn in real assets and executed around 15 transactions globally over the last five years.

Our typical equity investment ranges from £100m-£1bn with the ability to do larger transactions with additional partners.  We are able to hold majority or minority stakes with commensurate governance rights.

We focus on OECD countries (particularly UK, US, Europe and Australia) and mainly target sectors where there is a clear monopoly business providing essential services.  Our target areas for real assets are:

  • Communications
  • Social Housing/University Accommodation
  • Energy
  • Timberland
  • PFI/PPP
  • Agriculture
  • Transportation
  • Utilities

 


OO INF 02. Breakdown of assets by management

INF 02.1. Provide a breakdown of your organisation’s infrastructure assets based on who manages the assets.

Infrastructure assets managed by Breakdown of your infrastructureassets (by number)
Managed directly by your organisation/companies owned by you
Managed via third-party operators appointed by your organisation/companies owned by you
Managed by other investors/their third-party operators
Total100%

INF 02.2. Additional information. [Optional]


OO INF 03. Largest infrastructure

INF 03.1. Indicate up to three of your largest infrastructure sectors by AUM.

Sector Main infrastructure sectors (by AUM)
Largest infrastructure sector
Second largest infrastructure sector
Third largest infrastructure sector

INF 03.2. Additional information.


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