Unit Trust Pool

1 Background
The Unit Trust Pool (“UTP”) was established by the Provincial Investment Committee to bring together the disparate investments of the various funds of the General Synod, Dioceses and individual congregations of the Church to enable them to be managed professionally.

2 Statement of Investment Objectives
The investment objective of the UTP is to earn a return on the assets, over the long term, sufficient at least to maintain the real value of the distribution to the unit holders.

1. The portfolio is managed with a view to mitigating excessive volatility in the unit price.
2. Subject to the need to avoid long term erosion of capital, it is the intention to pursue a progressive distribution policy.  Distributions, which may include an element of return of capital, will be made six monthly.  (In February and August each year.)
3. The portfolio will be diversified and may include equities, equity related securities, property and fixed interest investments.  Exposure to market sectors may be derived from collective investment schemes (pooled funds).
4. Derivatives may be used for the purposes of efficient portfolio management.
5. The majority of the UTP is invested in equities (both UK and overseas) and is therefore more likely to be appropriate for medium to long term investment.
6. Asset allocation is determined by the Provincial Investment Committee in discussion with the Fund Managers.  The current (October 2021) benchmark allocation is:

Multi Asset Income                   35%    pooled fund
Global Equity Income               30%    segregated fund
Long Term Global Growth       35%    pooled equity fund

3 Ethical Investment Policy
The UTP is managed in accordance with an agreed Ethical Investment Policy.

4 Operation of the UTP
Applications to purchase and sell units are made to the General Synod Office.  Copies of the UTP rules and relevant application forms can be downloaded from SEC website or obtained from the General Synod Office.

5 Performance
The unit values (at 31 December) and annual distribution rates for 2010-2022 were:

Monthly unit prices can be found on SEC website.

February 2023
(Original January 2012, updated August 2013, November 2013, November 2017, September 2018, October 2021, February 2023)

The General Synod of the Scottish Episcopal Church does not accept responsibility for any loss or liability which may arise from reliance on information or expressions of opinion contained in this document.

General Synod of the Scottish Episcopal Church
Scottish Charity No SC015962