Pwyllgor Buddsoddi a Chontractau - mae’r cronfeydd elusennol yn cael eu gweinyddu’n awr gan elusen gofrestredig breifat, Y Gymdeithas, ac nid yw’r Cyngor Sir bellach yn ymddiriedolwr. dogfennau , 27 Mehefin 2008

1

ELECTION OF CHAIRMAN

Mr. Aled Morris Jones was elected Chairman for this Committee.

The Chairman thanked the Members for their confidence in him.  He further thanked the previous Chairman, Mr. G.W. Roberts OBE for his work.

2

ELECTION OF VICE-CHAIRMAN

Mr. J.V. Owen was elected Vice-Chairman for this Committee.

3

DECLARATION OF INTEREST

No declaration of interest was received by any Member or Officer in respect of any item on the Agenda.

4

MINUTES

The minutes of the meeting held on 23 November, 2007 were confirmed and signed.

Arising Thereon

4.1

Land at Rhosgoch - Update

The Treasurer noted that the Committee had resolved to recommend to the full Charitable Trust that funding of up to £20,000 be released towards the cost of a contamination study of the land.  He noted that he has not received a response from WAG to correspondence, interest having apparently diminished.

4.2

Land at Amlwch Port

The Treasurer noted that an update report on the above item will be submitted to a future meeting of this Committee.

5

INVESTMENT MANAGEMENT

Submitted - the HSBC Global Asset Management (UK) Limited Quarterly Report for the period up to 31 March, 2008.  A presentation document was presented to the meeting.

The Investment Management reported that the portfolio showed a return of  -0.11% (-7.3%) above the benchmark of -6.2%.  The closing value of the fund on 31 March, 2008 was £13,715,690.  The value of the fund at present was £13.5m.  The agreed strategy is to add 1.5% p.a., above the benchmark over rolling three year periods (wef 1/4/07 - previously 1% p.a.).

The Fund Managers reported that the financial markets are very volatile at present and noted as follows the major market influences :-

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Reasons for concerns

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Credit crunch - banks reducing lending

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Consumer borrowing fears

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Inflation

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Company profits

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Reasons for optimism

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Government response ( US cutting interest rates and taxes)

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Emerging market decoupling

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Valuations (equities cheap following market falls)

It was further reported that UK equities continued to perform well, beating the benchmark by 1.8% over 6 months up to 31 March, 2008.  However equities look low priced but are likely to remain volatile in the short term.  Asia and the emerging markets are still preferred on a long term view.  Gilts and index linked bonds look expensive but the Investment Managers see the value in corporate bonds.

The Treasurer questioned the statement by HSBC Global Asset Management (UK) Limited that equities were cheap as an article he had read recently stated that a result of a survey of Fund Managers concluded that they were most pessimistic for several of years regarding the prospect of equities.  He ascertain if HSBC were not of the same opinion as other Fund Managers.      Ms. Langrish responded that people are very cautious regarding the outlook of the economy and that the markets will continue to remain volatile over the next few months but noted that the downside of market is relatively limited because most of the values has been discounted in share prices.

RESOLVED to accept the report and to thank the representatives from HSBC Global Asset Management (UK) Limited for their presentation.

MR. ALED MORRIS JONES

CHAIRMAN