This review evaluates the design, implementation, and results of the Performance Based Funding (PBF) component of the Health System Strengthening (HSS) support of Gavi, the Vaccine Alliance (Gavi).

Inv -2018 -Mtg -03 1



G avi Alliance Investment Committee Meeting
11 September 2018
Teleconference


1. Chair?s report

1.1 Finding a quorum of members present, the meeting commenced at 14.07 Geneva
time on 11 September 2018 . Stephen Zinser , Investment Committee Chair,
chaired the meeting.

1.2 Standing declarations of interest were tabled to the Committee (Doc 01a ).

1.3 The minutes of the 15 Ma y 201 8 meeting were tabled to the Committee for
information (Doc 01b in the Committee pack). The minutes had been circulated
and approved by no -obje ction o n 4 July 2018 .

1.4 The Committee noted its Action sheet (Doc 01c) and the forward work plan
(Doc 01d).

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2. Investment portfolio review

2.1 Jeanne Shen, Chief Investment Officer, update d the Committee on the
performance of the investment portfolio through July 2018 , as well as manager
activities and associated transactions since the previous Investment Committee
meeting (Doc 2) .

2.2 In the market review, Ms Shen noted continuing volatility in the second quarter .
She highlighted the strengthening of the US dollar , Federal Rese rve rate hikes and
the expectations for the European Central Bank to reduce security purchases , and
the impact these policies have had on financial market s.

2.3 It was noted that a modestly positive overall investment gain of US$ 5.2 million
thus far in 2018 was due to higher return s from interest on cash rather than the
returns from the long -term portfolio. She not ed that in terms of relative
performance whilst the YTD return on the Gavi portfolio is below the reference
index , recent changes are expected to yield relative improvement by the end of
2018 . It was noted that all longer term measures of performance relative to the
reference index continue to show solid results.

2.4 Referring to the long -term portfolio , Ms Shen stated that April -June performance
was negative whilst July performance was solid. She explained that equities
(particularly non -US assets) and multi -exposure were the main detractors over this
period .



Minutes