The value from active management on fixed income comes from really understanding what are your risks when it goes wrong.

We've had a very benign credit environment for several decades now and I think sometimes people forget that it's not a free lunch.

And so I think passive for fixed income needs a lot more thought.

The LGPS is still heavily invested in the UK.

So about 30% of the LGPS is invested in the UK in different asset classes,

which given that the LGPS is about 400 billion is quite a lot of money. We invest in UK real estate, some index link guilds, UK equities, UK credits.

We have, over the last few years in particular, started to really work with our partner funds

to focus on investing in the UK

in private markets. As we learned from our interviews with Ontario teachers and the Australia

Future Fund, the consolidation of pension assets into sizable pools can offer scale,

access and reach, as well as much-needed capital for the domestic economy. They offer the potential

to act with a very long-term horizon as long-term true asset owners and to unlock investment

opportunities that individual funds might struggle to access a loan. Today in the UK, one of the most

consequential organisations in UK pensions is border the coast. They sit at the centre of one of the most consequential organisations in UK pensions is Border to Coast.

They sit at the centre of one of the most significant shifts in UK institutional investing

in a generation and oversee over 100 billion of local authority assets.

To understand the investment approach, the motivation, the challenges and the opportunities

such scale bring, we're delighted to welcome Rachel.

I will see you of Border to Coast.

Rachel's taken us nearly in the year to pin you down, but you're here.

Welcome.

Thank you.

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