Our judges recognised GMPF for its sector-leading investment strategy, which balances long-term resilience with innovation and responsibility, delivering strong long-term returns and maintaining a low and stable employer contribution rate. Achieving 7.4% over 10 years, the GMPF manages risk through diversification, benchmark selection, and formal oversight, while controlling costs via pooled investments and capped performance fees. The fund demonstrates strong leadership in climate stewardship, responsible investment, and local impact. The strategy embeds ESG integration across all mandates, doubling climate-solution investments and cutting equity carbon intensity by 51% since 2019. Place-based impact investing further distinguishes GMPF, with 5% of assets committed to housing, SME finance, and local infrastructure, generating thousands of jobs and homes. This approach sets a benchmark both in UK local government and the wider pensions sector.