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NMFM goes for the quinella

National Mutual about to launch a NZ index fund

Monday, November 17th 1997, 12:00AM

by Philip Macalister

National Mutual is backing active management of equities, but is about to launch a passively managed New Zealand share fund.
The Kiwi Share Index Fund is expected to be up and running in early December, and when it opens it will sit alongside its actively managed cousins the NM Selected Equities and the NM NZ Leaders Trust.
NM Funds Management believes it can provide higher, net of tax returns over a three year period by actively managing New Zealand shares than is possible through passive management.

"However, we believe there's a place for tax-advantaged passive index funds as part of an investor's core portfolio," it says in a recent newsletter.
Its Kiwi Share fund will track the Russell/Ord Minnett Tradeable index, which is designed to mirror the NZSE40 index while concentrating on only the more liquid and therefore more tradeable shares in that universe.
While the NZSE40 is the broadest index in New Zealand some of the stocks within it are very illiquid.
Shares in the Russell/Ord Minnett Tradeable index are reasonably liquid and therefore less likely to mispricing due to low volumes being traded.
Also, NMFM plans to launch an international equity fund next year.
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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
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Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
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Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
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Median 8.64 7.45 7.37 6.77

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