News Round Up

New Japan trust, Wired Re-Wired, Why do people save, Latest topics in the Discussion Forum, Dividend increased.

Sunday, May 28th 2000, 12:00AM

Fleming Japanese Investment Trust, managed by Fleming Investment Trust Management will be listed on the New Zealand Stock Exchange from Monday 29 May.

The investment objective of Fleming Japanese is to provide capital growth for shareholders by maintaining a portfolio in a wide range of companies almost wholly invested in Japan, with the aim of using borrowings from time to time for the purpose of 'gearing up' the portfolio.

The company is an authorised UK investment trust company and is therefore exempt from paying UK tax on the capital gains made within the portfolio.

The listing of the Fleming Japanese on the NZSE will bring the number UK investment trusts with an established New Zealand branch registry to 20. New Zealand investors seeking specialised international diversification of their equity investments, via a tax effective low cost investment vehicle, now have an even wider choice.

The manager of the company is Fleming Investment Trust, a subsidiary of Fleming Asset Management, one of the largest UK Fund Managers, with over US$110 billion of assets under management. Fleming Investment Trust Management currently manages 20 investment trusts with total assets of over US$12.3 billion.

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What's New in the Discussion Forum?
The two latest topics of conversation in the Discussion Forum are about Adviser Registration and the problems with Contributory mortgages, bonds and property syndicates, and Global-e Bonds.

If you have view on either of these topics or want to have your say about something else CLICK HERE to get to the forum.

A funny thing called risk
There is a funny thing that academics and mutual funds latch on to, and that is what is called "risk-adjusted returns". The idea is that your returns are not actually what they are - that is what you thought they were. They have to be "risk adjusted". Only then are they really "the truth." MORE

Colonial First State Property Trust increases dividend
Colonial First State Property Trust unitholders will receive a final distribution of 2.7316 cents per unit made up of 2.4 cents cash with a 0.3316 cent imputation credit. The distribution equates to an annualised gross yield of 10.45 per cent, up 0.15 per cent on the prospectus forecast for the 10 months ended 31 March. The distribution will be paid on 12 June 2000.

The trust's year-end profit result for the period ended 31 March 2000 will be announced on Wednesday 31 May 2000.

Colonial First State Property Trust listed on the NZSE on 3 June 1999.

Why do people save?
The Office of the Retirement Commissioner has released a research document that looks at the "Determinants of Saving Behaviour."

To get a copy of the report either call the office 04-4997396 or send them an email office@retirement.org.nz

Wired Index Trust Re-Wired
Changes have been made to the Wired Index for the first time since it was launched in June 1998.

The changes were triggered by changes in the company's themselves.

"When one of the listed companies undergoes a fundamental change in its status, in this case the takeover of Monsanto by Pharmacia & Upjohn, we take that as a trigger and re-examine the while list," Wired magazine contributing editor Spencer Reiss says.

For more on the Wired Index fund click here.

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