The question of how much of the Fund to invest in New Zealand will also be part of this equation. As I hope I have made clear, the Guardians will approach this question in the same manner as any New Zealand based investor.
Clearly, New Zealand equities are a small proportion of total global equities, and hence diversification means placement of a significant proportion offshore. Nevertheless, there are other factors to be considered which imply that a prudent investor operating within best practice guidleines would allocate significant funds to the New Zealand markets:
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