GSF turnaround
Thursday, August 7th 2003, 8:08AM
Overall the Fund earned $241.7m before tax in the quarter ending June 30, compared with a loss of $10m in the March quarter.
The Fund’s pretax return on international equities for the June quarter was $139.9m (4.5% on the total Fund) reflecting currency changes and price movements and the results of the Fund’s currency hedging programme.
As at June 30 the Fund had total assets of $3.182billion, and held $1.284billion in international shares (40.7% of its assets) and $496m in New Zealand equities (15.7% of assets).
The remaining assets are invested in the domestic and international fixed interest markets.
“The Fund has benefited from the improvement in international equities in the latter part of the year, confirming the importance of taking the longer term view on which the GSF Authority Board’s global diversified investment strategy is based,” Chairman, Mr Basil Logan said.
“We remain confident that the strategy will lead to increasingly positive returns over the longer term, but the returns will be subject to volatility.
“This is demonstrated by the $251.7m (8.2% on the total Fund) turnaround in the last quarter,” he said.
| « Super Fund to kick off in September | Donald sticks with his GSF criticism » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
