The managers have been appointed because of their complementary approaches to selecting global stocks that are undervalued relative to their long-term earnings potential.
Bernstein, a New York-based equity manager with significant company research skills and resources, will manage a portfolio of international equities with an initial allocation of NZ$190 million, or approximately six per cent of the current value of the Fund. Bernstein is part of Alliance Capital Management LP.
LSV, a Chicago-based quantitative value equity manager, will also receive an initial allocation of $190 million. LSV is an employee-owned firm established by three finance academics from the universities of Chicago, Illinois and Harvard.
Commenting on the latest allocations, New Zealand Superannuation Fund chief executive Paul Costello said: "The appointments of Bernstein and LSV, two value-oriented international equity managers, complements the holdings of the other international equity managers, and ensures the Fund has a diversified portfolio of listed equities."
The appointments of Bernstein and LSV bring the fund’s total number of investment managers to nine. Investment managers are appointed after a formal selection process that takes account of their approach in managing specific classes of assets and an assessment of the capacity of the individuals making up the investment team.
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