Superannuation funds delivered positive returns over the December quarter, recording a median 4.9% return to investors, according to Mercer’s Quarterly Survey of New Zealand wholesale superannuation fund managers.
The highest performing fund for the quarter was managed by Colonial First State Investment Management which recorded a return of 7.1% before tax and fees.
Fund managers that protected their clients’ offshore assets from the rising Kiwi dollar and that had higher allocations to shares, in particular NZ and Australian shares performed best over the year.
Value as an investment style performed better than growth over the three month period.
European shares picked for 2005
Arcus expects European sharemarkets to show strong gains this year, and it thinks that sharemarkets in the United States will take stock after two years of exceptionally strong growth.
The views are contained in the company’s Quarterly Investment Review for clients of Spicers Wealth Management.
Arcus chief investment officer Mark Brighouse says Europe appears to be in the early stages of a recovery.
Elsewhere, emerging markets are experiencing strong growth, especially those whose exchange rate is pegged to the dollar, driven by strong demand from China.
Brighouse sees Australia outperforming New Zealand: “The Australian sharemarket has not experienced the same degree of multiple expansion as New Zealand and is beginning to look more attractive.”
Proposal to wind up Princes Wharf funds
St Laurence, the manager of Princes Wharf Property Fund and company special partnership, is proposing that all its commercial and retail properties be sold and the investments wound up.
The manager is proposing to arrange for the property to be “broken up”, marketed and sold in two phases.
It considers that the break up and sale of the property should realise more than $60 million which would result in an increase of approximately 25% in the net asset backing per ordinary unit.Investors still confident about property
ASB Bank’s latest survey of housing confidence is likely to send shivers up spines at the Reserve Bank.
For the first time since the middle of 2003, the survey shows more people think now is a good time to buy a house than not. [READ MORE]
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