by Maddy Milicich
Kauri Units more accessibleSubscriptions for these are now able to be accepted on a monthly basis, commencing from July, where previously subscriptions were only taken every quarter.
The performance for the second quarter of both Kauri Notes and Kauri Income Units was up 2.1% and 1.3% respectively for the month of May.
GPG lifts Tower stake to 35%
Guinness Peat Group (GPG) succeeded in lifting its Tower Ltd stake to 35% while saying it is "cautions" about the outlook for the insurer's earnings growth.
"We're hoping it will continue to grow" GPG NZ director and Tower chairman Tony Gibbs said. Still, "Equity markets are all over the place, interest rates are high – for Tower it is steady as she goes." [read more]
Tax help for DIY investors in FIFs
In light of the July 7 deadline, Sharesight has developed an online process that automatically produces a Foreign Investment Fund (FIF) income calculation under both the Fair Dividend Rate (FDR) and Comparative Value (CV) methods for investors who own Australian shares.
Sharesight managing director Tony Ryburn believes many DIY investors are likely to waste a lot of time working out their FIF income for tax purposes and still not get it right. He believes many will be forced to seek expensive specialist assistance which may be hard to find.
Ryburn says once a portfolio has been entered into Sharesight the user is provided with a sophisticated, yet easy to follow report.
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Don't put Dominion in the doomed box |
SCF's secured bond issue closes oversubscribed
Strong support across the investment sector has resulted in South Canterbury Finance's $125 million offer of Secured Bonds, including $50 million of over subscriptions, closing fully subscribed.
The interest rate for the Secured Bonds (which is fixed for a three-year term) was set on Monday 16 June at 10.50%.
The Secured Bonds have been rated BBB- by Standard & Poor's which is consistent with SCF's rating of BBB-/Stable. [read more]
Not quite first
Last week we reported, in News Round Up, that Socrates Fund Management has become the first New Zealand owned PIE unit trust fund manager to be accepted as a signatory to the United Nations Principles of Responsible Investing.
Well, that isn't quite right. Goldman Sachs JB Were Asset Management appears to be the first.
The principles are a set of global best practices for responsible investment and have become the global benchmark.
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