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Harbour Commentary: Tricky Turning Point

Harbour Asset Management has published its market commentary for May and outlining its investment strategy.

Wednesday, May 18th 2011, 2:16PM

Harbour's current strategy development reflects:

  • A world still in expansion but with gathering risks
  • A better outlook for New Zealand growth momentum, near term, relative to Australia 
  • Risks around a near term pull-back in the global commodity boom
  • Increasing some NZ consumer exposure given under-performance and the rebuilding of savings
  • A preference for LNG exposure over bulk commodities
  • Increased growth and quality positions relative to cyclical recovery opportunities at a stock level

At turning points in growth momentum, sector returns are harder to predict. At the moment sector and stock returns are also being influenced by the extra-ordinary appreciation of the Australian dollar, weakness in the US dollar and volatility in commodity prices.

Read Harbour's research reports here: http://www.harbourasset.co.nz/html/

 

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Cash Funds

Institution Rate 33% 39%
ANZ 0.10    0.10    0.11
ASB Bank 0.05    0.41    0.42
ASB Bank 0.05    0.59    0.56
ASB Bank 0.05    0.61    0.64
ASB Bank 0.08    0.66    0.69
ASB Bank 0.08    0.72    0.75
BNZ 0.10    0.10    0.10
Heartland Bank 1.00    2.59    2.70
Kiwibank 0.05    -    -
Kiwibank 0.50    -    -
Nelson Building Society -    -    -
SBS Bank -    -    -
TSB Bank 0.35    0.36    0.38
Westpac 0.35    0.36    0.38
Westpac 0.05    0.05    0.05
Westpac 0.35    0.36    0.38

Term Funds

Institution Rate 33% 39%
ANZ Term Fund - 90 days 0.35    0.36    0.37
ANZ Term fund - 12 months 0.85    0.87    0.91
ANZ Term Fund - 120 days 0.45    0.46    0.48
ANZ Term fund - 6 months 0.85    0.87    0.91
ANZ Term Fund - 150 days 0.55    0.56    0.59
ANZ Term Fund - 9 months 0.85    0.87    0.91
ANZ Term Fund - 18 months 0.90    0.92    0.96
ANZ Term Fund - 2 years 0.90    0.92    0.96
ANZ Term Fund - 5 years 0.90    0.92    0.96
ASB Bank Term Fund - 90 days 0.40    0.41    0.42
ASB Bank Term Fund - 6 months 0.95    0.97    1.02
ASB Bank Term Fund - 12 months 0.90    0.92    0.96
ASB Bank Term Fund - 18 months 0.90    0.92    0.96
ASB Bank Term Fund - 2 years 0.90    0.92    0.96
ASB Bank Term Fund - 5 years 1.05    1.08    1.12
ASB Bank Term Fund - 9 months 0.90    0.92    0.96
BNZ Term PIE - 120 days 0.65    0.66    0.69
BNZ Term PIE - 150 days 0.60    0.61    0.64
BNZ Term PIE - 5 years 1.00    1.02    1.07
BNZ Term PIE - 2 years 0.90    0.92    0.96
BNZ Term PIE - 18 months 0.90    0.92    0.96
BNZ Term PIE - 12 months 0.90    0.92    0.96
BNZ Term PIE - 9 months 0.90    0.92    0.96
BNZ Term PIE - 6 months 0.95    0.97    1.02
BNZ Term PIE - 90 days 0.40    0.41    0.42
Co-operative Bank PIE Term Fund - 6 months -    -    -
Heartland Bank Term Deposit PIE - 12 months 1.05    1.08    1.12
Heartland Bank Term Deposit PIE - 6 months 1.10    1.13    1.18
Heartland Bank Term Deposit PIE - 9 months 1.05    1.08    1.12
Heartland Bank Term Deposit PIE - 18 months 1.05    1.08    1.12
Heartland Bank Term Deposit PIE - 2 years 1.30    1.33    1.39
Heartland Bank Term Deposit PIE - 5 years 1.05    1.08    1.12
Kiwibank Term Deposit Fund - 90 days 0.45    0.45    0.47
Kiwibank Term Deposit Fund - 6 months 1.05    1.08    1.12
Kiwibank Term Deposit Fund - 12 months 1.00    1.02    1.07
Kiwibank Term Deposit Fund - 150 days 0.75    0.77    0.80
Kiwibank Term Deposit Fund - 120 days 0.65    0.65    0.68
Kiwibank Term Deposit Fund - 9 months 1.00    1.02    1.07
Westpac Term PIE Fund - 150 days 0.70    0.71    0.74
Westpac Term PIE Fund - 120 days 0.60    0.61    0.64
Westpac Term PIE Fund - 18 months 1.00    1.02    1.07
Westpac Term PIE Fund - 12 months 1.00    1.02    1.07
Westpac Term PIE Fund - 6 months 1.00    1.02    1.07
Westpac Term PIE Fund - 9 months 1.00    1.02    1.07
Westpac Term PIE Fund - 90 days 0.40    0.41    0.42
Westpac Term PIE Fund - 2 years 1.05    1.08    1.12
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