by Niko Kloeten
The fund fell by 0.86% during the month, leaving its size at just over $19.2 billion with a return of 3.48% in the year to date.
It continued what has been a volatile year for the fund, with five negative months and five positive months and returns varying from 6.66% in October to -5.04% in August.
The fund has now returned 7.47% per year (after fees but before tax) since its inception in the 2003/2004 year.
This represents an annual return of 218 basis points above that of Treasury Bills, 32 basis points below its benchmark of 250 basis points above Treasury Bills.
However, it has bounced back from the Global Financial Crisis that saw it fall by more than 22% in 2008/2009, with subsequent returns of 15% in 2009/2010 and 25% last financial year.
Its largest single holding remains Auckland International Airport, in which it has a 10.3% stake ($341.8 million), representing 1.8% of the overall fund.
Payments to the NZ Super Fund have been put on hold by the National-led government until the books are back in surplus; Labour has recently indicated it would also wait until a return to surplus before resuming payments.
Niko Kloeten can be contacted at niko@goodreturns.co.nz
| « Flat fee advice model ‘rubbish’ | Adviser book values boosted by sales drought » |
Special Offers
No comments yet
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved