NZ Funds is backing away from its investments with Wellington Management.
It said it had had a relationship with Wellington for more tan 20 years, and had invested in a number of funds.
“We have until recently had a holding in Wellington’s US$3 billion Global Credit Plus Portfolio, a well-diversified fund with exposure to a broad range of investment-grade securities.”
It said it had achieved good returns but the focus had been on long-dated bonds.
“We believe the coming rising interest rate environment will provide more attractive opportunities elsewhere, and have redeemed our investment.”
NZ Funds said a bespoke portfolio was now appropriate, concentrating on securities whose yields are higher than the fundamentals of the issuing companies would justify.
“We continue to see Wellington Management as an excellent manager. Our relationship with them is long-term and we are likely to invest with them again in the future.”
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