NEW ZEALAND - The New Zealand Superannuation fund has returned -11% for the third quarter of 2011.
The fund's value declined to NZ$16.6bn ($13.2bn) from the $19.03bn reported at then end of June, the end of the fund's fiscal year.
In September alone, the fund was down 3.67% due to the ongoing decline in equity markets. The negative return followed a pre-tax return of 5.04% in the previous month and an overall increase of 6.01% since inception on 30 September 2003.
Less than 60% of fund value was committed to global equities. The fund also had an exposure of 5% in New Zealand equities, 1.7% in private equity, 5.8% in fixed income, 6.2% in property, 10.9% allocation to infrastructure, 8.2% in timber, 0.4% in rural farmland and 3.5% was invested in other private markets.
Last month, the fund issued its annual report which said despite the fund's increase of NZ$3.4bn in net assets for the financial year ending June 2011, the fund had lost NZ$1.67bn since June on the back of volatile global equity markets. The return for the year marked a new record of 25%. (Global Pensions; 5 October 2011)
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Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.