NEW ZEALAND - The Guardians of New Zealand Superannuation have confirmed the fund has lost nearly 5% on its investments over the past year - a pre-tax loss of NZ$716m ($484m).
The fund's net return on investments for the financial year was -4.92% before New Zealand tax, however, during the year it grew from $13.1bn to $14.1bn. The Guardians' chairman David May said: "...
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