NZ Super Fund drops Infratil for Chorus
Wed, 11 Jan 2012 11:16a.m.
The New Zealand Superannuation Fund, which was set
up to help pre-fund a ballooning pension bill for baby boomers, dropped
Infratil from its top 10 locally listed investments after Chorus was
carved out of Telecom last year.
The fund held $37.3 million of
shares in the telecommunications network operator as at November 30,
making up 0.2 percent of the fund's total value, according to its
That pushed out Wellington-based infrastructure
investor Infratil from the fund's top 10 NZX-listed investments, which
was sitting at $28.7 million at the end of October.
The fund and Infratil are co-investors in assets, including Z Energy.
so-called Cullen Fund, named for its architect former Finance Minister
Michael Cullen, shed 0.5 percent in value in November due to falling
equity markets, with a closing balance of $17.64 billion.
has lost some 5.7 per cent in value so far in the latest financial year
after weaker global stock markets coincided with an increased exposure
to international equities.
The fund had its best year ever in the
12 months ended June 30 2011, returning 25 percent as global stock
markets rallied. Since its inception in 2003, the fund has returned 6.7
percent. That's 1.2 per cent in excess to Treasury bills, which it aims
to beat by 2.5 percent.
As at November 30 the fund held about 59
percent of its assets in global equities, followed by 10 percent of
its cash in infrastructure investments, and 7.5 percent in timber
Some 6.7 percent of the fund was allocated in fixed
income investments, 6.2 percent in property, 5 percent in New Zealand
stocks and 3.2 percent in other private markets.
Private equity investments were 1.8 percent and rural farmland investments made up 0.4 percent of the fund.
fund lifted its holding in Melbourne's CityLink tollway operator
Transurban Group to $316.8 million as at November 30, from $293.6
million a year earlier, making it the fund's biggest listed investment.
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