09.10.2014 - NZ Super Fund returns 'exceptional'
The New Zealand Superannuation Fund grew by almost 20 per cent to the value of $25.8 billion at the end of June thanks to strong investment returns. Chairman Gavin Walker said the performance of the fund over the past five years, when its returns have averaged 17 per cent, should be regarded as "exceptional" and were unlikely to continue. Chief executive Adrian Orr said the prices of most investments had now returned to their long-term fair values and the fund could expect more normal returns in future. The fund slightly underperformed its reference portfolio, which is a benchmark of passive, low-cost listed investments in which the fund might expect to invest...............................................Full Article: Source
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