Strong returns from investments again helped the New Zealand Superannuation Fund reach another month-end high, this time of $22.5 billion.
Since inception in 2003, the fund has returned an average of 8.7% a year. In 2009, the Government stopped payments into the fund, also known as the Cullen Fund after former Labour finance minister Sir Michael Cullen, with Finance Minister Bill English indicating in last week's Budget he would restart payments once surpluses returned and debt had reduced.
The fund has $3.5 billion, or 22.5%, of its investments in New Zealand.
In the past five years, the fund has returned 6.35%, in the past three years, 13.26% and in the past 12 months it returned nearly 19.9%. In April, the fund returned 2.18% on its investments. Since inception, the fund has exceeded the Treasury bill rate by 3.71%. The largest investments are in North America with 33%, followed by New Zealand on 23%, Europe on 21% and Australia 7%.
In New Zealand-listed companies, the fund has a 0.7% stake in Fletcher Building, a 0.5% stake in Telecom, a 0.4% stake in Auckland International Airport, 0.3% in SkyCity Entertainment and the NZ Refining Company and 0.2% stakes in Contact Energy, Ryman Healthcare, Fisher & Paykel Healthcare, Infratil and Sky Network TV.
Along with Infratil, the fund owns petrol retailer Z Energy, which is set for a partial NZX listing later this year.
