The value of the Dunedin City Council’s Waipori Fund has surpassed $100million for the first time.
The fund was worth $100.9million at the end of last year after returns in the last quarter of 4.2%, against a benchmark of 3.8%.
Much of the growth was from New Zealand real estate, as well as mineral stocks such as Rio Tinto, BHP Group and Fortescue Metals Group.
The council uses the investment fund as a source of revenue and a source of liquidity, if the need arises.
A report about the fund by the Dunedin City Treasury makes reference to the presidential election result in the United States affecting the outlook for the fund.
Markets in the United States had reacted well to confirmation of Joe Biden taking over from Donald Trump as president, the Treasury noted.
However, geo-political risks included trade negotiations between Australia and China.
The fund was established in 1999, using proceeds from the sale of Waipori electricity generation assets.
