NZ Super fund returns 3% in Feb

The New Zealand Superannuation Fund posted a 3% return last month, benefiting from a rally in global equity markets.

Returns for February totalled $550 million before tax of $30 million.

The fund, in which the Government has suspended automatic contributions to avoid further increasing debt, has returned 22.5% for the financial year since July.

That compares with a return of 15.5% last financial year. Returns were after fees, but before tax.

Created in 2003 to part-fund New Zealand's future superannuation costs, the fund has grown to just under $19 billion.

Global equities dominated the fund's holdings, at 62.6%, followed by international fixed income (11.2%) and infrastructure investments (8%).

The fund's largest investment in New Zealand equities was a $291 million stake in Auckland International Airport, representing 1.5% of fund value.

NZPA

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