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Super Fund grows $120m on hedging programme

Wednesday 19th May 2010

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The New Zealand Superannuation Fund, which was set up to help fund retiring baby boomers' state pensions, made a paper gain of $120 million, or 0.8%, last month as its hedging programme protected it from losses.  

Global equities, which make up 6.3% of the so-called Cullen Fund's portfolio, and international bonds, which make up 15.3% of the fund's assets, declined in April amid gloomy sentiment on Greece's deteriorating fiscal deficit.

Still, the fund's hedging programme, cash, and collateral made a gain of $375.5 million over the month, propping up its overall return.  

The fund has grown $3.13 billion, or 23%, in the year-to-date, which ends in June, and has increased 6.7% to $16.71 billion since its inception in September 2003.  

National gateway Auckland International Airport remained the fund's biggest New Zealand stock, with its holding valued at $268.5 million as at April 30 compared to $256 million in March, and it increased its holding in Fisher & Paykel Healthcare Corp. to $58.6 million from $53.7 million.  

The value of its holding in Swiss airport Fughagen Zuerich AG fell to $176.1 million from $195.5 million in March.

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