Friday 2nd November 2001 |
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"Over the past six months, investors' expectations of the US economy have vacillated between hope for a subdued recovery and fears of a deeper slowdown. Sharemarkets have mirrored this uncertainty, and many central banks have eased monetary policy, hoping to boost consumer confidence. Authorities hope that this setting of such stimulative fiscal policy will shield the global economy from the negative shock of the terrorist action."
Overseas shares posted a -15.4% return in New Zealand dollar terms, while New Zealand shares fared little better with a return of -9.9%. All other sectors produced marginally positive returns for the quarter. "The return of the median manager for the September quarter was -6.3% before tax and fees," Mr Boulanger said. "Performance was adversely affected across the board but Tower Asset Management achieved the highest return for the quarter of -4.5%. This was largely due to its exposure to overseas shares being lower than average and its overall lowest exposure to New Zealand shares. Colonial First State Investment Management also benefited from its movement to lowest overall exposure to overseas shares, generating returns of -4.7% before tax and fees."
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