NZ equity market still good value

The New Zealand equity market remains good value relative to bonds but expensive relative to global counterparts, AMP Capital Investors said while reporting quarterly returns for its funds.

AMP Capital's Conservative Fund returned 2.1% for the March quarter. The Balanced Fund returned 2.8% for the quarter and the Growth Fund returned 3.6%. The Balanced Responsible Investment Fund returned 3 percent for the quarter.

Despite a sharp correction during March, shares ended the first quarter with positive returns, said Bob Cunneen, senior economist with AMP Capital's investment strategy team.

The Unhedged Global Equities Fund returned 8 percent for the quarter, Hedged Global Equities returned 3.8%, and New Zealand Equities average return was four for the quarter.

The New Zealand Fixed Interest Fund returned 2.3% for the quarter and Global Fixed Interest returned 0.3%.

Global property returns were again strong at 4.5% for the quarter, while New Zealand commercial property was negative 3.6% for the quarter.

NZPA

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