Global fixed income knocks NZ Super fund in November

The New Zealand Superannuation Fund slipped 0.38% in November, saying the main factor in the decline was a significant fall in global fixed income markets.

For the financial year starting in July the return - after fees but before tax - was 12.12% at the end of November. Since the fund's inception in September 2003 the return on an annualised basis has been 6.85%.

The fund's value was $17.43 billion in November, a fall of $235 million from October.

The fund was set up by a Labour Party-led government to help fund the future cost of New Zealand superannuation by investing government contributions and returns on the contributions over the long term.

The current government has suspended payments to the fund for at least a decade to help reduce Crown debt.

NZPA

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