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NZ Superannuation Fund returned 3% in February

The New Zealand Superannuation Fund posted a 3 percent return last month, benefiting from a rally in global equity markets. Returns for February totalled $550 million before tax of $30m.

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

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

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

That compares with a return of 15.5 percent 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 percent, followed by international fixed income (11.2 percent) and infrastructure investments (8 percent).

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