The $14.7 billion Cullen Fund will reveal on Monday whether it has taken a hit through the market’s turbulence in the last four months.
The NZ Super Fund, as it is properly known, has not provided any performance figures since May 31 as it works on producing its annual report.
The fund posted positive returns in April and May but for the year from July 2007 to May 2008 was down 1 per cent.
At Monday’s announcement, the finance industry will be interested to see how the fund performed in June, its last month of the 2008 year, as well as guidance on the 2009 year to date performance.
An updated list of the Super Fund’s equity holdings will be one of the most keenly read parts of its annual report.
The one currently available is from June last year.
At that point, the fund had a wide range of holdings in global financial institutions, including $13.5 million of Lehman Brothers shares; $22.7 million of Merrill Lynch shares; $12.9 million in HBOS stock; and $9.6 million in AIG stock.
The value of these has since plummeted; so an updated list will give a much more accurate view of the Super Fund’s exposure to the troubled Wall St firms.
Since inception the Super Fund has provided an annualised return (after fees, before tax) of 11.49 per cent.