Taxpayers fear bad news as Super Fund prepares to reveal all

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.

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1 Comment & Question

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I understand a total of $22.4B was progressively "invested" by Cullen on Wall St. Can anybody out there provide details of each "investment" and therefore the total sent?

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NZ Market Snapshot


Sym Price Change
USD 0.7280 -0.0004 -0.05%
AUD 0.9481 0.0015 0.16%
EUR 0.6491 0.0002 0.03%
GBP 0.5593 0.0008 0.14%
HKD 5.6430 -0.0022 -0.04%
JPY 73.9870 0.4700 0.64%


Commodity Price Change Time
Gold Index 1321.0 -5.860 2016-09-28T00:
Oil Brent 49.2 2.720 2016-09-28T00:
Oil Nymex 47.0 2.380 2016-09-28T00:
Silver Index 19.1 -0.050 2016-09-28T00:


Symbol Open High Last %
NZX 50 7305.4 7349.8 7290.4 0.73%
NASDAQ 5311.3 5317.0 5318.6 -0.65%
DAX 10545.6 10575.3 10438.3 -0.31%
DJI 18322.9 18366.2 18339.2 -0.79%
FTSE 6849.4 6941.1 6849.4 1.02%
HKSE 23828.6 23828.6 23619.7 0.51%
NI225 16606.3 16756.4 16465.4 1.39%
ASX 5412.4 5473.3 5412.4 1.09%