Taxpayers fear bad news as Super Fund prepares to reveal all

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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.


1 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

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?

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6702 -0.0007 -0.10%
AUD 0.8779 -0.0008 -0.09%
EUR 0.6041 -0.0040 -0.66%
GBP 0.4293 -0.0006 -0.14%
HKD 5.1988 -0.0018 -0.03%
JPY 82.5470 -0.1680 -0.20%

Commods

Commodity Price Change Time
Gold Index 1169.3 -3.550 2015-07-01T00:
Oil Brent 62.5 1.170 2015-07-01T00:
Oil Nymex 56.9 -2.500 2015-07-01T00:
Silver Index 15.6 -0.004 2015-07-01T00:

Indices

Symbol Open High Last %
NZX 50 5794.4 5841.5 5794.4 0.81%
NASDAQ 5029.1 5038.6 4986.9 0.53%
DAX 11191.3 11229.0 11180.5 0.06%
DJI 17638.1 17801.8 17757.9 0.00%
FTSE 6608.6 6637.7 6608.6 0.30%
HKSE 26459.4 26459.4 26250.0 0.12%
NI225 20565.9 20601.7 20329.3 0.95%