New Zealand Superannuation Fund Booked $845.2 Million Loss in May
A loss of $845.2 million was booked by New Zealand Superannuation Fund in the last month, which is just below 5% of its total value. This happened due to global equities taking a hit amidst international economic disorder.
Irrespective of the negative 4.8% return for the month, the year-to-date returns were 17.6%. About $15.86 billion have been invested in the fund and an annual return of 5.81% has been produced since its inception in September
By investing, Government contributions as well as returns on the contributions for the long term, the New Zealand Superfund was set up to pre-fund the upcoming cost of New Zealand superannuation.
In order to stay away from any further increase in Government debt, automatic contributions to the fund are currently poised.
According to today's portfolio update from NZ Super Fund, NZ Super Fund reveals $1,048.7 billion or 6.6% of the fund is invested in New Zealand equity and $5,900 or 37% is invested in international, large capitalized equities. While 7.5% is invested in infrastructure, 7.1% is being invested in timber.
NZX Chairman Andrew Harmos shared that New Zealanders were "ready for some compulsion" in their savings. He added that the lack of such obligation was a little difficult to comprehend.
Mr. Harmos said, "I don't need to tell this audience that this is one of the big reasons why there is a wealth and income gap -- and frankly a financial literacy and investment sophistication gap -- between us and Australia".
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