The Aon Investment Update
|
|
- Damian Lester
- 6 years ago
- Views:
Transcription
1 The Aon Investment Update Aon Hewitt Investment Consulting July 2014
2 Contents In this issue Commentary 3-7 Discretionary Assets - Risk and Return 8 Discretionary Assets - Asset Allocation 9 Conservative, Balanced, Growth Risk Profiles 10 Overseas Equities (unhedged) 11 New Zealand Equities 12 Australasian Equities 13 New Zealand Bonds 14 Overseas Bonds 15 Cash 16 Alternatives 17 Property 18 Global Property 19 Income Funds 19 Explanatory notes 20 About Aon Hewitt 21 Investment Forecasts 22 Economists Survey 23 2 The Managers AMPCI AMP Capital Investors (NZ) ANZ ANZ Investments (NZ) CFSGAM Colonial First State Global Asset Management DEVON Devon Funds Mgt EC Elevation Capital Mgt FISHER FUNDS Fisher Funds Management HARBOUR Harbour Asset Management MAGELLAN Magellan Asset Management MILFORD Milford Asset Management MINT Mint Asset Management NZAM NZ Assets Mgt RUSSELL Russell Investment Group SALT Salt Funds Management TYN Tyndall Investment Mgt The Indices NZ Equities NZX 50 (Gross)* NZX 50 Portfolio* Australasian NZX 50 (Gross)* Equities NZX 50 Portfolio* ASX 200 in $NZ Overseas MSCI Gross in $NZ 0% & 100% Equities MSCI All World in $NZ NZ Bonds ANZ Govt Stock Overseas Citigroup Govt. World 100% Bonds Barclays Capital 100% Aggregate Cash ANZ 90 Day Bank Bill *Includes imputation credits Hedge
3 July 2014 Investment Commentary - June 2014 The good times continue A solid performance in the June quarter means that half way through 2014 investors have enjoyed reasonable returns from most sectors. The strength of the New Zealand Dollar (up more than 6% versus the USD and more than 7% against the Euro to the end of June), has been the only real negative wiping out returns from overseas equities for investors who were not hedged. Domestic equities edge higher The domestic equity market was flat over the June quarter amid a flurry of IPO activity; however the first quarter performance was strong so the NZX 50 index is still up 8.5% so far this year. Many New Zealand stocks look fully priced but at least we are seeing some strong growth in the local economy. New Zealand s Gross Domestic Product grew 3.8% in the first quarter of 2014 compare that with a fall of 2.9% for the US. Most of the domestic equity funds in our survey provided decent returns over the June quarter. Devon s Australian Only fund led the way with a 4.2% return and Salt s NZ Plus fund returned 2.7%. Milford struggled over the quarter with their New Zealand Wholesale Equity fund returning -3.9%, their Active Growth Fund returning -1.1% and their Trans-Tasman Fund returning -0.3%. However all of the Milford domestic equity portfolios have delivered strong long term returns. Asset Sector Q year 3 years p.a. 5 years p.a. Australasian Equities - Manager average 1 - NZX50 gross/ ASX % 0.7% 19.9% 14.6% 15.3% 12.8% 14.8% 12.8% 1 75% NZX50 Gross with imputation credits/25% ASX 200 with currency unhedged Listed property was very strong over the quarter with the index up 8.2% and all the listed property funds returning more than 8%. The average manager in this sector (excluding direct property funds) has returned 16% p.a. over the last 5 years. 3
4 The Aon Investment Update Asset Sector Q year 3 years p.a. 5 years p.a. New Zealand Property (Listed) - Manager average - NZX Property Index 8.3% 8.2% 12.3% 7.8% 14.7% 11.6% 16.0% 13.4% Global shares continued to rise, with the US market up nearly 5% over the quarter. Despite the disappointing GDP number, other economic data releases showed signs of improvement in the US economy. Investors have also been encouraged by the actions of the Central Banks. US Federal Reserve Chair Janet Yellen continues to reassure investors that monetary policy will remain accommodative, and in Europe the European Central Bank reduced the benchmark interest rate to 0.15% and cut its deposit rate for banks from zero to -0.10%. Despite all achieving positive returns, global equity managers struggled to beat the benchmark over the quarter. Only Fisher Funds (4.2%) was ahead of the MSCI World index which rose 3.9% on an unhedged basis. Over the last 12 months the index has returned 9.4% and the average manager just 8.1%. Asset Sector Q year 3 years p.a. 5 years p.a. Global Equities (unhedged) - Manager average - MSCI World (unhedged) - # beating index 3.2% 3.9% 1/9 8.1% 9.4% 3/9 10.1% 9.6% 4/9 9.5% 8.3% 6/8 Global bonds continue to surprise Global bonds provided good returns over the quarter as interest rates in the US were little changed. Whilst there is evidence of economic conditions in the US improving and inflation picking up, the Federal Reserve appears to be in no hurry to raise interest rates. In Europe too, the European Central bank is focused on adding stimulus, not withdrawing it; and the Bank of Japan appears determined to 4
5 July 2014 keep printing money for many years. Only the UK saw a meaningful increase in interest rates over the quarter as the Bank of England Chairman stated that UK interest rates may start rising sooner than expected in reponse to a strengthening economy and buoyant housing market. Fisher Institutional continues to lead the way in Global Bonds, with their fund returning 3.5% over the quarter well ahead of the index return of 2.8%. Fisher is now ranked 1st in this sector over 1, 3 and 5 years. In New Zealand, the Reserve Bank Chairman delivered two further 0.25% increases to the Official Cash Rate in April and June, taking the rate to 3.25%. These were widely anticipated and the impact on longer term interest rates was minor. Yields rose slightly in June but were more or less unchanged over the quarter, allowing Domestic Bond funds to deliver positive returns to investors. However New Zealand bonds continue to trail global bonds as the RBNZ remains the only Central Bank in the Western world actively tightening monetary policy. The chart below shows the impact of that tightening on bond returns. For four years New Zealand bonds performed more or less in line with global bonds, but over the last twelve months or so performance has deviated sharply. 145 Benchmark Bond Performance Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 New Zealand Bonds Global Bonds 5
6 The Aon Investment Update Amongst domestic bond managers Tyndall fared best over the quarter with their NZ Fixed Interest Fund returning 1.9%. Harbour s Corporate Bond Fund was the worst performer as NZ Government bonds outperformed slightly versus corporates, but the range of returns was narrow. Over the last three years all managers have outperformed the Government Stock benchmark, with the average manager returning 5.6% p.a. Asset Sector Q year 3 years p.a. 5 years p.a. New Zealand Bonds - Manager average - NZ Govt Bond Index 1.7% 1.6% 3.8% 2.1% 5.6% 4.3% 6.9% 5.5% Overseas Bonds (100% hedged) - Manager average - Barclays Global Aggregate 2.8% 2.8% 8.3% 8.0% 8.3% 7.2% 9.0% 7.4% While global growth has picked up, for many economies it is still well below pre-gfc levels, and global inflation remains subdued, with deflation more of a threat in some areas. The search for yield by investors has driven equity (and bond) markets to record levels and we will need to see strong corporate earnings growth over the next year or so to justify current stock market valuations. Even if earnings do disappoint, the US Federal Reserve (and the European Central Bank, the Bank of England and the Bank of Japan) all seem to be prepared to do whatever they can to continue to reassure investors. So for now at least it s hard to argue with the golden rule of investing - don t fight the Fed. But looking longer term, it might be worth considering the comments from the Bank of International Settlements (the central bank for central banks) in their most recent annual report: Overall, it is hard to avoid the sense of a puzzling disconnect between the markets buoyancy and underlying economic developments globally. 6
7 July 2014 New Zealand Fund Management Changes During the quarter it was announced that the London Stock Exchange Group (LSE) has agreed to purchase Russell Investments. The deal is expected to complete in early The LSE is thought to be primarily interested in Russell s index business. At this stage it is unclear whether they will choose to keep the Asset Management and Consultancy business or sell it. Tyndall Investments has announced that Stuart Williams has been appointed Head of Equities, replacing Rickey Ward who left in March. Stuart was previously an Investment Manager with ANZ Investments. Craigs Investment Partners has hired an investment team to join their funds management business Andrew South, Roy Cross and Stefan Stevanovic were all formerly at Brook Asset Management which closed down in April this year. James Ring, who will co-lead the team with Andrew South, was formerly an investment manager at Rank Group. AMP has added Jonathan Davies to their equity team following the departure of John Phipps earlier this year. Morningstar have announced that Chris Douglas has been appointed to a new role as director of the American regional data team. He will relocate to Chicago in September. Chris is currently Co-Head of Australasian Fund research. Morningstar s New Zealand fund manager research will now be managed out of Sydney. If you need any help reviewing your fund s strategic long term asset allocations, or require any assistance with manager selection, please call your Aon Hewitt consultant. 7
8 The Aon Investment Update Discretionary Assets Risk and Return Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI ANZ FISHER FUNDS MILFORD NZAM TYN Average (asset-weighted) Average Price inflation Wage inflation Return (% pa) Year Risk/Return MILFORD ANZ TYN AMPCI FISHER FUNDS NZAM Risk
9 July 2014 Discretionary Assets Asset Allocation Allocation at end of quarter Changes since last quarter (%) 0% 20% 40% 60% 80% 100% NZ OS Cash Aust OS Abs Prop Bonds Bonds Eq Eq Ret AMPCI ANZ FISHER FUNDS MILFORD NZAM TYN NZ Bonds Overseas Bonds Cash Overseas Equities Absolute Return Property Australasian Equities 9
10 The Aon Investment Update Conservative, Balanced And Growth Risk Profiles Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk Conservative AMPCI Balanced AMPCI AMPCI RIL ANZ FISHER FUNDS MILFORD NZAM TYN Growth AMPCI Return (% pa) AMPCI BALANCED NZAM 3 Year Risk/Return MILFORD TYN FISHER FUNDS AMPCI Risk ANZ
11 July 2014 Overseas Equities (unhedged) Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI 1, ANZ 2, EC Global Value Fund of Funds EC Value Fund FISHER FUNDS MAGELLAN Global 5, RUSSELL TYN Multi-Manager TYN SRI Average (asset-weighted) Average Index (MSCI Gross Unhedged) Index (MSCI Gross 100% Hedged) Index (MSCI All World) Year Risk/Return 16.0 MAGELLAN Global 14.0 Return (% pa) TYN Multi-Manager EC Value Fund AMPCI ANZ 6.0 FISHER FUNDS RUSSELL Risk 11
12 The Aon Investment Update New Zealand Equities Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk ANZ DEVON NZ Core MILFORD SALT TYN Core Average (asset weighted) Average Index (NZX 50 Gross) incl I/C Index (NZX 50 Portfolio) incl I/C Year Risk/Return MILFORD ANZ Return (% pa) DEVON NZ Core TYN Core SALT Risk
13 July 2014 Australasian Equities Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk Index Aware AMPCI AMPCI SEGF ANZ ANZ Australian Only CFSGAM Core 1, DEVON Australian DEVON Trans-Tasman FISHER FUNDS HARBOUR MILFORD Dynamic MILFORD Trans-Tasman MINT RUSSELL SALT NZ Focus Share SALT NZ Plus Share TYN Small Companies Absolute Return ANZ ESF DEVON Alpha MILFORD Active Growth TYN Aggressive Average (asset weighted) Average Index (NZX 50 Gross) incl I/C Index (NZX 50 Portfolio) incl I/C Index (ASX 200) Return (% pa) MILFORD A-G 3 Year Risk/Return MINT DEVON Alpha MILFORD T-T ANZ ESF HARBOUR FISHER FUNDS MINT ANZ DEVON T-T AMPCI SALT P-S TYN Agg TYN S-C MAM Index Trans-Tasman Aware TYN Absolute AggressiveReturn Risk 13
14 The Aon Investment Update New Zealand Bonds Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI 1, ANZ 1, FISHER FUNDS HARBOUR NZ Core HARBOUR Corporate Bond MILFORD RUSSELL TYN TYN Corporate Bond Average (asset-weighted) Average Index (ANZ Govt Stock) Year Risk/Return Return (% pa) TYN HARBOUR Corporate Bond FISHER FUNDS AMPCI ANZ Risk
15 July 2014 Overseas Bonds Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI ANZ 1, CFSGAM 2, FISHER FUNDS 1, RUSSELL 1, TYN Average (asset-weighted) Average Index (Citigroup) Index (Barclays) Year Risk/Return 10.0 RUSSELL FISHER FUNDS 9.0 Return (% pa) TYN 6.0 AMPCI ANZ Risk 15
16 The Aon Investment Update Cash Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI 3, ANZ 1, CFSGAM FISHER FUNDS HARBOUR TYN Average (asset-weighted) Average Index Year Risk/Return 4.0 TYN 3.9 Return (% pa) FISHER FUNDS AMPCI ANZ Risk
17 July 2014 Alternatives Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk MILFORD Global NZAM NZAM Alpha TYN Alternative TYN Bond Option Average (asset-weighted) Average Year Risk/Return NZAM Return (% pa) TYN Alternative Risk 17
18 The Aon Investment Update Property Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI AMP Listed ANZ FISHER FUNDS MINT SALT TYN Average (asset-weighted) Average Year Risk/Return 18.0 Return (% pa) AMPCI FISHER FUNDS MINT TYN SALT ANZ Risk
19 July 2014 Global Property Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk AMPCI ANZ CSFGAM Average (asset-weighted) Average Income Funds Returns (%) gross of tax and fees for Funds the last the year ended 30 June Manager ($m) 1 qtr Rk 1 yr Rk 3 yrs Rk 5 yrs Rk DEVON HARBOUR MILFORD TYN Average (asset-weighted) Average
20 Aon Hewitt Investment Consulting Service This quarterly survey is produced by Aon Hewitt New Zealand. Other investment consulting services include: Establishing investment objectives for both our clients and investment managers; Determining long-term investment strategies, in the form of benchmark portfolios and sector ranges, consistent with the investment objectives; Determining the efficient frontier and risk/ return profiles; Asset/liability modelling; Reviewing contractual agreements and legal documentation; Assisting in the appointment of investment managers, by: - Establishing the selection criteria; - Identifying suitable investment managers; - Analysing investment managers capabilities against the criteria; and - Carrying out qualitative reviews. Performance monitoring, against both investment objectives and competitors; and Communication of investment objectives and strategies to investors. Explanatory Notes 1. Returns are before management fees and tax and are generally per annum, except for quarterly returns which are per quarter. 2. Discretionary Assets are those for which the manager considers they have full discretion over stock selection and asset allocation. 3. Australasian Equities AMPCI s returns are those of their actively managed portfolios only. 4. Overseas Sectors The returns are in $NZ and exclude the effects of currency hedging on Equities and include the effects of currency hedging on Bonds, Global Property and Absolute Return Funds. 5. Overseas Equities AMPCI s returns are those of their actively managed portfolios only. 6. Property The returns in this table are influenced by the allocation to direct investment and holdings in listed vehicles. In the case of direct investment, the valuation approach and timing adopted by the manager will influence the returns. 7. In the compilation of the risk/return plots, risk is measured by the standard deviations of monthly returns over the period. The 3 Year Risk/Return snail trail charts show the change in 3 Year Risk/Return from the previous year to the current one. 8. Rankings on returns are calculated using more than 1 decimal place. Where managers have the same return rounded to 1 decimal place but different rankings, the rankings reflect the returns to more than 1 decimal place. 9. Index data was provided by AMP Capital. 20
21 About Aon Hewitt New Zealand July 2014 Part of Aon plc, Aon Hewitt is the world s leading HR consulting and outsourcing firm. We empower organisations by advising and delivering integrated HR solutions that help employers achieve business results and create better outcomes for employees. At Aon Hewitt, we know that every organisation is only as great as its people. That s why we work with clients to make sure their people are positive, productive and secure in their future. Only then can they achieve remarkable results for their organisation. We also recognise the importance of safeguarding individuals financial wellbeing as well as their physical wellbeing. Our Wealth Management business helps individuals to meet their wealth creation, protection and retirement planning needs. In New Zealand, Aon Hewitt provides consulting services and solutions to clients in the areas of: Aon KiwiSaver Scheme Aon Master Trust KiwiSaver and superannuation administration actuarial and investment consulting engagement and leadership remuneration surveys and analytics performance and rewards consulting health and benefits global benefits. With more than 30,000 professionals in 120 countries, Aon Hewitt makes the world a better place to work for clients and their employees. About Aon Aon plc is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 65,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon s global partnership and shirt sponsorship with Manchester United 21
22 The Aon Investment Update The Aon Hewitt Investment Forecasts Conducted during July 2014 Investment Sector NZ Cash NZ Fixed Interest NZ Property NZ Equities International Fixed Interest International Equities Inflation Rate Over the current year 1 Jul Jun 2015 Over the next five years 1 Jul Jun 2019 Average Dispersion Average Dispersion 3.9% (0.2%) 4.2% (0.7%) 3.8% (0.4%) 4.2% (1.0%) 3.3% (0.9%) 4.5% (0.9%) 3.3% (1.1%) 5.2% (0.4%) 6.3% (2.0%) 7.0% (1.4%) 6.6% (2.5%) 6.9% (2.0%) 6.4% (2.5%) 7.7% (0.5%) 7.8% (1.7%) 9.1% (2.0%) 2.7% (1.0%) 4.1% (1.1%) 2.6% (1.0%) 4.4% (1.1%) 8.4% (1.5%) 8.2% (0.9%) 10.7% (4.6%) 8.8% (0.9%) 2.0% (0.2%) 2.2% (0.4%) 2.1% (0.8%) 2.2% (0.5%) Contributors to the survey were: ANZ Investments (NZ) BT Funds Management (NZ) Devon Funds Management First NZ Capital Fisher Funds Harbour Asset Management Notes: 1. Participants were asked for their estimate of the annual rate of investment return before tax and expenses for a New Zealand dollar investor. The figures shown are the average of all responses received. Figures in brackets give a measure of the dispersion of responses, and are equal to the second highest response less the second lowest. 2. The figures in italics are the results of our April 2014 survey. 3. These results may be reprinted in whole or in part, but attribution to Aon Hewitt would be appreciated. 4. The information contained in this report is provided for general information purposes only. It is given without knowledge of your individual circumstances and should not be used as a substitute for you seeking your own independent professional advice. No liability will be accepted for loss resulting from reliance on information contained in this report which proves to be inaccurate and/or incomplete. 2222
23 July 2014 The Aon Hewitt Economists Survey Conducted during July 2014 In 1 year s time In 4 years time In 7 years time Average Dispersion Average Dispersion Average Dispersion Inflation rate as measured by CPI Rate of increase of Average Weekly Wage Real interest rate (i.e., yield on 10 year Govt stock, in excess of inflation) Rate of growth of real GDP Trade Weighted Exchange Rate (TWI) 2.1% (0.3%) 2.2% (0.1%) 2.2% (0.3%) 2.1% (0.2%) 2.3% (0.1%) 2.2% (0.3%) 2.8% (1.2%) 3.0% (0.5%) 2.9% (0.8%) 2.8% (1.2%) 3.1% (0.4%) 2.9% (0.7%) 3.0% (0.3%) 3.1% (0.4%) 3.2% (0.2%) 2.9% (0.2%) 3.0% (0.3%) 3.2% (0.3%) 3.3% (0.9%) 2.4% (0.3%) 2.4% (0.8%) 3.4% (0.7%) 2.3% (0.2%) 2.4% (0.8%) 76.3 (2.2) 67.9 (3.0) 67.2 (4.0) 76.8 (2.0) 68.2 (2.9) 67.4 (4.0) Contributors to the survey were: ANZ Bank (NZ) BNZ Deutsche Bank (NZ) First NZ Capital NZIER UBS NZ Notes: 1. The figures shown are the average of all responses received. Figures in brackets give a measure of the dispersion of responses, and are equal to the second highest response less the second lowest. 2. The figures in italics are the results of our April 2014 survey. 3. These results may be reprinted in whole or in part, but attribution to Aon Hewitt would be appreciated. 4. The information contained in this report is provided for general information purposes only. It is given without knowledge of your individual circumstances and should not be used as a substitute for you seeking your own independent professional advice. No liability will be accepted for loss resulting from reliance on information contained in this report which proves to be inaccurate and/or incomplete. 23
24 Aon Hewitt New Zealand Consultants and Actuaries Auckland Level 2, AMP Centre, 29 Customs Street West PO Box 3167, Shortland Street Auckland 1140 Tel: Fax: Christchurch 388 Blenheim Road, Christchurch PO Box 2058, Christchurch 8140 Tel: Fax: Wellington Level 2, State Insurance Building, 1 Willis St, Wellington PO Box 2764, Wellington 6140 Tel: Fax: Visit our website at Or nz.info@aonhewitt.com The information used to compile this survey has been provided by the investment managers or is from publicly available sources. The information contained in this report is provided for general information purposes only. It is given without knowledge of your individual circumstances and should not be used as a substitute for you seeking your own independent professional advice. No liability will be accepted for loss resulting from reliance on information contained in this report which proves to be inaccurate and/or incomplete.
The Aon Investment Update Aon Hewitt Investment Consulting
July 2013 The Aon Investment Update Aon Hewitt Investment Consulting July 2013 1 The Aon Hewitt The Aon Investment Hewitt Investment Update Update In this issue Commentary 3-7 Discretionary Assets - Risk
More informationThe Aon Investment Update
The Aon Investment Update Aon Hewitt Investment Consulting May 2014 Contents In this issue Commentary 3-7 Discretionary Assets - Risk and Return 8 Discretionary Assets - Asset Allocation 9 Conservative,
More informationThe Aon Investment Update May 2012
Aon Hewitt Investment Consulting The Aon Hewitt Investment Update MAY 2012 1 The Aon Investment Update May 2012 2 The Aon Hewitt Investment Update MAY 2012 In this issue... Commentary 3-5 Discretionary
More informationThe Aon Investment Update November 2011
Aon Hewitt Investment Consulting The Aon Hewitt Investment Update NOVEMBER 2011 1 The Aon Investment Update November 2011 2 The Aon Hewitt Investment Update NOVEMBER 2011 In this issue... Commentary 3-5
More informationThe Aon Investment Update
The Aon Hewitt Investment Update OCTOBER 2010 1 Aon Hewitt Investment Consulting The Aon Investment Update OCTOBER 2010 2 The Aon Hewitt Investment Update OCTOBER 2010 In this issue... Commentary 3-5 Discretionary
More informationThe Aon Investment Update
JANUARY 2010 The Aon Investment Update In this issue... Commentary... 1-3 Discretionary Assets... 4 - Risk and Return...4 - Asset Allocation...5 Conservative, Balanced,. Growth Risk Profiles... 6 Overseas
More informationAon - Industry KiwiSaver Survey Summary Report
Aon - Industry KiwiSaver Survey Summary Report May 2016 Aon Hewitt s latest comprehensive survey of KiwiSaver funds and KiwiSaver managers as at 31 March 2016 is now available. Our analysis includes all
More informationThe Aon KiwiSaver Survey as at 30 June
The Aon KiwiSaver Survey as at 30 June 2014 email: nz.info@aonhewitt.com 1 Aon Hewitt - Shaping the Workplace of the Future Who We Are Aon Hewitt is the global leader in human capital consulting and outsourcing
More informationThe Aon KiwiSaver Survey as at 30 June
The Aon KiwiSaver Survey as at 30 June 2013 email: nz.info@aonhewitt.com 1 Aon Hewitt - Shaping the Workplace of the Future Who We Are Aon Hewitt is the global leader in human capital consulting and outsourcing
More informationThe Aon KiwiSaver Survey as at 31 December
The Aon KiwiSaver Survey as at 31 December 2011 email: nz.info@aonhewitt.com Aon Hewitt - Shaping the Workplace of the Future Who We Are Aon Hewitt is the global leader in human capital consulting and
More informationInvestment Survey March 2010 Dynamic Asset Allocation
Investment Survey March 2010 Dynamic Asset Allocation Contents 1 Investment Results 2 Comment on Results 3 Commentary Dynamic Asset Allocation 4 Wholesale Sector Funds 5 Wholesale Diversified Funds 6 Additional
More informationInvestment Survey. September 2017
Investment Survey tember 2017 18 October 2017 MJW Investment Survey tember 2017 18 October 2017 Market Returns Quarter Year Quarter Year % % % % S&P/NZX 50 (incl imputation credits) 4.7 9.1 S&P/NZX NZ
More informationAon Hewitt: Alternative Investments
Aon Hewitt: Alternative Investments Alternatives the Alternative way to a better Balanced Portfolio NZAM who are we? Fund of Hedge Funds established 1991. Privately owned. $600 mio funds under management.
More informationKiwiSaver Survey June Quarter 2018
KiwiSaver Survey June Quarter 2018 Global markets posted healthy returns across asset classes in the second quarter of 2018 with equity markets in particular bouncing back from a difficult first quarter.
More informationKiwiSaver Performance Survey March Quarter 2011
KiwiSaver Performance Survey March Quarter 2011 Markets ignore natural disasters and economic uncertainty as KiwiSaver funds produce another quarter of strong results. Chris Douglas 27-Apr-11 Morningstar
More informationInvestment Survey. March 2018
Investment Survey March 2018 18 April 2018 Market Returns Quarter Year Quarter Year % % % % S&P/NZX 50 (incl. imputation credits) -0.6 16.9 S&P/NZX NZ Govt Bond 0.5 4.6 S&P/ASX 200 - AUD -3.9 2.5 S&P/NZX
More informationMilford Funds. Compilation of Market Index Constituents
Compilation of Market Index Constituents Milford Funds Compilation of Market Index Constituents Milford Funds Limited 1 October 2018 Milford Unit Trust PIE Funds Introduction The market index for each
More informationInvestment Update. 30 September 2012 Contents. Longer-term credited interest rates. Declared interest rates for the Scheme year to date
Investment Update 30 September 2012 Contents Declared interest rates for the Scheme year to date Cumulative monthly interest rates (after tax and expenses) for the Scheme year to date Longer-term credited
More informationDairy Industry Superannuation Scheme
Dairy Industry Superannuation Scheme Performance Summary (Gross of Fees) 1 Mo Fiscal YTD Dairy Industry Superannuation Scheme 0.9 8.0 12.8 8.2 DISS Composite 0.8 7.1 11.4 7.6 Excess Return 0.1 0.9 1.4
More informationSelect Wealth Management - Model Portfolio Returns as at 31 March 2018
Select Wealth Management - Model Portfolio Returns as at 31 March 2018 (After Fund Managers fees, Before Select and Adviser Service Fees, Before Tax) 3 Month 6 Month 1 Year 3 Year p.a. 5 Year p.a. 10 Year
More informationKiwiSaver Performance Survey March Quarter 2012
KiwiSaver Performance Survey March Quarter 2012 Strong returns from sharemarkets meant that growth-focused KiwiSaver funds produced the best returns over the three months to 31 March 2012. Chris Douglas
More informationKiwiSaver Survey December Quarter 2018
KiwiSaver Survey December Quarter 2018 Over the December quarter the S&P/NZX 50 Index was down 5.8%, erasing the previous quarter s gain of 4.6%. Despite a difficult year for many other equity markets,
More informationHELPING KIWIS RETIRE WITH MORE MERCER KIWISAVER SCHEME ANNUAL REPORT 31 MARCH 2014
HELPING KIWIS RETIRE WITH MORE MERCER KIWISAVER SCHEME ANNUAL REPORT 31 MARCH 2014 CONTENTS 2014 HIGHLIGHTS 01 THE MANAGER 02 YOUR INVESTMENTS 03 INVESTMENT MANAGEMENT 04 MEMBERSHIP INSIGHTS 05 KEY EVENTS
More informationAMP PERSONAL UNIT TRUST PROSPECTUS
AMP PERSONAL UNIT TRUST PROSPECTUS 22 SEPTEMBER 2015 (AS AMENDED ON 1 DECEMBER 2015 AND 16 JUNE 2016) This Prospectus relates to an offer of securities by AMP Wealth Management New Zealand Limited 1 INDEX
More informationKiwiSaver Performance Survey December Quarter 2012
KiwiSaver Performance Survey December Quarter 2012 2012 was a banner year for growth assets, and KiwiSaver schemes with strong tilts to shares and listed property did particularly well. While no-one can
More informationKiwiSaver Performance Survey September Quarter 2012
KiwiSaver Performance Survey September Quarter 2012 Despite reaching its five-year fund performance anniversary, the KiwiSaver scheme is still in its infancy. So while this is an important milestone, performance
More informationPage 1 of 9. KiwiSaver and Home Country Bias. 54% Low Equity (Conservative) 46%
NZ T R E N D S Independent research and analysis Page 1 of 9 March 2015 KiwiSaver and Home Country Bias An interesting tendency of pensions markets around the world is the presence of home country bias.
More informationInvest in your future and enjoy the benefits
Lion Employee Benefit Plan Annual Report for the year ended 31 March 2014 Invest in your future and enjoy the benefits TABLE OF CONTENTS Annual Review 1 Investment Returns 1 Crediting Rates 1 Investments
More informationJanuary market performance. Equity Markets Price Indices Index
Global Central Banks continue to lower interest rates. The RBA cuts the cash rate by 25bp to 2.25% (February 2015). The ECB finally announces Quantitative Easing 60b per month. Oil prices declined again
More informationBT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009
BT Personal Portfolio Service: Superannuation and Pension Annual Report for the year ended 30 June 2009 Contents 3 Recent developments and changes 6 Investment overview 9 Understanding the risks of investing
More informationPersonal Managed Funds and Future Lifestyle Plan. Investor Report
Personal Managed Funds and Future Lifestyle Plan Investor Report for the six months ended 31 March 2016 1 Getting the most from your Investor Report Your Investor Report makes it easy for you to see how
More informationKiwiSaver Survey September Quarter 2017
KiwiSaver Survey September Quarter 2017 Growth-oriented KiwiSaver funds continued their rich form, with strong returns across the board during the third quarter of 2017. Equity markets around the world
More informationMilford Unit Trust PIE Funds. Statement of Investment Policy & Objectives
Statement of Investment Policy & Objectives Statement of Investment Policy & Objectives Milford Funds Limited 29 June 2017 Table of Contents PART A: THE MILFORD UNIT TRUST PIE FUNDS 3 Introduction 3 Investment
More informationMONTHLY REPORT FOR PERIOD ENDED 28 FEBRUARY 2017
NEW ZEALAND DEFENCE FORCE SAVINGS SCHEMES MONTHLY REPORT FOR PERIOD ENDED 28 FEBRUARY 2017 MONTH IN A SNAPSHOT In February, good news was all around as sharemarkets across the globe delivered positive
More informationMONTHLY REPORT MERCER COMMENTARY
MONTHLY REPORT MERCER COMMENTARY Global sharemarkets trended sideways in June as investors displayed some caution in response to rising US interest rates and political machinations across Europe (including
More informationKiwiSaver Performance Survey September Quarter 2013
KiwiSaver Performance Survey September Quarter 2013 Many KiwiSaver options benefitted from the sharemarket s strong run during the September quarter, as growth assets again largely outshone their income
More informationBNZ KIWISAVER SCHEME. Annual Report 2018 For the period 1 April 2017 to 31 March 2018
BNZ KIWISAVER SCHEME Annual Report 2018 For the period 1 April 2017 to 31 March 2018 What s inside Details of the Scheme 1 A welcome from Paul Carter 2 Highlights and achievements 3 How our funds performed
More informationMonthly Review. For the month of July 2018
Monthly Review For the month of July 2018 This page has intentionally been left blank. Markets new zealand Leading economic indicators currently imply that New Zealand s economic growth rate will slow
More informationMonthly Review. For the month of October 2018
Monthly Review For the month of October 2018 This page has intentionally been left blank. Markets new zealand The outlook for the New Zealand economy remains uncertain. Business and consumer confidence
More informationThe New Zealand Refining Company Pension Fund ANNUAL REPORT 2014
The New Zealand Refining Company Pension Fund ANNUAL REPORT 2014 Contents Page Trustees Report The year in review 2 Trustees Certificate 3 Investment Returns 4 Actuarial Certificate 6 Report of the Independent
More informationMONTHLY REPORT MERCER COMMENTARY
MONTHLY REPORT MERCER COMMENTARY Global markets had positive returns overall during August. The United States (US) received especially positive gains and achieved the longest bull-market in history currently
More informationHigh Dividend Stocks In Rising Interest Rate Environments
High Dividend Stocks In Rising Interest Rate Environments July 2016 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All numbers
More informationKIWISAVER ANNUAL REPORT
B30A KIWISAVER ANNUAL REPORT 1 July 2014 30 June 2015 fma.govt.nz AUCKLAND Level 5, Ernst & Young Building 2 Takutai Square, Britomart PO Box 106 672, Auckland 1143 Phone: +64 9 300 0400 Fax: +64 9 300
More informationMilford Funds. Compilation of Market Index Constituents
Milford Funds Compilation of Market Index Constituents Compilation of Market Index Constituents Milford Funds Limited 29 June 2017 Milford Unit Trust PIE Funds Introduction The market index for each of
More informationAMP Personal Superannuation Scheme
AMP Personal Superannuation Scheme Annual Report for the year ended 31 March 2018 The Annual Report contains: Details of Scheme 3 Information on contributions and Scheme participants 4 Changes relating
More informationMARKET REVIEW GLOBAL MARKETS NEW ZEALAND MARKET
MARKET REVIEW JULY TO SEPTEMBER QUARTER 2016 GLOBAL MARKETS Global share markets produced a wide range of results over the September quarter. Developed markets were positive for the period, despite giving
More informationConsensus Forecasts. Real GDP Growth. NZIER Consensus Forecasts shows a softer growth outlook. Annual average % change
NZ Institute of Economic Research (Inc) Media release September Consensus Forecasts NZIER Consensus Forecasts shows a softer growth outlook The latest NZIER Consensus Forecasts expects a slight downward
More informationConsensus Forecasts. Real GDP Growth. NZIER Consensus Forecasts revises up growth outlook. Annual average % change
NZ Institute of Economic Research (Inc) Media release 9 March Consensus Forecasts NZIER Consensus Forecasts revises up growth outlook The latest NZIER Consensus Forecasts expects a stronger growth outlook
More informationShort exposure to US equities
Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent
More informationAMP KiwiSaver Scheme 25 May Fees & Other Charges
AMP KiwiSaver Scheme 2 May 2018 Fees & Other Charges This document provides information about the fees and other charges relating to the AMP KiwiSaver Scheme (Scheme) and should be read with the Product
More informationFull Year Financial Results
8 February 08 Manager ASX Market Announcements Australian Securities Exchange Level 4, 0 Bridge Street Sydney NSW 000 Client and Market Services Team NZX Limited Level, NZX Centre, Cable Street PO Box
More informationJUNE 2017 QUARTERLY MARKET COMMENTARY
JUNE 2017 QUARTERLY MARKET COMMENTARY Market Commentary Australia: The Reserve Bank of Australia (RBA) left the cash rate unchanged at 1.5% in the June quarter The Australian seasonally adjusted unemployment
More informationAMP Business Superannuation Fund Fact Sheet
AMP Business Superannuation Fund Fact Sheet 30 September 2014 AMP Business Superannuation provides extensive investor choice and flexibility. It offers access to a comprehensive range of investment portfolios.
More informationAon KiwiSaver Scheme Glossary of terms
Aon KiwiSaver Scheme Glossary of terms This document provides an explanation of terms for the Aon KiwiSaver Scheme. This document should be read in conjunction with the Aon KiwiSaver Scheme ( Scheme )
More informationMilford KiwiSaver Plan Statement of Investment Policy & Objectives. Investment Policy. & Objectives. Statement of
Statement of Investment Policy & Objectives Statement of Investment Policy & Objectives Milford Funds Limited 26 July 2018 Table of Contents PART A: THE MILFORD KIWISAVER PLAN 3 1. Introduction 3 2. Investment
More informationInvestor Roadshow Materials
ASX Announcement 9 March 2009 Manager Company Announcements Office Australian Stock Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Manager Market Information Services Section New Zealand Stock Exchange
More informationWELCOME TO THE NEW ZEALAND UNIVERSITIES SUPERANNUATION SCHEME YOUR SUPER GUIDE
WELCOME TO THE NEW ZEALAND UNIVERSITIES SUPERANNUATION SCHEME YOUR SUPER GUIDE 30 June 2014 CONTENTS 1. Advantages of Scheme membership 4 2. How your Scheme works 5 3. Your benefits 9 4. Investment choice
More informationQuarterly Market Review
Quarterly Market Review THEMES FOR THE QUARTER Emerging Markets the Standout in Mixed Q1 Global Equity Returns Developed Markets Positive; Australia and NZ Negative Value Premium Positive in Emerging Markets;
More informationReview of Pension Plans Performance (Period ending December 31 st, 2013)
Review of Pension Plans Performance (Period ending December 31 st, 2013) prepared for Investment Subcommittee (Note all returns and values are expressed in Canadian Dollars- CAD s) 1 Canadian Equity The
More informationConsensus Forecasts. Real GDP Growth. Growth outlook still solid, says NZIER Consensus Forecasts. Annual average % change
NZ Institute of Economic Research (Inc) Media release March Consensus Forecasts Growth outlook still solid, says NZIER Consensus Forecasts The latest NZIER Consensus Forecasts shows growth forecasts have
More informationSuperannuation Master Trust
Superannuation Master Trust Annual Report for the year ended 30 September 2017 1 The Annual Report contains: Market Overview 3 The Year at a glance 3 Details of Scheme 4 Information on contributions and
More informationECONOMY WATCH. Outlook for Borrowers: Post-June OCR Review RESEARCH. 29 June bnz.co.nz/research Page 1
RESEARCH ECONOMY WATCH 29 June 2018 Outlook for Borrowers: Post-June OCR Review We expect the OCR to be on hold through 2018 and don t expect the first RBNZ hike until May next year (with risks tilted
More informationSuper funds hit double digits again in 2013/14
22 July 2014 Super funds hit double digits again in 2013/14 The 2013/14 financial year was another outstanding one for super funds, with strong share markets driving the median growth fund (61 to 80% invested
More informationWorld Index. One World. One Investment
HSBC World Index Portfolios For professional clients only A range of Multi-Asset Passive Portfolios World Index. One World. One Investment We understand your business is changing The advisory market is
More informationNZX, ASX and Media Release 20 November 2017 RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2017
NZX, ASX and Media Release 20 November 2017 RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2017 Metro Glass reports increased Australian contribution offset by softer than anticipated construction activity
More informationSuperplan/Superplan 2000
Funds Fact Sheet / Funds available after 28 February 2014 Asteron, which covers, Locked-in, and VIP ( ) is a registered superannuation scheme under the Superannuation Schemes Act 1989. is a superannuation
More informationFirst Quarter 2017 Investment Review. Prepared by: Meketa Investment Group CHICAGO, IL (312)
First Quarter 2017 Investment Review Prepared by: Meketa Investment Group CHICAGO, IL 60661 (312) 474-0900 MARKET SUMMARY - 1Q17 CAPITAL MARKETS Index MARKET SNAPSHOT MARCH 31, 2017 Qtr One Year Three
More informationIOOF WealthBuilder Investment menu at a glance. Investment bonds Flexible, accessible and tax-effective. IOOF Ltd ABN AFSL
Investment menu at a glance Investment bonds Flexible, accessible and tax-effective IOOF Ltd ABN 21 087 649 625 AFSL 230522 Investment menu at a glance The enhanced investment menu provides investors with
More informationAMP KiwiSaver Scheme 2017 Annual Report. Look forward to a bright retirement.
AMP KiwiSaver Scheme 2017 Annual Report Look forward to a bright retirement. 1 1 For 10 years our AMP KiwiSaver Scheme has helped New Zealanders on the road to achieve an aspirational retirement $4.5 billion
More informationCOLONIAL FIRST STATE MEZZANINE FUNDS CLASS A
COLONIAL FIRST STATE MEZZANINE FUNDS CLASS A Product Disclosure Statement This is a combined Financial Services Guide and Product Disclosure Statement. This PDS can also be used by investors investing
More informationAon Hewitt Retirement Investment Consulting. Escrow. reconciling stability and surplus. December Risk. Reinsurance. Human Resources.
Aon Hewitt Retirement Investment Consulting Escrow reconciling stability and surplus December 2014 Risk. Reinsurance. Human Resources. Summary Achieving long-term stability within a pension scheme is no
More informationIPO Watch Australia. Mid-Year Report. A Snapshot of Australian IPO Activity for the first half of 2018 JULY hlb.com.au
Mid-Year Report IPO Watch Australia JULY 2018 A Snapshot of Australian IPO Activity for the first half of 2018 hlb.com.au Great people, great results Contents Overview...1 Sector Analysis...2 IPO Subscription
More informationGlobal Shares Quarterly Performance Update: Q4 2015
Global Shares Quarterly Performance Update: Q4 2015 Bianca Rose Portfolio Manager +612 9276 4558 bianca.rose@ibbotson.com Market Commentary The December quarter proved to be an eventful period for financial
More informationIndividually Managed Account Service Investor Guide
Individually Managed Account Service Investor Guide Dated and Prepared as at 3 August 2017 Contents 3 Welcome to the Fisher Funds Individually Managed Account Service 4 What are the benefits of investing
More informationNZIER Consensus Forecasts
NZIER Consensus Forecasts Embargoed until am Tuesday December Prepared by Peter O Connor Incorporating returns received up to Tuesday December Recovery slowing, to strengthen in The NZIER Consensus Forecasts
More informationRETIRE WITH MORE MERCER SUPER TRUST ANNUAL REPORT 2015 MAKE TOMORROW, T O D AY
RETIRE WITH MORE MERCER SUPER TRUST ANNUAL REPORT 2015 MAKE TOMORROW, T O D AY SECTION ONE 1 YEAR IN REVIEW SECTION TWO 2 WELCOME FROM MARTIN SECTION THREE 3 SCHEME SNAPSHOT SECTION FOUR 6 MEET THE TRUSTEE
More information2015 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT. Financial Services Council and Perpetual
2015 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT Financial Services Council and Perpetual 2015 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT INTRODUCTIONS FROM THE FINANCIAL SERVICES
More informationIN THIS REPORT: WHAT IS KIWISAVER? COMPARING KIWISAVER
Report No. 3 September 2013 WHAT IS KIWISAVER? KiwiSaver is a work-based savings scheme which commenced in July 2007 as a way to encourage New Zealanders to save for their retirement. Kiwis can elect to
More informationQUARTERLY INVESTMENT COMMENTARY
Investment Report for Quarter Ending 31st March 2016 QUARTERLY INVESTMENT COMMENTARY Timing the market is a loser s game. Over the years, numerous investment professionals have commonly said time in the
More informationAFT PHARMACEUTICALS LIMITED. (AFT Pharmaceuticals) Remuneration Policy. Dated 30 April 2018
AFT PHARMACEUTICALS LIMITED (AFT Pharmaceuticals) Remuneration Policy Dated 30 April 2018 1. Policy Statement AFT Pharmaceuticals remuneration policy supports the company to attract, retain and motivate
More informationA guide to help you make the most of your membership
24 November 2017 New Zealand Defence Force KIWISAVER SCHEME A guide to help you make the most of your membership The New Zealand Defence Force KiwiSaver Scheme is registered on the register of managed
More informationHalf year financial results
8 August 2018 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationA n n ua l R e p o rt f o r t h e y e ar e n d e d 3 1 m ar c h
A n n ua l R e p o rt f o r t h e y e ar e n d e d 3 1 m ar c h 2 0 0 6 A V I NT A G E YE A R W I TH E X CELLENT R ETU R N S TO MEM B E R S 15% B A L A NCED FUND 12% Interest credited to member accounts
More informationSecondary Disclosure Statement (Authorised Financial Adviser)
Secondary Disclosure Statement (Authorised Financial Adviser) Contact Details Name and registration number of Authorised Financial Adviser: Wayne Head FSP 52141 Address: Level 8, 114 The Terrace Wellington
More informationFor personal use only
5 October 08 Manager ASX Market Announcements Australian Securities Exchange Level 4, 0 Bridge Street Sydney NSW 000 Client and Market Services Team NZX Limited Level, NZX Centre, Cable Street PO Box 959
More informationD E L I V E R I N G Half Year Results JUPITER FUND MANAGEMENT PLC
D E L I V E R I N G 2015 Half Year Results 2015 HALF YEAR RESULTS 1 Highlights Executing our strategy Improved investment performance Continued organic flow growth from core mutual fund franchise 1.4bn
More information2014 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT. Financial Services Council and Perpetual
2014 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT Financial Services Council and Perpetual The Australian Investment Managers Cross-Border Flows Report was first commissioned in 2012 to determine
More informationSecondary disclosure statement
Secondary disclosure statement (Authorised Financial Adviser) Name and registration number of Authorised Financial Adviser: Address: Trading name: Roger John Sutherland FSP28083 Level 4, Grant Thornton
More informationNEW ZEALAND DISCRETIONARY INVESTMENT MANAGEMENT SERVICES LIMITED (NZ DIMS) Service Disclosure Statement & Investment Proposal
NEW ZEALAND DISCRETIONARY INVESTMENT MANAGEMENT SERVICES LIMITED (NZ DIMS) Service Disclosure Statement & Investment Proposal NZ DIMS Discretionary Investment Management Service 1 July 2018 T +64 9 377
More informationUsually, in the year following a presidential election,
BY JOHN LABATE In Need of Deficit- Defying Tricks Executives believe that sawing the deficit in half at least should be Bush s top priority Usually, in the year following a presidential election, the promises
More informationSuperNews MAY IAG & NRMA Superannuation Plan. Stop press!! Federal Budget In this edition, you ll find: New insurance premiums
IAG & NRMA Superannuation Plan MAY 2009 In this edition, you ll find: New insurance premiums Make contributions to your super the easy way with BPAY If you are a low income earner, what s a 100% guaranteed
More informationProduct Disclosure. Statement. Milford Unit Trust PIE Funds Product Disclosure Statement. Milford Funds Limited 28 February 2019
Product Disclosure Statement Product Disclosure Statement Milford Funds Limited 28 February 2019 This document replaces the Product Disclosure Statement dated 1 October 2018 This document gives you important
More informationAMP MySuper. A lifecycle investment solution 31 DECEMBER 2017 QUARTERLY REPORT FOR EMPLOYERS AND ADVISERS
31 DECEMBER 2017 QUARTERLY REPORT FOR EMPLOYERS AND ADVISERS AMP MySuper A lifecycle investment solution All fund returns are quoted post fees and taxes AMP MYSUPER 1 Contents Message from your fund manager
More informationCapital Market Review
Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days
More informationQUAYSTREET FUNDS PRODUCT DISCLOSURE STATEMENT 02 JUNE 2017 QUAYSTREET ASSET MANAGEMENT LIMITED
QUAYSTREET FUNDS PRODUCT DISCLOSURE STATEMENT 02 JUNE 2017 QUAYSTREET ASSET MANAGEMENT LIMITED This document replaces the product disclosure statement dated 09 December 2016 This document gives you important
More informationMarket and Economic Review
Milford Unit Trust PIE Funds Monthly Review June 2018 Market and Economic Review May was a positive month for most global markets as they responded to a de-escalation in global trade issues and robust
More informationCraigs KiwiSaver Scheme
Craigs KiwiSaver Scheme Statement of Investment Policy & Objectives 15 August 2018 Craigs Investment Partners Superannuation Management Limited Contents: Introduction.... 1 Investment Philosophy and Strategy....2
More informationMorningstar Investment Management
Morningstar Investment Management Investment Solutions Morningstar offers both Managed Funds and Managed Accounts so you can choose the option that best helps you achieve your financial goals. Morningstar
More informationAMP KiwiSaver Scheme. Fund Update Booklet. 8 February 2018
8 February 2018 AMP KiwiSaver Scheme Fund Update Booklet AMP Wealth Management Limited is the issuer of the AMP KiwiSaver Scheme. This document gives you important information about this investment to
More informationOn 13 November 2018 you made a request to the Reserve Bank under section 12 of the Official Information Act (the OIA) seeking:
December Via email: Dear On 3 November you made a request to the Reserve Bank under section of the Official Information Act (the OIA) seeking: all Reserve Bank Financial System Roundups released for October
More information