The New Zealand Superannuation Fund, which was set up to help pre-fund a ballooning pension bill for baby boomers, dropped Infratil from its top 10 locally listed investments after Chorus was carved out of Telecom last year.
The fund held $37.3 million of shares in the telecommunications network operator as at November 30, making up 0.2 per cent of the fund's total value, according to its latest update.
That pushed out Wellington-based infrastructure investor Infratil from the fund's top 10 NZX-listed investments, which was sitting at $28.7 million at the end of October. The fund and Infratil are co-investors in assets including Z Energy.
The so-called Cullen Fund, named for its architect former Finance Minister Michael Cullen, shed 0.5 per cent in November due to "falling equity markets," with a closing balance of $17.64 billion. The fund has lost some 5.7 per cent in value so far in the latest financial year after weaker global stock markets coincided with an increased exposure to international equities.
The fund had its best year ever in the 12 months ended June 30 2011, returning 25 per cent as global stock markets rallied. Since its inception in 2003, the fund has returned 6.7 per cent. That's 1.2 per cent in excess to Treasury bills, which it aims to beat by 2.5 per cent.
