Tower tops June quarter managed fund performances

Friday 2nd August 2002

Tower Asset Management again achieved the best performance for a quarter, with a return of -2.6% before tax and fees for the June quarter.

That's according to Mercer Investment Consulting's survey of New Zealand wholesale superannuation fund managers.

Mercer executive director in New Zealand, Louis Boulanger said although Tower Asset Management's exposure to overseas equities was no longer the lowest, it was still well below the average exposure of 38.0% with only 32.4% of its portfolio in that asset class. At the end of June, it had the highest exposure to New Zealand cash of all managers.

All the fund managers posted negative returns over the past 12 months.

Returns for the 12-month period had ranged from a gross -0.8% return from Tower Asset Management to a -8.5% return from AMP Henderson Global Investors, Mr Boulanger said. The median return was -6% before tax and fees.

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