Despite the negative impact of COVID-19 on global markets, NZ Super Fund posted a positive return for the fiscal year ending June 30.
The fund recorded a 1.73 percent return and stood at NZ $44.8 billion ($297 billion) after costs and before tax at the end of the year, following market turbulence in February and March, when the fund saw substantial declines following sharp downturns in global equity values, according to a statement from the fund.
The fund underperformed its benchmark reference portfolio by 2.08 percent.
“Over the past financial year we have endured a profound and globally far-reaching crisis,” said Catherine Savage, chair of the NZ Super Fund. “It presented a hugely challenging environment that put the fund’s resilience to the test.”
Savage added: “The most important thing for us amid the upheaval of the past few months has been to maintain our discipline as investors, remain systematic in our investment processes and consider
