✨ Financial Portfolio Descriptions
21 AUGUST 2009 NEW ZEALAND GAZETTE, No. 125 2893
Global Bonds:
The Global Bond Portfolio is managed by one Fund of Fund Manager, with four underlying product managers. This spread of Fund Managers enables the Trust to access a wide range of segments within the global bond markets. The portfolio is measured against the Barclays Global Aggregate Index, and is fully hedged back to New Zealand Dollars.
Collateralised Commodity Futures (CCF):
The CCF portfolio is an index fund, managed by one Fund Manager. It invests in and is measured against the S&P GSCI Commodity Index, and is fully hedged back to the New Zealand Dollar.
Global Property:
The Global Property Portfolio is Managed by one Fund of Fund Manager, with four underlying product Fund Managers. This spread of Fund Managers enables the Trust to access a wide range of segments within the global property markets. The portfolio is measured against the FTSE EPRA/NAREIT index, and is fully hedged back to New Zealand Dollars.
New Zealand Equities:
The New Zealand Equity Portfolio is a segregated account with one Fund Manager. The Investment mandate allows the Fund Manager to invest up to twenty percent of the portfolio in companies listed on the Australian Stock Exchange. This portfolio is measured against the NZX 50 index.
New Zealand Bonds:
At balance date the New Zealand Bond Portfolio was managed by two Fund Managers. The Investment Guidelines provide strict limits on the underlying investment categories, along with credit and duration restrictions. The portfolio is measured against the NZX Government Stock Index. Subsequent to balance date the New Zealand Bond Portfolio was combined into one mandate with one Fund Manager.
Cash:
The Cash Portfolio is managed by one Fund Manager. The mandate places limits on the underlying investment categories, along with credit and duration restrictions. The portfolio is measured against the NZX 90 day bank bill index.
Credit Risk
Credit Risk represents the risk that a counterparty to a financial asset fails to discharge an obligation which will cause the Trust to incur a financial loss.
With regard to the credit risk arising from financial assets, the Trust’s credit risk arises from any default by a counterparty. The current exposure at balance date is the fair value of these assets as disclosed in the Statement of Financial Position.
Concentrations of risk arise when a number of financial instruments or contracts are entered into with the same counterparty or where a number of counterparties are engaged in similar business activities, geographic regions, or similar economic features that would influence their ability to meet their contractual obligations by reason of changes in economic, political or other conditions.
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NZ Gazette 2009, No 125
✨ LLM interpretation of page content
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Financial Assets and Liabilities
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🏢 State Enterprises & InsuranceFinancial Assets, Financial Liabilities, Trust, Cash, Managed Funds, Investment Portfolio, SIPO, Global Compact, Fund Managers