New Zealand Gazette – 2010 – No. 109

Page 2940

✨ Financial Statements and Notes



THE COMMUNITY TRUST OF SOUTHLAND

NOTES TO & FORMING PART OF THE FINANCIAL STATEMENTS

For the Year Ended 31 March, 2010

15. MANAGED FUNDS

The Group has funds with eight investment managers (Fund Managers) as follows:

  • Alliance Bernstein
  • AMP Capital Investors
  • Capital International
  • First New Zealand Capital
  • Pacific Investment Management Company (PIMCO)
  • Tyndall Investment Management
  • Direct Capital
  • Franklin Templeton

During the year Franklin Templeton replaced Alliance Bernstein as one of the fund managers investing in overseas equities.

The fair value of the Managed Funds investments as at 31 March 2010 was as follows:

Group & Parent Alliance Bernstein $000 AMP Capital $000 Capital International $000 Direct Capital $000 First NZ Capital $000 Franklin Templeton $000 PIMCO $000 Tyndall Investment $000 Total $000
Australasian Equities 16,401 153 18,256 34,810
Overseas Equities 13,579 16,375 29,954
NZ Fixed Interest 41,261 41,261
Overseas Fixed Interest 37,991 37,991
Property Equities 5,499 5,499
Foreign Exchange contracts 20 196 (694) (694)
Unsettled Trades 198 1 171 106 322
Cash 20 17,266 10,566 28,202
Total $16,599 $13,797 $13,579 $154 $36,256 $16,375 $55,453 $51,239 $177,345

The fair value of the Managed Funds investments as at 31 March 2009 was as follows:

Group & Parent Alliance Bernstein $000 AMP Capital $000 Capital International $000 Direct Capital $000 First NZ Capital $000 Franklin Templeton $000 PIMCO $000 Tyndall Investment $000 Total $000
Australasian Equities 12,962 13,462 27,424
Overseas Equities 11,658 13,962 24,620
NZ Fixed Interest 39,878 39,878
Overseas Fixed Interest 50,108 50,108
Property Equities 4,787 4,787
Foreign Exchange contracts (432) (432)
Cash 8,740 8,740
Total $12,962 $13,462 $11,658 Nil $18,749 Nil $50,108 $48,185 $155,125

Exposure to currency, interest rate and credit risk arises in the normal course of the Fund Managers management of the Managed Funds. A range of hedging policies are in place whereby the Fund Managers use derivative financial instruments as a means of managing exposure to fluctuations in foreign exchange rates and interest rates. While these financial instruments are subject to the risk of market rates changing subsequent to acquisition, such changes would generally be offset by opposite effects and the items being hedged.



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2010, No 109




✨ LLM interpretation of page content

💰 Financial Report of the Community Trust of Southland (continued from previous page)

💰 Finance & Revenue
Financial Statements, Notes, Investments, Advances, Short-term Deposits, Managed Funds, Investment Managers, Financial Risks