✨ Financial Statements Notes
14 SEPTEMBER 2010 NEW ZEALAND GAZETTE, No. 117 3165
ASB COMMUNITY TRUST
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2010
Global Equities:
The Global Equities portfolio is made up of three pooled funds with nine underlying product Fund Managers. This spread of Fund Managers enables the Group to access a wide range of segments within the global equity markets. This portfolio is measured against the MSCI World Index, and is fully hedged back to New Zealand Dollars.
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 Group to access a wide range of segments within the global bond markets. The portfolio is measured against the Barclays Capital Global Aggregate Index, and is fully hedged back to New Zealand Dollars.
Collateralised Commodity Futures Fund (CCF):
The CCF portfolio is actively managed by one Fund Manager and is measured against the DJ UBS Commodity Index. The portfolio is fully hedged back to New Zealand Dollars.
Global Property:
The Global Property Fund Portfolio is Managed by one Fund of Fund Manager, with four underlying product Fund Managers. This spread of Fund Managers enables the Group to access a wide range of segments with 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:
The New Zealand Bond Portfolio is managed by one Fund Manager. 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.
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 Group to incur a financial loss.
The Group’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.
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NZ Gazette 2010, No 117
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ASB Community Trust Financial Statements
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💰 Finance & RevenueFinancial statements, Community Trusts, ASB Community Trust, Financial Assets, Financial Liabilities, Investment Portfolios, Global Equities, Global Bonds, Collateralised Commodity Futures, Global Property, New Zealand Equities, New Zealand Bonds, Cash, Credit Risk