New Zealand Gazette – 2011 – No. 91

Page 2577

✨ Community Trust Investment Policies

4 JULY 2011 NEW ZEALAND GAZETTE, No. 91 2577

EASTERN AND CENTRAL COMMUNITY TRUST INC

The SIPO sets out the Trust’s primary investment objectives. These can be summarised as to:

ensure that the investment fund is invested prudently;
provide inter-generational equity with regard to distribution levels over time;
ensure money is available for distribution, as required, to meet the needs and distribution policies of the Trust;
maintain the value of the investment fund’s capital base in real terms (CPI);
maximise the funds available for distribution.

The Investment Portfolio
The Trust manages its Investment Portfolio in terms of its SIPO. The SIPO is monitored and amended on a regular basis by the Board of Trustees. The Portfolio’s strategic asset allocation is reviewed annually. The strategic asset allocation was last reviewed in November 2010. MCA NZ Limited assists both management and the Trustees with investment advice and the portfolio management.

Portfolio Characteristics
The Trust has its investments in seven different portfolios and the performance of each asset is measured against an appropriate index.

NZ Equities
The NZ Equity portfolio is managed by Forsyth Barr. The Investment mandate allows the Fund Manager to invest between 2.5% and 7.5% of the portfolio in companies listed on the NZ Stock Exchange. This portfolio is measured against the NZSX40 (net Dividend) Index.

NZ Listed Property
The NZ Listed Property portfolio is managed by Forsyth Barr. The Investment mandate allows the Fund Manager to invest between 2.5% and 7.5% of the portfolio in property companies listed on the NZ Stock Exchange. This portfolio is measured against the NZX Property Sector (net Dividend) Index.

NZ Bonds
The NZ Bond portfolio is managed by Forsyth Barr Esam Cushing Limited. The Investment mandate allows the Fund Manager to invest between 20% and 35% of the portfolio in bonds. The mandate places limits on the underlying investment categories, along with credit and duration restrictions. This portfolio is measured against the NZX Corporate A Grade Index.

Off Shore Equities
The Off Shore portfolio is managed by State Street Global Advisors. The investment is in a pooled fund. The investment mandate allows the Fund Manager to invest between 40% and 60% of the portfolio in off shore equities. This portfolio is measured against the MSCI Gross (SNZ) Index and the strategic policy is to be fifty percent hedged back to NZ dollars.

Australian Listed Property
The Australian Listed Property portfolio is managed by State Street Global Advisors. The investment is in a pooled index trust. The investment mandate allows the Fund Manager to invest between 2.5% and 7.5% of the portfolio in Australian listed property equities. This portfolio is measured against the S&P/ASX200 Property Accumulation index and the strategic policy is to be fifty percent hedged back to NZ dollars.

Off Shore Bond Securities
The Off Shore Bond Securities portfolio is managed by Vanguard. The investment is in a pooled index fund. The investment mandate allows the Fund Manager to invest between 5% and 10% of the portfolio in bonds. This portfolio is measured against the Citigroup WGBI Index and is fully hedged to Australian dollars. The strategic policy is to be one hundred percent hedged back to NZ dollars.

Cash
The Cash Portfolio is managed by the Trust Manager. The mandate places limits on the underlying investment categories, along with credit and duration restrictions.

Gazette.govt.nz — NZ Gazette 2011, No 91

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✨ LLM interpretation of page content

💰 Eastern and Central Community Trust Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Community Trusts, Eastern and Central, Revenue, Expenses, Profit, Investments, Bonds, Equities, Plant & Equipment, Cash, Donations, Reconciliation, Surplus, Cash Flows, Contingent Liabilities, Commitments, Lease, Financial Instruments, Risks, Credit Risk, Liquidity Risk, Market Risk, Currency Risk, Interest Rate Risk, Pricing Risks, Fair Value, Asset Allocation, Statement of Investment Policies and Objectives, SIPO

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