New Zealand Gazette – 2014 – No. 86

Page 2424

✨ Financial Performance Report



EASTERN AND CENTRAL COMMUNITY TRUST INC

2013

Portfolio Investment Manager Investments Allocation
Target % portfolio
NZ & Australian Equities Forsyth Barr Australasian shares 2.5-7.5
NZ Listed Property Forsyth Barr Listed property 1.3-3.8
NZ Bonds FBEC NZ bonds 20-35
Offshore Equities State Street GA Pooled investment fund (international shares) ~50% hedged to NZ dollars 40-60
Australian Listed Property State Street GA Pooled index trust (Australian property) ~50% hedged to NZ dollars 1.3-3.8
Offshore Bonds Vanguard Pooled hedged index fund (international bonds) ~100% hedged to NZ dollars 5-10
Held for Trading
Cash Self managed Bank deposits 2-10
TOTAL

e) Performance against Policy

The following table shows the actual performance, the benchmark performance and value added for all asset classes held by the Trust for the year ended 31st March 2014:

Asset Actual Return (%) Benchmark Return (%) Value Added (%)
Listed Shares 9.3 16.9 -7.6
NZ Bonds 3.3 2.6 +0.7
Offshore Bonds 2.4 2.5 -0.1
Private Equity 0 0 0
Cash 3.8 2.6 +1.2
TOTAL 6.3 9.2 -2.9

Performance Measures

  • The Listed Shares portfolio is measured against the MSCI World (net dividend) Index converted to NZ dollars.
  • The NZ Bonds portfolio is measured against the NZX Corporate A Grade Index.
  • The Off Shore Bonds portfolio is measured against the Citigroup WGBI Index (100% Hedged).
  • The Cash portfolio is measured against the NZX call rate.

The following table shows the actual performance, the benchmark performance and value added for all asset classes held by the Trust for the year ended 31st March 2013:

Asset Actual Return (%) Benchmark Return (%) Value Added (%)
NZ & Aus Equities 23.3 23.7 0.4
NZ Property 21.9 16.9 +5.0
NZ Bonds 8.4 6.7 +1.7
Offshore Equities 10.7 9.0 +1.7
Australian Property 26.6 22.5 +4.1
Offshore Bonds 10.0 7.5 +2.5
Cash 4.0 2.5 +1.5
TOTAL 10.6 9.9 +0.7

f) 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 for financial assets, the Trust’s credit risk arises from any default by a counterparty. There is no security held over these assets.

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.



Next Page →



Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2014, No 86




✨ LLM interpretation of page content

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

💰 Finance & Revenue
Financial Statements, Investment Portfolio, Performance Measures, Credit Risk