New Zealand fund gains big, then falls

New Zealand Superannuation Fund, Auckland, had a net investment return of 14.58% for the year ended June 30, but lost 1% on its investments in the second half of 2007, according to the fund’s website. The fund’s assets grew 29% to NZ$13.1 billion (US$10.3 billion), powered by a $2 billion government contribution. “We anticipate the returns for the fund for January 2008 to be negative also, reflecting the ongoing weak global equity and listed property markets,” CEO Adrian Orr said in the release.