New Zealand Superannuation Fund, Auckland, on Thursday reported a 4.3% gain for January, lifting the value of the fund’s portfolio at month’s end to NZ$21.81 billion (US$18.2 billion).
For the 12 months through Jan. 31, the fund — which has more than 70% allocated to growth assets — posted a return of 20.4%.
Over the latest month, New Zealand Superannuation’s target allocation to global equities fell one percentage point to 60%, offset by a one-point rise in its fixed-income allocation to 10%.
In an e-mail, Catherine Etheredge, a spokeswoman for New Zealand Superannuation, attributed those changes to rebalancing.
The rest of the superannuation fund’s allocation was unchanged in January from the month before, with 8% for infrastructure; 6% each for timber and property; 5% for New Zealand equities; 2% each for private equity and “other private markets”; and 1% for rural farmland.