The New Zealand Superannuation Fund Thursday reported a 3.38% gain in May, lifting the value of its portfolio to a record NZ$23.2 billion (US$18.2 billion).
The latest advance brought the portfolio's gain for the 12 months through May 31 to 30%.
In a news release, New Zealand Superannuation reported a 61% allocation to international equities as of May 31, and a 5% allocation to New Zealand equities — with both figures unchanged from the prior month. Likewise unchanged were allocations of 6% to property, 6% to timber and 1% to rural farmland.
New Zealand's allocation to fixed income dropped one percentage point to 9% while its allocation to “other” private markets rose one point to 3%, reflecting the fund's hiring of Leadenhall Capital Partners to manage up to US$275 million in natural catastrophe-related strategies.
In other changes, the fund's allocation to private equity rose one point to 3% while its allocation to infrastructure dropped one point to 5%.