Source: New Zealand Super Fund
Portfolio Update – The value of the NZ Super Fund increased by $4.8 billion during the first four months of the current financial year, with NAV of $89.9 billion at 31 October.
This was largely due to the continuing strong performance of global equity markets.
This period also includes a tax payment in July of $1.55 billion.
Strong performance against key best-practice benchmark
The Guardians has again secured a five star rating for Policy, Governance and Strategy as measured against the UN-backed Principles of Responsible Investment (PRI), scoring 96/100 in the latest annual assessment of our performance.
The PRI assessment is an important performance benchmark and best practice standard for the Guardians. A four-star or better rating for Policy, Governance and Strategy is one of the four key measures of best practice that is in our Statement of Intent and reported on in our Annual Report.
The principles cover incorporating ESG issues into investment analysis and decision-making; active ownership, including voting and engagement; encouraging investee companies to improve how they manage and report on ESG risks and opportunities; collaborating with other local and international investors to deliver better sustainability outcomes; and transparent reporting.
As well as maintaining a top rating for Policy, Governance and Strategy, the Guardians posted improved scores for passively-managed and actively-managed listed equities.
Head of Sustainable Investment Anne-Maree O’Connor said that improvement was driven in large part by a new formal Sustainable Investment rating process applied to external managers that enabled clearer reporting to the Guardians’ Board and investment committee.
“Listed equities remain far and away our largest asset class, so any improvement we make in that part of the business is significant for the portfolio as a whole,” said Anne-Maree.
Guardians’ 2025 PRI Assessment Outcome
Policy, governance and strategy: Five stars – 96% (unchanged from last year)
Listed equity, passive: Five stars – 91% (up from four stars 77%)
Listed equity, active: Five stars – 91% (up from four stars 77%)
Confidence building measures: Four stars – 70% (up from 3 stars 64%)
The PRI summary assessment report can be found here: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-h/
Timberlands sprouts new growth
As of 28 November, Kaingaroa Timberlands has become Kaingaroa Tipu. The name change, unveiled at the opening of a new 145-hectare tree nursery at Rerewhakaaitu, not only unites Kaingaroa Timberlands, Timberlands, and Forest Genetics under one cohesive brand, it also reflects the company’s intent to grow better wood products, better jobs, and a better environment, every day.
As a significant shareholder, the Guardians supports the underlying kaupapa, as summed up at the launch of the new identity by KT CEO Ryan Cavanaugh: “It’s a promise to our iwi partners, our contractors and our customers that we are here to grow with purpose, together”.
Learn more about the business, its people and its plans at Kaingaroa Tipu’s website: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-m/
Ground broken at Beachlands
Prime Minister and local MP Christopher Luxon and Auckland Mayor Wayne Brown last month joined representatives of the Guardians and other investors in Beachlands South Limited Partnership to mark the commencement of site works in preparation for the development of a new coastal community in Auckland’s Beachlands.
The new community will complement and extend the existing Beachlands township and include schools and commercial opportunities, as well as a new village centre and a broad range of housing choices.
A full account of the opening ceremony can be found here: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-c/
To learn more about the proposed development, and the long-term vision of how it will enhance the natural environment, support the local community, and contribute to the wider Auckland region, visit the Beachlands South website: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-q/
Taranaki Offshore Partnership
Taranaki Offshore Partnership (TOP) has signed a memorandum of understanding (MoU) with NZX-listed energy company Genesis Energy to investigate the commercial viability of offshore wind in New Zealand and explore potential joint ventures and offtake arrangements.
TOP Business Development Manager Giacomo Caleffi said the MoU was a first step towards a possible long-term commercial relationship.
“Genesis is interested in exploring new options for renewable generation and understands how the New Zealand electricity market works: we are interested in exploring the potential for offtake agreements with energy retailers and other large energy users,” Mr Caleffi said.
Genesis Chief Operating Officer Tracey Hickman said she is looking forward to working with TOP to assess how offshore wind could contribute to New Zealand’s future energy mix.
“This partnership aligns with our focus on developing new renewable generation options and supporting the country’s transition to a low-carbon energy future. With our long-standing involvement in the Kupe Joint Venture, which is located close to TOP’s proposed offshore wind site, and our capability to firm renewable supply and enter long-term offtake agreements, there is a strong strategic fit.”
Mr Caleffi said the MoU was not the first collaboration between TOP and Genesis Energy, with one of TOP’s windspeed monitors being mounted on the Kupe gas platform.
“The data it is supplying will complement our own Floating LiDAR data, which confirms the exceptional quality and consistency of the wind in this area makes South Taranaki one of the best sites that we have encountered anywhere in the world.”
In October, TOP was among submitters who presented to an Environmental Protection Authority expert panel considering Trans-Tasman Resources’ fast-track application to develop a seabed mining operation in the South Taranaki Bight.
TOP’s submissions can be read in full on their website: https://nzsuperfund.cmail19.com/t/d-l-gtteil-hujkdust-a/
New people in place
Newly-appointed Board member Andrew Wilson and General Manager, People & Culture Leona Cheffins completed their respective induction sessions in mid-November, just ahead of the annual Board Strategy Day.
Andrew’s appointment means the Board again has a full complement of seven members, while Leona’s appointment completes the refreshed leadership team line-up.
