CINSF Balanced Fund

Investment Policy and Objective

Produce returns in excess of inflation appropriate for a long-term (7 years+) investment strategy for retirement.

Achieve investment returns after expected added value from the underlying investment fund net of fund manager fees that exceed the New Zealand Consumer Price Index (CPI), measured over rolling 3-year periods by 4.7% p.a.

Investment Strategy

The CINSF Balanced Fund invests in a mix of investment funds offered by Russell Investment Management Limited and their Related Parties. The asset classes, benchmarks and ranges are as follows:

Investment Ranges

Asset Class Range
NZ Equities 18.5% – 21.5%
International Equities 36.5% – 43.5%
Growth Assets 55% – 65%
NZ Cash 0% – 5%
NZ Fixed Interest 7% – 9%
Overseas Fixed Interest 28% – 36%
Income Assets 35% – 45%
CINSF Balanced Fund

Outperformance

Outperformance will be sought where appropriate (i.e. where management is active as opposed to passive) relative to the notional return on a benchmark portfolio designed to reflect the risk profile according to which the assets are invested at the time.

The outperformance objective is Total Fund Return (i.e. the total CINSF Investment Fund return net of investment manager fees) to exceed the Benchmark Return by 0.4% p.a. over rolling 3-year periods.

The Benchmark Return is the return that would have been achieved had the CINSF Investment Fund been invested at its benchmark asset allocation and earned the Index returns of each asset class.

Level of risk

Moderate

Risk of negative returns

18 years in 100

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