High returns won't last: AMP fund
Saturday 24 July 2004
The country's largest fund manager predicts that the "exceptional" returns enjoyed during the past year are about to fall back to more normal levels.
By The LandlordAMP Capital Investors yesterday revealed healthy returns on its funds for the June quarter, helped by a buoyant local equity market.
Its strategic NZ equities fund had a gross return of 5.6 per cent, taking its annual return to 25.9 per cent.
Chief investment officer Tore Hayward said the local markets had been helped during the quarter by rising global equity markets and a stronger-than-expected domestic economy.
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