At stake is $48.7 million which Simpson and Thornton are managing, including big listed company stakes, which they disclosed were in some cases subject to claims by third parties.
Since being appointed, the managers have sold some shares before big price drops, but bought others. They cited 400,000 shares in NZ Oil and Gas, alongside 446,386 Pike River Coal shares, sold just before the November tragedy. The managers also reduced a holding in Olympus Pacific by 534,683 shares so the stock does not dominate the portfolio.
Since January 31, the fund had invested $1 million back into Mercer Group, following research and discussions with directors, executives and Allan Hubbard, the managers said.
"The result of this investment is that the holding of Hubbard Management Funds in Mercer Group is [around] 17.75 per cent," they disclosed.
Investors will have to wait longer for their money. Any repayment will not now be made until next year and share price changes affected the value of the funds, they said.
On June 20, the Hubbards, their investment companies Hubbard Management Funds and Aorangi Securities and several charitable trusts were placed in statutory management. A Serious Fraud Office investigation was launched the following day, although the office is yet to announce its long-awaited next step.
South Canterbury Finance, New Zealand's largest failed financier owned by Allan Hubbard's Southbury, is separately in receivership and has triggered a $1.6 billion payout under the Crown's retail deposit guarantee scheme.
Simpson and Thornton disclosed yesterday how further costs of $680,507 plus GST had been incurred until the end of January. But they tempered this by saying they had waived another fee.
