Sharemarket operator NZX's four index-based investment funds turned in unspectacular performances in the six months to June, all underperforming the market's headline index by a considerable margin.
The net tangible asset value of the Tenz fund based on an index of New Zealand's top 10 listed companies rose 3.36 per
cent to $1.23. The NZSX 10 Capital Index, which the fund tracks, was up 3.42 per cent.
The Fonz, which follows the fortunes of our top 50 listings - albeit with a capped weighting of 5 per cent - rose 2.04 per cent in underlying value to $1.50. Its corresponding index was up 2.10 per cent. The benchmark NZSX-50 gross index, in which market leader Telecom carries a 26 per cent weighting, rose by 5.94 per cent over the same period.
The Midz fund, based on the NZSX MidCap index of medium-sized listed companies, rose 1.77 per cent to $2.48 against the index's 1.76 per cent gain.
The Mozy, based on an index of medium-sized Australian listed companies, was up 1.43 per cent to $4.51 while the S&P/ASX MidCap 50 Index, which this fund tracks, was up 1.79 per cent.
Payouts to investors from the Tenz fund during the half-year totalled $1.94 million, the Midz returned $947,500, and the Mozy paid out $306,300.
NZX's first-half results released in July showed the amount of money under management in the funds dipped from $192 million last December to $181 million at the end of the first quarter, but recovered to their December position by end of June.
Investor numbers went from 10,386 in December up to 10,506 at the end of March and down to 10,467 at the end of June.
At the time, NZX chief executive Mark Weldon singled out the Tenz fund as the worst performer. Launched in 1996, the fund has been dogged by the poor performance of many shares in the index, including Telecom, Carter Holt Harvey and The Warehouse and has lost investors as a consequence.
