Portfolio Benchmarks
Portfolio Benchmarks Investment performance for financial advisers from TOWER Investments
October 2011
At a Glance Tower Retail and Mezzanine managed funds versus benchmarks as at 30 September 2011 Note: Funds that do not have explicit benchmarks are excluded
New Zealand Cash
New Zealand Shares
TOWER Cash Fund (underlying New Zealand manager: TOWER Asset Management)
TOWER New Zealand Equity Trust (underlying New Zealand manager: TOWER Asset Management)
Fund objective: To provide investors with a competitive return from a portfolio of high quality cash securities and preserve their capital through prudent investment management. The benchmark of the Fund is the NZX 90 Day Bank Bill Gross Index.
Fund objective: To outperform the NZX50 Gross Index over a three-year rolling period.
Time Period
3 months
1 year
3-year rolling period
Fund %
0.68%
2.87%
3.23%
Benchmark (Index) %
0.69%
2.99%
2.94%
TOWER BondPlus Fund (underlying international managers: Pacific Investment Management Company/PIMCO and Wellington Management) Fund objective: To outperform the Barclay’s Capital Global Aggregate Bond Index, hedged in NZ dollars. 3 months
1 year
3-year rolling period
Fund %
3.02%
4.83%
9.06%
Benchmark (Index) %
3.65%
5.59%
9.26%
Contents At a Glance __________________________________ 1&2 Fund Performance Summary _____________________ 3
1 year
3-year rolling period
Fund %
-3.20%
0.61%
2.74%
Benchmark (Index) %
-2.40%
6.85%
4.02%
International Shares
International Bonds
Time Period
3 months
Time Period
TOWER Global Gateway Fund (underlying global manager: GAM) Note: This fund is now suspended pending possible change of investment strategy. Fund objective: To outperform both the Morgan Stanley Capital International (MSCI) World Index, 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate. Time Period
3 months
1 year
Fund %
-2.96%
-4.97%
Benchmark (Index) %
-13.78%
-4.27%
Benchmark (30- d) %
0.68%
2.89%
Contact us Cathy Myers, Upper North Island _________________________ 09 369 9311 Toni Dodds, Central North Island _________________________ 04 439 4314 Ken O’Rourke, South Island _____________________________ 03 353 1106
At a Glance International Shares (continued)
Alternative Investments
TOWER Global Fund (underlying international managers: Marathon Asset Management and Capital International)
TOWER Global Hedge Fund (underlying global manager: GAM) Note: This fund is now closed pending wind up.
Fund objective: To outperform the Morgan Stanley Capital International (MSCI) World Index in New Zealand dollars, over each three-year rolling period.
Fund objective: To outperform both the HFRI/HFRX Global Hedge Fund Index 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate.
3 months
1 year
3 year rolling period
Fund %
-12.37%
-13.38%
-0.89%
Benchmark %
-9.80%
-7.46%
-3.92%
Time Period
Time Period
TOWER International Equity Fund (underlying regional managers: TOWER Asset Management – Australia & North America; Martin Currie – Japan; Capital International - Asia & Emerging Markets; Marathon Asset Management – Europe)
3 months
1 year
3 year rolling period
Fund %
-12.77%
-13.98%
-5.23%
Benchmark %
-9.80%
-7.46%
-3.92%
1 year
Fund %
-1.12%
-5.29%
Benchmark (Index) %
-3.89%
-4.92%
Benchmark (30- d) %
0.68%
2.89%
TOWER Global Commodity Fund (underlying global manager: Pacific Investment Management Company - PIMCO) Note: This fund is now closed pending wind up.
Fund objective: To outperform the Morgan Stanley Capital International (MSCI) World Index in New Zealand dollars over each three-year rolling period.
Time Period
3 months
Fund objective: To achieve a return in excess of the benchmark over a rolling three-year period. The Fund's benchmark is the Dow Jones - UBS Commodity Index Total Return Index hedged in Australian dollars. The Benchmark will have a currency exposure of 70% hedged back to the New Zealand dollar and 30% exposure to the Australian dollar.
Time Period
Fund %
Benchmark %
2
3 months
1 year
3 year rolling period
1.85%
17.37%
2.20%
-12.89%
-0.82%
-5.93%
Fund FundPerformance PerformanceSummary Summary
As at 30 September 2011
TOWER Managed Funds Limited – Unit Trusts and Group Investment Funds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
New Zealand Range Cash Fund
$15.043
1.1304
0.23%
0.68%
1.42%
2.87%
2.77%
3.23%
NZ Equity
$7.864
2.4233
0.28%
-3.20%
-2.76%
0.61%
1.08%
2.74%
-2.68%
0.88%
Multi Sector
$10.810
1.9020
-2.33%
-6.13%
-7.17%
-2.89%
3.03%
2.07%
1.12%
3.70%
Global Gateway Fund**
$38.650
251.1872
2.23%
-2.96%
-6.40%
-4.97%
-0.96%
-1.61%
-1.68%
0.52%
Global Hedge Fund**
$11.818
278.9508
1.01%
-1.12%
-4.64%
-5.29%
-3.18%
-1.02%
0.03%
1.48%
Global Fund
$58.948
2.7244
-2.34%
-12.37%
-19.16%
-13.38%
-0.09%
-0.89%
-3.15%
2.75%
International Equity*
$16.001
1.0290
-2.20%
-12.77%
-19.71%
-13.98%
-5.18%
-5.23%
-7.55%
-1.88%
BondPlus
$110.003
1.5201
0.22%
3.02%
5.35%
4.83%
10.19%
9.06%
6.54%
5.80%
Global Commodities
$35.689
1.1541
-0.12%
1.85%
-5.11%
17.37%
17.66%
2.20%
3.75%
International Range
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. *TORTIS International Fund changed to the TOWER International Equity Fund in March 2008; **GAM Multi Trading and GAM Global Gateway changed to TOWER Global Hedge Fund and TOWER Global Gateway, respectively, in July 2009. All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
3
Fund Performance Summary Fund Fund Performance Performance Summary Summary
As at 30 September 2011
TOWER Managed Funds Limited – Superannuation and Insurance Bonds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
Asia/Emerging Markets Fund
$25.458
2.0731
-11.48%
-21.48%
-24.76%
-19.99%
-3.72%
-0.88%
-0.45%
5.77%
Balanced Fund
$131.897
2.4996
-0.71%
-4.27%
-5.50%
-1.93%
2.64%
1.90%
1.16%
3.09%
Capital Protected Fund*
$42.043
1.1064
0.17%
0.51%
1.01%
2.02%
2.02%
2.00%
3.09%
3.17%
Growth Fund
$66.216
1.6548
-1.68%
-9.29%
-12.40%
-6.58%
-0.19%
-0.74%
-2.42%
1.22%
International Companies Fund
$23.194
1.6911
-4.41%
-14.78%
-17.41%
-8.10%
0.17%
-1.46%
-4.51%
0.35%
NZ Companies Fund
$4.362
2.2025
0.28%
-3.12%
-2.97%
0.54%
8.25%
8.57%
0.11%
2.13%
Property Fund
$7.445
3.2848
0.38%
0.98%
1.90%
3.25%
11.19%
3.19%
9.05%
8.80%
Asia/Emerging Markets Fund
$2.194
2.0529
-11.38%
-21.29%
-24.54%
-20.80%
-3.69%
-1.25%
-0.64%
5.62%
Balanced Fund
$12.944
2.4821
-0.70%
-4.22%
-5.44%
-2.00%
2.50%
1.75%
1.01%
2.99%
Capital Protected Fund*
$4.256
1.0909
0.12%
0.38%
0.76%
1.51%
1.51%
1.50%
2.79%
2.95%
Growth Fund
$7.100
1.6375
-1.67%
-9.21%
-12.31%
-8.23%
-0.29%
-1.01%
-2.62%
1.07%
International Companies Fund
$2.678
1.6647
-4.30%
-14.59%
-17.15%
-7.99%
0.12%
-2.04%
-4.81%
0.13%
Property Fund
$1.421
3.2644
0.37%
0.96%
1.86%
3.11%
10.94%
3.00%
8.91%
8.70%
FuturePlan, Independence Plan Range
FreedomPlan
Performance figures were net of tax and management fees until 31 March 2008. Post 31 March 2008 returns are gross of tax and net of fees. +
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees.
*
Performance figures prior to 31 March 2008 are based on an annual declared rate. Post 31 March 2008 returns are based on the fund's unit price.
All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
4
Performance Summary FundFund Performance Summary
5
Fund Performance Summary Fund Performance Summary
As at 30 September 2011
TOWER KiwiSaver Scheme TOWER KiwiSaver Scheme Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
TOWER KiwiSaver Cash Enhanced
$360.358
1.1806
0.27%
0.22%
3.60%
4.61%
TOWER KiwiSaver Preservation
$15.820
2380.2004
0.24%
0.74%
3.16%
3.13%
TOWER KiwiSaver Conservative
$38.543
1.1917
0.14%
-0.69%
2.27%
5.24%
TOWER KiwiSaver Balanced
$187.567
2877.5479
-0.85%
-4.08%
-0.80%
3.66%
TOWER KiwiSaver Growth
$54.102
0.9262
-0.82%
-7.01%
-2.90%
2.37%
TOWER KiwiSaver Equity
$17.191
2175.5143
-2.50%
-13.04%
-8.22%
-0.47%
TOTAL
$673.580
TOWER KiwiSaver funds started on 1 October 2007. *Returns prior to 1 October 2007 use pre-inception returns from the same underlying funds. Performance figures are gross of tax and net of management fees. All returns are in New Zealand Dollars. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include Admin fees or Trustee fees. Past performance is not necessarily indicative of future performance.
6
Fund Performance Summary Fund Performance Summary
As at 30 September 2011
TOWER LifeSaver LifeSaver Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
LifeSaver Preservation Fund
$51.855
2381.2321
0.24%
0.75%
3.21%
3.15%
3.61%
4.80%
4.71%
TOWER Focus Fixed Income Fund
$12.755
2931.3913
0.90%
3.12%
7.13%
7.85%
8.03%
7.24%
6.29%
LifeSaver Conservative Fund
$12.750
1.1943
0.17%
-0.59%
2.48%
5.35%
5.18%
3.61%
4.50%
LifeSaver Balanced Fund
$176.470
2878.3244
-0.87%
-4.12%
-0.78%
3.68%
3.33%
2.75%
4.51%
LifeSaver Growth Fund
$23.603
0.9275
-0.91%
-6.91%
-2.77%
2.44%
1.73%
-1.49%
2.24%
LifeSaver Equity Fund
$21.831
2178.4872
-2.43%
-13.12%
-8.10%
-0.41%
-1.56%
-4.82%
1.43%
TOWER Focus NZ Share Fund
$7.468
3272.0396
0.38%
-2.74%
1.63%
2.14%
3.25%
-2.12%
1.26%
TOTAL
$306.732
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include contribution fees, admin fees or trustee expenses. Prior to September 2006, LifeSaver Conservative Fund and LifeSaver Growth Fund returns are pre-inception returns based on the returns of the underlying fund. The TOWER Capital Preservation Fund declares an annual return in December for the year ending 30 September. The return for the year ending 30 September 2008 was 6.5%. The interim return for the current financial year is 2%. Capital Preservation Fund returns shown here are as at 30 September 2008 and are net of tax. All returns are in New Zealand Dollars. Past performance is not necessarily indicative of future performance.
7
October 2011
At a Glance Tower Retail and Mezzanine managed funds versus benchmarks as at 30 September 2011 Note: Funds that do not have explicit benchmarks are excluded
New Zealand Cash
New Zealand Shares
TOWER Cash Fund (underlying New Zealand manager: TOWER Asset Management)
TOWER New Zealand Equity Trust (underlying New Zealand manager: TOWER Asset Management)
Fund objective: To provide investors with a competitive return from a portfolio of high quality cash securities and preserve their capital through prudent investment management. The benchmark of the Fund is the NZX 90 Day Bank Bill Gross Index.
Fund objective: To outperform the NZX50 Gross Index over a three-year rolling period.
Time Period
3 months
1 year
3-year rolling period
Fund %
0.68%
2.87%
3.23%
Benchmark (Index) %
0.69%
2.99%
2.94%
TOWER BondPlus Fund (underlying international managers: Pacific Investment Management Company/PIMCO and Wellington Management) Fund objective: To outperform the Barclay’s Capital Global Aggregate Bond Index, hedged in NZ dollars. 3 months
1 year
3-year rolling period
Fund %
3.02%
4.83%
9.06%
Benchmark (Index) %
3.65%
5.59%
9.26%
Contents At a Glance __________________________________ 1&2 Fund Performance Summary _____________________ 3
1 year
3-year rolling period
Fund %
-3.20%
0.61%
2.74%
Benchmark (Index) %
-2.40%
6.85%
4.02%
International Shares
International Bonds
Time Period
3 months
Time Period
TOWER Global Gateway Fund (underlying global manager: GAM) Note: This fund is now suspended pending possible change of investment strategy. Fund objective: To outperform both the Morgan Stanley Capital International (MSCI) World Index, 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate. Time Period
3 months
1 year
Fund %
-2.96%
-4.97%
Benchmark (Index) %
-13.78%
-4.27%
Benchmark (30- d) %
0.68%
2.89%
Contact us Cathy Myers, Upper North Island _________________________ 09 369 9311 Toni Dodds, Central North Island _________________________ 04 439 4314 Ken O’Rourke, South Island _____________________________ 03 353 1106
At a Glance International Shares (continued)
Alternative Investments
TOWER Global Fund (underlying international managers: Marathon Asset Management and Capital International)
TOWER Global Hedge Fund (underlying global manager: GAM) Note: This fund is now closed pending wind up.
Fund objective: To outperform the Morgan Stanley Capital International (MSCI) World Index in New Zealand dollars, over each three-year rolling period.
Fund objective: To outperform both the HFRI/HFRX Global Hedge Fund Index 70% hedged in New Zealand dollars, and the New Zealand 30-day deposit rate.
3 months
1 year
3 year rolling period
Fund %
-12.37%
-13.38%
-0.89%
Benchmark %
-9.80%
-7.46%
-3.92%
Time Period
Time Period
TOWER International Equity Fund (underlying regional managers: TOWER Asset Management – Australia & North America; Martin Currie – Japan; Capital International - Asia & Emerging Markets; Marathon Asset Management – Europe)
3 months
1 year
3 year rolling period
Fund %
-12.77%
-13.98%
-5.23%
Benchmark %
-9.80%
-7.46%
-3.92%
1 year
Fund %
-1.12%
-5.29%
Benchmark (Index) %
-3.89%
-4.92%
Benchmark (30- d) %
0.68%
2.89%
TOWER Global Commodity Fund (underlying global manager: Pacific Investment Management Company - PIMCO) Note: This fund is now closed pending wind up.
Fund objective: To outperform the Morgan Stanley Capital International (MSCI) World Index in New Zealand dollars over each three-year rolling period.
Time Period
3 months
Fund objective: To achieve a return in excess of the benchmark over a rolling three-year period. The Fund's benchmark is the Dow Jones - UBS Commodity Index Total Return Index hedged in Australian dollars. The Benchmark will have a currency exposure of 70% hedged back to the New Zealand dollar and 30% exposure to the Australian dollar.
Time Period
Fund %
Benchmark %
2
3 months
1 year
3 year rolling period
1.85%
17.37%
2.20%
-12.89%
-0.82%
-5.93%
Fund FundPerformance PerformanceSummary Summary
As at 30 September 2011
TOWER Managed Funds Limited – Unit Trusts and Group Investment Funds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
New Zealand Range Cash Fund
$15.043
1.1304
0.23%
0.68%
1.42%
2.87%
2.77%
3.23%
NZ Equity
$7.864
2.4233
0.28%
-3.20%
-2.76%
0.61%
1.08%
2.74%
-2.68%
0.88%
Multi Sector
$10.810
1.9020
-2.33%
-6.13%
-7.17%
-2.89%
3.03%
2.07%
1.12%
3.70%
Global Gateway Fund**
$38.650
251.1872
2.23%
-2.96%
-6.40%
-4.97%
-0.96%
-1.61%
-1.68%
0.52%
Global Hedge Fund**
$11.818
278.9508
1.01%
-1.12%
-4.64%
-5.29%
-3.18%
-1.02%
0.03%
1.48%
Global Fund
$58.948
2.7244
-2.34%
-12.37%
-19.16%
-13.38%
-0.09%
-0.89%
-3.15%
2.75%
International Equity*
$16.001
1.0290
-2.20%
-12.77%
-19.71%
-13.98%
-5.18%
-5.23%
-7.55%
-1.88%
BondPlus
$110.003
1.5201
0.22%
3.02%
5.35%
4.83%
10.19%
9.06%
6.54%
5.80%
Global Commodities
$35.689
1.1541
-0.12%
1.85%
-5.11%
17.37%
17.66%
2.20%
3.75%
International Range
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. *TORTIS International Fund changed to the TOWER International Equity Fund in March 2008; **GAM Multi Trading and GAM Global Gateway changed to TOWER Global Hedge Fund and TOWER Global Gateway, respectively, in July 2009. All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
3
Fund Performance Summary Fund Fund Performance Performance Summary Summary
As at 30 September 2011
TOWER Managed Funds Limited – Superannuation and Insurance Bonds Net Fund Size $M
Unit Price
1 Mth
3 Mths
6 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
Asia/Emerging Markets Fund
$25.458
2.0731
-11.48%
-21.48%
-24.76%
-19.99%
-3.72%
-0.88%
-0.45%
5.77%
Balanced Fund
$131.897
2.4996
-0.71%
-4.27%
-5.50%
-1.93%
2.64%
1.90%
1.16%
3.09%
Capital Protected Fund*
$42.043
1.1064
0.17%
0.51%
1.01%
2.02%
2.02%
2.00%
3.09%
3.17%
Growth Fund
$66.216
1.6548
-1.68%
-9.29%
-12.40%
-6.58%
-0.19%
-0.74%
-2.42%
1.22%
International Companies Fund
$23.194
1.6911
-4.41%
-14.78%
-17.41%
-8.10%
0.17%
-1.46%
-4.51%
0.35%
NZ Companies Fund
$4.362
2.2025
0.28%
-3.12%
-2.97%
0.54%
8.25%
8.57%
0.11%
2.13%
Property Fund
$7.445
3.2848
0.38%
0.98%
1.90%
3.25%
11.19%
3.19%
9.05%
8.80%
Asia/Emerging Markets Fund
$2.194
2.0529
-11.38%
-21.29%
-24.54%
-20.80%
-3.69%
-1.25%
-0.64%
5.62%
Balanced Fund
$12.944
2.4821
-0.70%
-4.22%
-5.44%
-2.00%
2.50%
1.75%
1.01%
2.99%
Capital Protected Fund*
$4.256
1.0909
0.12%
0.38%
0.76%
1.51%
1.51%
1.50%
2.79%
2.95%
Growth Fund
$7.100
1.6375
-1.67%
-9.21%
-12.31%
-8.23%
-0.29%
-1.01%
-2.62%
1.07%
International Companies Fund
$2.678
1.6647
-4.30%
-14.59%
-17.15%
-7.99%
0.12%
-2.04%
-4.81%
0.13%
Property Fund
$1.421
3.2644
0.37%
0.96%
1.86%
3.11%
10.94%
3.00%
8.91%
8.70%
FuturePlan, Independence Plan Range
FreedomPlan
Performance figures were net of tax and management fees until 31 March 2008. Post 31 March 2008 returns are gross of tax and net of fees. +
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees.
*
Performance figures prior to 31 March 2008 are based on an annual declared rate. Post 31 March 2008 returns are based on the fund's unit price.
All returns are in New Zealand Dollars. All distributions, where applicable, are assumed to be reinvested. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include entry fees. Past performance is not necessarily indicative of future performance.
4
Performance Summary FundFund Performance Summary
5
Fund Performance Summary Fund Performance Summary
As at 30 September 2011
TOWER KiwiSaver Scheme TOWER KiwiSaver Scheme Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
TOWER KiwiSaver Cash Enhanced
$360.358
1.1806
0.27%
0.22%
3.60%
4.61%
TOWER KiwiSaver Preservation
$15.820
2380.2004
0.24%
0.74%
3.16%
3.13%
TOWER KiwiSaver Conservative
$38.543
1.1917
0.14%
-0.69%
2.27%
5.24%
TOWER KiwiSaver Balanced
$187.567
2877.5479
-0.85%
-4.08%
-0.80%
3.66%
TOWER KiwiSaver Growth
$54.102
0.9262
-0.82%
-7.01%
-2.90%
2.37%
TOWER KiwiSaver Equity
$17.191
2175.5143
-2.50%
-13.04%
-8.22%
-0.47%
TOTAL
$673.580
TOWER KiwiSaver funds started on 1 October 2007. *Returns prior to 1 October 2007 use pre-inception returns from the same underlying funds. Performance figures are gross of tax and net of management fees. All returns are in New Zealand Dollars. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include Admin fees or Trustee fees. Past performance is not necessarily indicative of future performance.
6
Fund Performance Summary Fund Performance Summary
As at 30 September 2011
TOWER LifeSaver LifeSaver Fund Size $M
Unit Price
1 Mth
3 Mths
1 Yr
2 Yrs
3 Yrs
5 Yrs
7 Yrs
LifeSaver Preservation Fund
$51.855
2381.2321
0.24%
0.75%
3.21%
3.15%
3.61%
4.80%
4.71%
TOWER Focus Fixed Income Fund
$12.755
2931.3913
0.90%
3.12%
7.13%
7.85%
8.03%
7.24%
6.29%
LifeSaver Conservative Fund
$12.750
1.1943
0.17%
-0.59%
2.48%
5.35%
5.18%
3.61%
4.50%
LifeSaver Balanced Fund
$176.470
2878.3244
-0.87%
-4.12%
-0.78%
3.68%
3.33%
2.75%
4.51%
LifeSaver Growth Fund
$23.603
0.9275
-0.91%
-6.91%
-2.77%
2.44%
1.73%
-1.49%
2.24%
LifeSaver Equity Fund
$21.831
2178.4872
-2.43%
-13.12%
-8.10%
-0.41%
-1.56%
-4.82%
1.43%
TOWER Focus NZ Share Fund
$7.468
3272.0396
0.38%
-2.74%
1.63%
2.14%
3.25%
-2.12%
1.26%
TOTAL
$306.732
Performance figures were net of tax and management fees until 30 September 2007. Post 30 September 2007, returns are gross of tax and net of management fees. Performance figures have been annualised where the performance period is more than one year. Performance figures do not include contribution fees, admin fees or trustee expenses. Prior to September 2006, LifeSaver Conservative Fund and LifeSaver Growth Fund returns are pre-inception returns based on the returns of the underlying fund. The TOWER Capital Preservation Fund declares an annual return in December for the year ending 30 September. The return for the year ending 30 September 2008 was 6.5%. The interim return for the current financial year is 2%. Capital Preservation Fund returns shown here are as at 30 September 2008 and are net of tax. All returns are in New Zealand Dollars. Past performance is not necessarily indicative of future performance.
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