The New Zealand Superannuation Fund today announced that Smartshares Limited, a subsidiary of New Zealand Exchange Limited, has been appointed to manage a New Zealand passive equities mandate. 
The Fund's current target exposure to New Zealand Equities is 7.5%. The appointment of Smartshares complements the three existing active New Zealand equity mandates, and provides the Fund with greater flexibility in how it structures the amount of active risk* it takes in New Zealand equities.
The chosen benchmark for the portfolio is a modified version of the NZSX 50 Index. The modification caps the maximum allowable index weight of any one company at 15%.
Smartshares is a leading New Zealand equities passive fund manager. They established TENZ, their first fund, in 1996. That was the first Exchange-Traded Fund ("ETF") offered in New Zealand. They expanded their family of funds last year, adding three funds, MIDZ (NZ MidCap), FONZ (NZ Top 50 Portfolio) and MOZY (Australian MidCap).

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For more information please contact:

Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Sarah Loutit, Media Relations, New Zealand Superannuation Fund, 021 500 134

Notes for Editors:

*Active risk is the extent to which the portfolio deviates from the benchmark index.

For further information on Smartshares Limited, visit www.smartshares.nzx.com