Investment Portfolio
Auckland Regional Holdings' (ARH) governing legislation requires that it acts in the long-term interests and for the benefit of the Auckland region, and that it manages its assets prudently.
ARH's macro asset classes are: New Zealand equity; New Zealand property; diversified financial assets (largely global equities and bonds); and New Zealand short-term cash. ARH has developed long-term investment objectives and a supporting investment strategy for the total ARH portfolio.
It has diversified its investment portfolio which underpins its key investment principle of generating optimal returns from investments within specified risk boundaries.
This approach gives ARH confidence it can deliver funds to the Auckland Regional Council in accordance with its Long Term Funding Plan, which commits $403.4 million over ten years.
Key Investments
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Ports of Auckland Limited (POAL)
POAL is non-listed company - 100% owned by ARH.
POAL owns and operates the Port of Auckland, New Zealand's largest international container port and a major gateway for trade on the North Island's east coast and the regional Port of Onehunga on the west coast. It also owns two inland ports at East Tamaki and Wiri, in South Auckland.
POAL owns 19.9% of Northland Port Corporation (NZ) Limited, which operates the Port of Whangarei and part-owns the Northland port of Marsden Point, and 27.5% of United Containers Limited, one of New Zealand's largest container depot businesses, which allows Ports of Auckland to maximise container supply chain efficiencies.
POAL provides towage and pilotage services on the Waitemata and Manukau Harbours. It also has a joint venture, North Tugz Limited, which provides towage and pilotage services on the Whangarei Harbour.
The Port of Auckland is one of New Zealand's most balanced ports - full import containers make up 59% and full export containers make up 41% of all full containers passing through the port, as well as imports/exports of break-bulk and handling cruise ship visits. POAL is a vital contributor to the regional and national economy. Further comprehensive information is available at www.poal.co.nz
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Wynyard Precinct Investment Property
The Wynyard Precinct investment property comprises, at 30 June 2008, around 18 hectares of land and wharves, together with associated water space rights, situated in the Wynyard Quarter on Auckland's waterfront. This investment property is held for rental income from ground leases as well as to facilitate a world class waterfront development which provides quality public amenity and access. The property is the focus of a major redevelopment project and is intended to be rezoned for mixed use in accordance with the new district plan notified by the Auckland City Council and the Regional Plan Coastal notified by the ARC in July 2007. Further comprehensive information on the policy framework for the redevelopment of Wynyard Precinct is available at www.seacity.co.nz/policy_papers.htm
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Sea+City Projects Limited (SCPL)
SCPL is a non-listed company - 100% owned by ARH.
SCPL is a property manager and property redevelopment facilitator, and acts as ARH's agent for the Wynyard Precinct investment property. It establishes and manages ARH property leases, and is the project director for co-ordinating and facilitating the redevelopment framework and public infrastructure services programmes for the area.
Further comprehensive information is available at www.seacity.co.nz
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Diversified Financial Assets (DFA)
The DFA is a long-term portfolio of liquid financial investments that are actively managed by specialist fund managers. The strategic asset allocation of the DFA comprises 50% global equities, 40% global bonds and 10% New Zealand cash investments.
The purpose of this asset class is to improve long-term returns, while balancing the overall diversification and risk management for the total ARH investment portfolio.
Statement of Investment Policies, Standards and Procedures
The Statement of Investment Policies, Standards and Procedures sets out the fundamental investment beliefs and principles which guide how the Diversified Financial Assets will be invested and how performance will be measured.
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New Zealand Short-term Cash Portfolio Investments
Portfolio Investments include highly liquid cash and short-term fixed interest securities, primarily bank deposits and registered certificates of deposit (RCDs), which are managed by external fund managers.
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