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Published: 2003-07-16 00:00:00

Environment Waikato is happy with increasing returns on its Investment Fund as markets improve.

The Fund has ended the financial year with a return of $2,118,452, or around 2.8 percent, after sustaining losses early in the year. A loss of $2.07 million at the end of March has turned to a return of $1.96 million in April, $1.70 million in May and $528,000 in June.

The return is still below the Council’s target of 7.5 percent but Corporate Services Committee Chairman Barry O’Connor says the Council is very pleased after a disappointing start to the year.

“The Fund is performing better than our worst fears would have suggested. The improvement in the last three months has mostly been from our equities investments, where we have invested 30 percent of the Fund.

“This improvement shows the benefit of not panicking. We have made small changes along the way and are taking the best advice we can get. We have confidence in our advisors and their advice in a very difficult investment period internationally.”

Mr O’Connor said the Council would continue to monitor the situation and would not be making any impulsive decisions.

“There are no guarantees for the future, but it is a pleasing result after a rough start to the year.”