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Global Markets Return 23.8 %

MEDIACOM-RELEASE-AMP-ASSET-MANAGEMENT-2

Global Markets Return 23.8 % Despite Tech. Gymnastics

AMP Asset Management (AMPAM) harnessed strong global share markets to deliver gross returns of up to 23.8% for New Zealand investors in the year to June 2000.

AMPAM's global active and passive funds provided gross June year returns of 23.8% and 23.1% respectively. Meanwhile, AMPAM's low, medium and high risk funds produced gross respective returns of 7.5%, 10.1% and 13.8% for the same period.

Individual investment sector returns were closely grouped for the June quarter, ranging from 2.9% for New Zealand Property down to - 0.3% for passive global equities.

"This was an eventful quarter," said Paul Dyer, AMPAM's head of investment strategy.

"During April and May many market commentators focused on the technology stock gymnastics, epitomised by the NASDAQ index. But despite this shakeout our global equity portfolios again produced positive returns for the quarter."

"The last quarter gave definite lessons for investors, particularly on the benefits of diversification. While some technology shares sagged, other sectors performed well. For example, the healthcare and consumer staples sectors produced returns of 17% and 13% respectively for the quarter. We also saw property have a strong quarter."

"Overall world share prices changed little over the three months. As a result properly diversified investors have been largely unaffected by this episode, and our balanced funds have sailed through unscathed."

"New Zealanders are starting to appreciate the benefits of investing in a global portfolio which delivers consistently good returns, as shown by the monumental growth of the WiNZ fund."

"The huge demand for global shares together with our ability to customise global product for the New Zealand market has prompted us to launch a much expanded range of global, cost efficient products to the market in New Zealand through our sister company, Henderson Investors of the United Kingdom."

AMPAM is New Zealand's largest funds manager with over $9 billion under management. It is also the IPAC 1999/2000 fund manager of the year.

ends

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