KAML reports strong rebound of investment markets

Business

KINA Asset Management Ltd (KAML) reported that investment markets have rebounded strongly this year.
Chairman Sir Rabbie Namaliu said this was despite a continuation of geo-political tension and an economic headwind which affected the company’s returns last year.
“For the five months to May 31, the company’s investment return was 13.2 per cent,” he said.
Sir Rabbie said despite the domestic economic conditions remaining subdued, strong gains were reported in most company’s key shareholdings in the country.
“Bank South Pacific (BSP) rose 7.7 per cent, Credit Corporation rose 13. 9 per cent and Kina Securities Limited, who announced the acquisition of ANZ Bank’s retail and small medium enterprise business from later this year, rose 3.2 per cent,” he said.
“The company’s international investments have also performed well.
“With Australian listed securities rising as a group by 17.9 per cent and the global index funds by 11 per cent, inclusive of currency fluctuations.”
Sir Rabbie said this year, markets had rallied strongly in the first quarter and many of the losses last year had been recovered. “The outlook remains uncertain, and as a result of the company’s modest investment return during the year, the directors have decided not to pay a final dividend for 2018,” he said.
Sir Rabbie said the company remained optimistic that despite the many challenges faced both domestically and internationally, it would continue to deliver positive results for shareholders over the long term.
He said with their disciplined and conservative approach to investment that would remain focused on capital preservation through value investing and income generation.