The Funds International Investments include international cash, international term deposits, and international listed equities. The total international portfolio holdings as of 31 December 2019 was approximately 11.7% of the Fund’s total portfolio, a 15.7% increase from the previous year. There was some translation gain against offshore cash and international equities due to the depreciation of Kina against USD and AUD during the year but the underlying international equity values held in USD were preserved by the appreciation of that currency against AUD.

The Fund has an allocation to international assets of 25.0% as part of its SAA as discussed above. Within this
allocation, the Trustees have 10% of the SAA allocated to international bonds and 15.0% to international
equities. Due to foreign exchange controls, the Fund has not been able to diversify further into international
assets in line with the Fund SAA.

The Fund altered its approach to international equity investment by the use of what is known as “low volatility” investing and selected 3 global managers to implement this approach in 2017. The international equity managers below were fully invested. The international equities allocation provided relatively good returns for the Fund despite volatility in the global equity markets. Overall, the new funds performed according to their mandates of having volatility lower than the market, especially in falling markets.

Foreign exchange shortages, due to the controls imposed by BPNG, remained a constraint on the ability of the Fund to fully implement its offshore asset allocation in 2019.

International Listed Equities as at 31 December 2019


Listed Equities
iShare Wholesale Indexed International Equity FundGlobal Fund ex-Australian
Acadian Global Managed Volatility Equity FundGlobal Managed Volatility Funds
Lazard Global Managed Volatility Equity FundGlobal Managed Volatility Funds
Robeco Global DM Conservative Equity FundsGlobal Managed Volatility Fund
Kina Securities LimitedBanking/Finance

Source: NSL’s Portforlio and Performance Report

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