Archived Monthly Report

REPORT TO THE UNIT HOLDERS IN THE ASPIRING FUND FOR THE MONTH ENDED 30 NOVEMBER 2007

The Unit Price as at 1 December 2007 was 1.2010 after all expenses.

The performance for the month of November was -2.52% after all expenses.

At the beginning of December, the fund's asset allocation was

 Cash   28%
 NZ Equities   54% 
Australian Equities            18%

Starting this month we intend to provide a brief comentary for each month along with the traditional performance and asset allocation data.


November was a difficult month for equity markets everywhere. The MSCI, the most widely followed global index for equity markets declined 4.1% during the month after being down as much as 8% during the month. The New Zealand market fell 3.5% and the Australian market fell 2.7% in A$ terms but 7% in NZ$ terms as a result of NZ$ appreciation.

Under those circumstances, we are not happy with but not surprised by the Fund’s performance for the month. Obviously the weakness of the markets in which we invest accounted for most of this but some of this number simply represented the partial unwinding of an exceptional month in October when the Fund returned 3.36% despite the New Zealand market being down 1.4%. Monthly performance numbers can frequently be influenced by normal volatility in share prices coinciding with month ends. The switch to the PIE regime has exaggerated this as we have lost the smoothing effect of tax taking 33% of our gains but sharing 33% of our losses.

This volatility in monthly numbers makes any one month’s numbers virtually meaningless as a measure of our performance as managers of your money. It is the cumulative effect of those monthly numbers over several years which will be the real test.

Website Login:

By now you should have received your user name and password to log onto the AAML website. The password is an encrypted computer generated password, and very cumbersome.

To login:

  • Go to the AAML Website
  • Select the Login tab from the left hand navigation bar.
  • Cut and paste the user name and passwords from your email into the appropriate boxes on the login page.

Once you have logged in, you are then able to change the password.

Passwords need to container more than 7 characters:

To change your password:

  • Select the My settings Tab on the left hand navigation.
  • Select Change Password
  • Type in your new password
  • Select save and close

You will receive notificataion of the change of your password via an automated email.

Please keep this information safe.

 



If you require any further assistance, call Marian on 03 377 6383.