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The Board of the Guardians of New Zealand Superannuation today announced the appointments of Bernstein Investment Research & Management (Bernstein) and LSV Asset Management (LSV) to manage international equities. The managers have been appointed because of their complementary approaches to selecting global stocks that are undervalued relative to their long-term earnings potential.

Bernstein, a New York-based equity manager with significant company research skills and resources, will manage a portfolio of international equities with an initial allocation of NZ$190 million, or approximately six per cent of the current value of the Fund. Bernstein is part of Alliance Capital Management L.P.

LSV, a Chicago-based quantitative value equity manager, will also receive an initial allocation of NZ$190 million. LSV is an employee-owned firm established by three finance academics from the universities of Chicago, Illinois and Harvard.

Commenting on the latest allocations, New Zealand Superannuation Fund Chief Executive Paul Costello said: "The appointments of Bernstein and LSV, two value-oriented international equity managers, complements the holdings of the other international equity managers, and ensures the Fund has a diversified portfolio of listed equities."

The appointments of Bernstein and LSV bring the total number of investment managers to nine. Investment managers are appointed after a formal selection process that takes account of their approach in managing specific classes of assets and an assessment of the capacity of the individuals making up the investment team.

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For more information please contact:
Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 Kevin Boreen, Senior Portfolio Manager, Bernstein, +1 212 823 2755 Tremaine Atkinson, Chief Operating Officer, LSV Asset Management, +1 312 460 2443 Daniel Riordan, Media Relations, New Zealand Superannuation Fund, 0274 921 221

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