Too much logic for this place.
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If I understand right, Superlife is 100% owned by NZX.
Superlife has several divisions.
One is funds management. The money in those funds should be separate, and safe.
Another division is insurance.
A third division is 'investments'. So Superlife makes investments in certain companies.
One of those companies is Energy Mad. That investment hasn't gone too well and MAD is nearly out of money! Rather than write the initial investment off, Superlife has put more money into MAD.
So NZX, not the Superlife fund investors, are the ones taking the risk.
So I believe.
Bought in 2012 because some big share floats were coming and it seemed a bull market was in progress.
Sold because NZX stagnated despite favourable conditions.
Also didn't appreciate them buying Superlife and not giving any financial info.
Nor their nagging other companies about how they run their companies, when they're not even doing a good job of running their own.
Rant - gone now.
Sorry. I am sure you are wrong bunter. If you look on the superlife site under investments there are PDFs with the amount invested on investors behalf. The NZ share and Gemino have a few millions of such gems as MAD & WDT owned by the investors. Chosen by forsyth barr I think i saw somewhere. Of course investors can switch out of them including into the smart shares Mozy etc now ... anyway not much of an impact on NZX I think.
That's interesting p2r.
I wonder where the new equity came from - a fund or the parent company.
Unimpressed with their stock picks either way.
ETA - sniffed around Superlife's website and found those pdfs.
http://www.superlife.co.nz/data_file...ios/Gemino.pdf
http://www.superlife.co.nz/data_file.../NZ_shares.pdf
Other 'Gems' include CAV, RAK, BLT, MOA.
I think you're probably right - there doesn't seem to be anything to stop the funds from selling shares in AIA, for example, and investing in MAD.
I feel sorry for the investors.