NZL New Zealand It

    The New Zealand Investment Trust PLC

Monthly Update as at 28 February 2006.

 

Investment Objective: The objective of the Company is to provide shareholders
with the maximum possible total return primarily from investment in quoted
securities in New Zealand and, to a limit of 35% of total assets, Australia.

Diluted Net Asset Value 320.00p (NZc855.00)

Total Assets: �38.23m (NZ$101.14m)

Current Period Revenue (not included in the NAV) to 31 January 2006 - 0.40p
(NZc1.06)

Ten largest holdings                                    %
                                                         
Fletcher Building                                    10.5
                                                         
Guinness Peat Group                                   6.3
                                                         
Contact Energy                                        6.0
                                                         
Fisher & Paykel Healthcare                            5.6
                                                         
Sky TV                                                5.2
                                                         
United Group                                          4.7
                                                         
QBE Insurance                                         4.6
                                                         
Telecom NZ                                            4.2
                                                         
Auckland International Airport                        4.0
                                                         
SFE Corp                                              3.6

 

 

Portfolio Composition                   %
                                         
NZ Equities                          62.9
                                         
Australian Equities                  31.1
                                         
Cash & Treasury                       6.0

 

Performance    1 Year                  5 Years           Since Launch          
                                                                               
                   �       NZ$            �       NZ$         �         NZ$    
                                                                               
Share price      +4.9     +11.7         +140.6   +95.5     +220.0      +203.6  
                                                                               
Net Asset        +8.4     + 8.6         +131.8   +82.2     +273.1      +248.4  
Value                                                                          
                                                                               
NZSX All Index   -4.3     - 4.2         + 81.2   +42.4     + 61.8      + 51.0  

 

Fund Facts

Launch Date: November 1988

Year End: October

AGM: April

XD Date: March

Dividend Date: April

Management Fee: 0.4% p.a.

Adviser's Fee: 0.45% p.a.

Manager: Exeter Asset Management: Richard Scott

Adviser: Brook Asset Management: Andrew South

Chairman: Donald Campbell

Capital Structure

No of ordinary shares: 10,744,220

No of ordinary shares held in Treasury: 117,033

Gearing: none

Dividend: A dividend of 6.5p (approx NZc17.20 will be paid on 22 May 06,
subject to shareholder approval, to shareholders on the register as at close of
business on 21 April 06. The XD date is 19 April 06.

All statistics to 28 February 2006, unless otherwise stated. Source of all
statistics: Exeter Asset Management Limited.

Investment Manager's Comment:

A 0.1% rise in the NZSX All Index, and an unchanged Australian All Ords
Index in February belied what was a busy month for company results. New Zealand
company results generally confirmed that the economic climate has become
increasingly challenging for profitability. However, with the New Zealand
dollar now weakening and interest rates looking as though they have peaked,
there are grounds for believing that conditions for many companies should
improve as the year progresses.

Our net asset value rose by 2.6% over the month, despite a 5% fall in the share
price of one of the larger holdings, Auckland International Airport, following
a disappointing set of results. The main contributors to the rise in the net
asset value were companies' shares that rallied on the back of solid results,
including Mainfreight (+16.7%) and Fletcher Building (+4.6%). Contact Energy's
share price also rallied strongly after its largest shareholder, Origin Energy,
tabled merger proposals.

The New Zealand Investment Trust's Annual Report is currently being printed and
will be available to be downloaded from the website shortly.      

Exeter Asset Management Limited, which is a subsidiary of iimia Investment
Group plc, is authorised and regulated by the Financial Services Authority and
is registered in England No. 2048239 at 23 Cathedral Yard, Exeter EX1 1HB. Tel:
01392 475900 (from outside UK +44 1392 475900) Fax: 01392 498311 (from outside
UK +44 1392 498311) Email: enquiries@iimia.co.uk. iimia Investment Group is the
ultimate holding company of Exeter Asset Management Limited.

IMPORTANT INFORMATION

The distribution of this document may be restricted by law and persons into
whose possession it comes are required to inform themselves of and comply with
any such restrictions.

This document does not constitute an offer or invitation to any person to
purchase shares in the Company. It does not constitute a recommendation.
Investors and Prospective Investors are further referred to the original
prospectus of the Company.

This document is for information only, the information and opinions contained
have been compiled or arrived at from sources believed to be reliable and given
in good faith but no representation is made as to their accuracy, completeness
or correctness.

Investments may fall as well as rise and investors may not get back the amount
invested. Past performance is not a guide to future performance. In addition,
changes in rates of exchange will cause the value of investments to go up or
down.

Exeter Asset Management Limited, its directors, officers, employees and their
associates may have a holding in the Fund as well as in the securities referred
to herein



END

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