Wellington, Sept 23 NZPA - The New Zealand Superannuation Fund's 60 percent exposure to global equities has cost it in August, helping produce a $230 million loss in the month.

The fund made a negative return of 1.37 percent in August compared to a positive 4.76 percent return in July. It has made a 5.85 percent annualised return since inception in the 2003/04 year.

The fund had $16.21 billion as at August 31.

The $230 million negative return in August was after fees. The fund said a large decline in the global equity market in the month was offset only slightly by a rally in the global fixed income market.