The hedging of our holdings back into NZD effectively adds the short-term interest rate differential onto the purchased bond.
以新西兰元卖出我们持有的套期保值（产品）使已购买股票获得相当的短期利率差。

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Note added at 1 hr (2016-09-23 12:20:42 GMT)
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使已购买的股票获得相当的短期利率差
漏字了。。。抱歉

For our portfolio holdings of hedged international fixed interest, the higher New Zealand rates continue to be effective in generating positive returns, even on offshore bonds with a negative yield. The hedging of our holdings back into NZD effectively adds the short-term interest rate differential onto the purchased bond. As a result, the running yield in our International Credit Fund is, as at the end of August 2016, a competitive 3.3%.
对于我们对冲国际固定利率的投资组合持仓，尽管离岸债券收益率为负，在产生正回报的过程中，新西兰继续维持较高利率。我们以对冲方式，将持仓更为新西兰元，这行之有效地将短期利差转至所购债券。由此一来，我们的“国际信贷基金”截止2016年八月底的现时收益率为3.3%，颇为亮眼。