The Fund measures its performance in two ways:

It is our expectation, given our long-term mandate and hence portfolio construction, that we will return at least the Treasury Bill return + 2.7% over any 20-year moving average period.

Performance as at 30 June 2019June 2019Last 12 months Last 5 years p.a.Last 10 years p.a.Since inception p.a.
Actual Fund Return (after costs, before NZ tax)4.22%7.02%11.14%14.04%10.15%
Reference Portfolio Return (after costs, before NZ tax)4.63%6.36%8.81%11.42%8.72%
Value-added (actual return less Reference Portfolio Return)-0.40%0.67%2.33% p.a.2.62% p.a.1.43% p.a.
Estimated $ earned relative to Reference Portfolio$(166) million$261 million$4,277 million$8,894 million$8,322 million
NZ income tax (paid) / received$0 million$(55) million$(2,531) million$(5,125) million$(6,478) million
Treasury Bill Return0.11%1.66%2.24%2.41%3.90%
Net Return (actual return less Treasury Bill Return)4.11%5.36%8.90% p.a.11.63% p.a.6.25% p.a.
Estimated $ earned relative to Treasury Bills$1,688 million$2,130 million$14,367 million$27,920 million$25,539 million
Long-term performance expectation 0.32%4.36%4.90%4.99%6.42%
$ change in net asset position$1,931 million$3,743 million$16,675 million$29,759 million$43,113 million

To find out more:

For full audited information on the Fund's investment returns, see our Annual Reports.