Investment

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 April 2019April 2019Last 12 months Last 5 years p.a.Last 10 years p.a.Last 15 years p.a.Since inception p.a.
Actual Fund Return (after costs, before NZ tax) 3.13% 8.79% 11.98% 14.48% 10.34% 10.27%
Reference Portfolio Return (after costs, before NZ tax) 3.03% 7.37% 9.53% 11.77% 8.79% 8.80%
Value-added (actual return less Reference Portfolio Return)0.09%1.43%2.45% p.a.2.71% p.a.1.55% p.a. 1.47% p.a.
Estimated $ earned relative to Reference Portfolio$39 million$551 million $4.436 billion $9.082 billion$8.465 billion$8.447 billion
NZ income tax (paid) / received$0 billion $(0.054) billion $(2.591) billion $(5.127) billion$(6.437) billion $(6.478) billion
Treasury Bill Return 0.14% 1.68% 2.29% 2.43% 3.90% 3.93%
Net Return (actual return less Treasury Bill Return)2.99%7.11%9.69% p.a.12.06% p.a.6.44% p.a.6.34% p.a.
Estimated $ earned relative to Treasury Bills$1.240 billion$2.763 billion$15.296 billion$28.295 billion$25.465 billion$25.608 billion
Long-term performance expectation 0.35% 4.38% 4.94% 5.00% 6.45% 6.44%
$ change in net asset position $1.342 billion  $4.395 billion  $17.420 billion  $30.418 billion  $39.370 billion $42.927 billion

Archive of previous monthly reports.

To find out more:

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