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 31 January 2019January 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) 5.23% 0.28% 11.39% 13.79% 10.02% 9.96%
Reference Portfolio Return (after costs, before NZ tax) 5.77% -2.69% 8.98% 11.49% 8.44% 8.44%
Value-added (actual return less Reference Portfolio Return)-0.54%2.97%2.41% p.a.2.30% p.a.1.58% p.a. 1.52% p.a.
Estimated $ earned relative to Reference Portfolio-$203 million$1.172 billion $4.081 billion $7.156 billion$8.017 billion$7.982 billion
NZ income tax (paid) / received$0 billion $(0.14) billion $(1.90) billion $(2.82) billion$(5.07) billion $(6.39) billion
Treasury Bill Return 0.13% 1.67% 2.33% 2.47% 3.96% 3.96%
Net Return (actual return less Treasury Bill Return)5.10%-1.39%9.06% p.a.11.32% p.a.6.06% p.a.6.00% p.a.
Estimated $ earned relative to Treasury Bills$1.921 billion-$544 million$13.738 billion$25.833 billion$22.907 billion$22.937 billion
Long-term performance expectation 0.36% 4.37% 4.98% 5.04% 6.50% 6.48%
$ change in net asset position $2.121 billion  $0.951 billion  $15.141 billion  $28.179 billion  $36.897 billion $40.011 billion

Archive of previous monthly reports.

To find out more:

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