Investment
The Fund measures its performance in two ways:
- relative to the NZ 90 day Treasury Bill return; and
- relative to a passive Reference Portfolio benchmark.
It is our expectation, given our long-term mandate and hence portfolio construction, that we will return at least the Treasury Bill return + 2.8% over any 20-year moving average period.
This graph shows how the first dollar invested in the Fund has grown over time, versus our Reference Portfolio and Treasury Bill benchmarks.
|
Performance as at |
Oct 2021 |
Last 12 months |
Last 5 years p.a. |
Last 10 years p.a. |
Since inception p.a. |
|
Actual Fund Return (after costs, before NZ tax) |
2.24% |
27.19% |
13.13% |
13.85% |
10.59% |
|
Reference Portfolio Return (after costs, before NZ tax) |
3.37% |
26.70% |
12.50% |
12.05% |
9.44% |
|
Value-added (actual return less Reference Portfolio Return) |
-1.13% |
0.49% |
0.63% |
1.80% |
1.15% |
|
Estimated $ earned relative to Reference Portfolio |
$(658) million |
$221 million |
$1.52 billion |
$8.58 billion |
$10.41 billion |
|
NZ income tax (paid) / received |
$0 billion |
$(2.14) billion |
$(4.56) billion |
$(7.28) billion |
$(9.45) billion |
|
Treasury Bill Return |
0.08% |
0.29% |
1.16% |
1.90% |
3.46% |
|
Net Return (actual return less Treasury Bill Return) |
2.16% |
26.90% |
11.97% |
11.96% |
7.13% |
|
Estimated $ earned relative to Treasury Bills |
$1.26 billion |
$12.43 billion |
$24.45 billion |
$37.77 billion |
$39.97 billion |
|
$ change in net asset position |
$1.51 billion | $12.93 billion | $28.40 billion | $42.18 billion |
$59.98 billion |