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 + 2.7% 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 |
October 2020 |
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) |
-1.29% |
2.52% |
9.41% |
11.73% |
9.69% |
|
Reference Portfolio Return (after costs, before NZ tax) |
-1.45% |
4.89% |
8.49% |
9.62% |
8.51% |
|
Value-added (actual return less Reference Portfolio Return) |
0.16% |
-2.37% |
0.92% p.a. |
2.11% p.a. |
1.18% p.a. |
|
Estimated $ earned relative to Reference Portfolio |
$ 78 million |
$(1.083) billion |
$1.845 billion |
$8.384 billion |
$8.034 billion |
|
NZ income tax (paid) / received |
$0 |
$(0.49) billion |
$(2.92) billion |
$(5.95) billion |
$(7.31) billion |
|
Treasury Bill Return |
0.02% |
0.58% |
1.55% |
2.15% |
3.65% |
|
Net Return (actual return less Treasury Bill Return) |
-1.31% |
1.94% |
7.86% |
9.58% |
6.04% |
|
Estimated $ earned relative to Treasury Bills |
$(624) million |
$906 million |
$15.96 million |
$27.51 million |
$27.87 million |
|
Long-term performance expectation |
0.26% |
3.31% |
4.25% |
4.76% |
6.19% |
|
$ change in net asset position |
$(0.413) billion | $2.467 billion | $17.253 billion | $29.387 billion |
$47.051 billion |