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We measure the Fund's investment performance in two ways:

  • relative to the NZ 90 day Treasury Bill return the reward for taking market risk
  • relative to a passive reference portfolio benchmark the value added by the Guardians' active management.

Given our long-term mandate, we expect to return at least the Treasury Bill return + 2.8% over any 20-year moving average period. This is our long-term performance expectation.

The below 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
30 September

Sept 2022

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)

-6.60%

-10.77%

6.30%

10.92%

9.28%

Reference Portfolio Return (after costs, before NZ tax)

-7.81%

-18.35%

4.11%

8.26%

7.63%

Value-added (actual return less Reference Portfolio Return)

1.21%

7.58%

2.19%

2.65%

1.65%

Estimated $ earned relative to Reference Portfolio

$707 million

$4.57 billion

$5.09 billion

$10.94 billion

$13.08 billion

NZ income tax (paid) / received

$0 billion

 $(0.02) billion

$(3.41) billion

$(7.15) billion

$(9.47) billion

Treasury Bill Return

0.20%

1.24%

1.07%

1.80%

3.36%

Net Return (actual return less Treasury Bill Return)

-6.80%

-12.02%

5.23%

9.12%

5.92%

Estimated $ earned relative to Treasury Bills

$(3.97) billion

$(7.35) billion

$10.8 billion

$28.58 billion

$32.21 billion

$ change in net asset position

$(3.57) billion

$(4.16) billion    

$17.96 billion 

$34.23 billion

$54.31 billion