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 |
April 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) |
2.48% |
32.22% |
13.25% |
12.57% |
10.54% |
|
Reference Portfolio Return (after costs, before NZ tax) |
2.93% |
32.91% |
12.36% |
10.60% |
9.37% |
|
Value-added (actual return less Reference Portfolio Return) |
-0.45% |
-0.68% |
0.89% |
1.97% |
1.17% |
|
Estimated $ earned relative to Reference Portfolio |
$ (252) million |
$(290) million |
$2.064 billion |
$9.263 billion |
$9.709 billion |
|
NZ income tax (paid) / received |
$(0) billion |
$(0.75) billion |
$(3.06) billion |
$(5.70) billion |
$(7.54) billion |
|
Treasury Bill Return |
0.02% |
0.23% |
1.33% |
2.01% |
3.55% |
|
Net Return (actual return less Treasury Bill Return) |
2.46% |
31.99% |
11.92% |
10.56% |
6.99% |
|
Estimated $ earned relative to Treasury Bills |
$1.366 billion |
$13.317 billion |
$22.978 billion |
$34.175 billion |
$36.779 billion |
|
Long-term performance expectation |
0.24% |
3.01% |
4.04% |
4.63% |
6.10% |
|
$ change in net asset position |
$1.56 billion | $15.18 billion | $27.30 billion | $38.17 billion |
$57.32 billion |