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 |
May 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) |
0.90% |
28.91% |
13.07% |
12.58% |
10.54% |
|
Reference Portfolio Return (after costs, before NZ tax) |
0.55% |
28.88% |
12.13% |
10.72% |
9.36% |
|
Value-added (actual return less Reference Portfolio Return) |
0.35% |
0.04% |
0.94% |
1.86% |
1.18% |
|
Estimated $ earned relative to Reference Portfolio |
$ (201) million |
$(10) million |
$2.191 billion |
$8.786 billion |
$9.949 billion |
|
NZ income tax (paid) / received |
$(0) billion |
$(0.75) billion |
$(2.91) billion |
$(5.61) billion |
$(7.54) billion |
|
Treasury Bill Return |
0.02% |
0.24% |
1.30% |
1.99% |
3.54% |
|
Net Return (actual return less Treasury Bill Return) |
0.88% |
28.68% |
11.78% |
10.58% |
7.00% |
|
Estimated $ earned relative to Treasury Bills |
$504 million |
$12.433 billion |
$22.945 billion |
$34.424 billion |
$37.255 billion |
|
$ change in net asset position |
$0.69 billion | $14.24 billion | $27.69 billion | $38.78 billion |
$58.01 billion |