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Our Statement of Intent (SOI) provides an overview of the Guardians and Fund, sets out the key elements of our five-year strategic plan and provides a detailed explanation of the measures against which we report on our performance in the key areas of investment, cost control, risk management, governance and organisational capability

The performance measures we have chosen reflect our mission to maximise returns without undue risk to the portfolio as a whole, and our focus on managing the Fund in line with global best practice.

We also publish an annual Statement of Performance Expectation (SPE). This document sets out our high priority activites and forecast financial statements for the relevant financial year. It also includes an estimate of Fund returns for the year.

We report on how we have performed against our SOI measures and SPE activities in the Statement of Performance in our Annual Report.

In reading our Statement of Intent and Statement of Performance Expectation, particularly the investment performance measures, statement of estimated Fund returns and forecast financial statements, and in assessing the Fund's performance, it is important to remember that the Fund is constructed in order to maximise long-term returns. It is not possible to predict short-term financial market returns with any useful accuracy; performance over short and medium time frames can and will be volatile.

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