Investment

The Fund measures its performance in two ways:

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.

Performance as at 29 February 2020February 2020Last 12 months Last 5 years p.a.Last 10 years p.a.Since inception p.a.
Actual Fund Return (after costs, before NZ tax)-5.44%5.34%8.84%12.38%9.81%
Reference Portfolio Return (after costs, before NZ tax)-5.75%6.50%6.98%9.87%8.45%
Value-added (actual return less Reference Portfolio Return)0.31%-1.16%1.86% p.a.2.50% p.a.1.36% p.a.
Estimated $ earned relative to Reference Portfolio$144 million$(474) million$3.566 billion$9.107 billion$8.349 billion
NZ income tax (paid) / received$0 billion$(0.52) billion $(2.48) billion$(5.54) billion$(6.91) billion
Treasury Bill Return0.11%1.28%1.93%2.30%3.79%
Net Return (actual return less Treasury Bill Return)-5.56%4.06%6.91% p.a.10.07% p.a.6.02% p.a.
Estimated $ earned relative to Treasury Bills$(2.606) billion$1.649 billion$11.882 billion$26.729 billion$25.916 billion
Long-term performance expectation 0.32%3.98%4.61%4.89%6.31%
$ change in net asset position$(2.68) billion$2.80 billion$15.02 billion$28.06 billion$44.00 billion

To find out more:

For full audited information on the Fund's investment returns, see our Annual Reports.