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While our legislative mandate gives us considerable freedom to invest the Fund how we see fit, there are some important constraints and restrictions in place.

Legislative constraints

  • The Guardians are prevented from controlling any other entity (other than Crown entity subsidiaries or Fund investment vehicles). For example, we cannot hold a controlling interest in an operating company;
  • Except with the permission of the Minister of Finance, the Guardians are not permitted to borrow, mortgage the Fund's property, or to place a liability or contingent liability on the Fund or the Crown;
  • The Minister of Finance can give directions to the Guardians regarding the Government’s expectations as to the Fund’s performance, including the Government’s expectations as to risk and return. The Minister cannot give a direction that is inconsistent with the Guardians’ duty to invest the Fund on a prudent, commercial basis, and cannot direct the Guardians in regard to any other matter.

Board-imposed controls

Our Board-approved investment policies place further controls over the Guardians' management of the Fund. These controls include restrictions on:

  • single asset concentration (e.g. one company)
  • concentration with one investment manager
  • actual portfolio risk.


In line with our Responsible Investment Framework, a small number of business sectors and companies have been excluded from the Fund. See our Exclusions section for more information.