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Interesting to read NZ Super Fund chief executive Adrian Orr's recent opinion piece in the Herald. This must be one of the better advertisements for active investing.

He says, "The fund has also significantly outperformed a simple passive fund-equivalent (our reference portfolio) by $5.5 billion, and did so by getting more return per unit of risk than the passive alternative. The data on returns, benchmarks, and investment risk appetite is on the fund's website." Do you have any comment on Mr Orr's analysis?

Sure do. But first, to put this in context, I have for years recommended long-term investing in a passive or index fund, which invests in the shares or bonds in a market index. This is cheaper than active investing - where the fund managers choose what to buy and sell - so passive fees are lower...

Read Mary's full response here.

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