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OPINION: The New Zealand Superannuation Fund has been the world's most successful sovereign wealth fund over the past five years.

In that time, it has returned 17 per cent a year. Over the past three years, the going's been even better, at 21 per cent. These are frankly extraordinary numbers – as fund chairman Gavin Walker said last week, if he saw an investment product promising such returns, "I would be thinking it was too good to be true".

It wasn't too good to be true, but it is too good to last. The fund's managers held their nerve during the global financial crisis and bought underpriced equity – they have made hay as the global economy has recovered. 

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