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NZ Super Fund performance

The Guardians has won accolades for its governance, transparency, and investment performance, and has been recognised as one of the most innovative sovereign wealth funds globally. This section contains information on our performance across a range of areas.

Investment performance

There are several ways we measure how well the NZ Super Fund is performing. 

We measure the NZ Super Fund return compared to two benchmarks:

  • Treasury Bill return:
    The rolling yield on 90-day Treasury Bills (representing the cost of government borrowing)
  • Reference Portfolio return:
    The returns of a low cost, passive listed portfolio of 80% equities and 20% fixed interest (after costs, before New Zealand tax).

We also have a long-term performance expectation: We expect to return at least 7.8% p.a. over any 20-year moving average timeframe.

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Cost of government borrowing

The Government could choose to pay back its debt instead of contributing to the Fund. However, we expect the Fund to earn more in investment returns than the Government would save in borrowing costs.

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Passive benchmark

We compare the Fund's performance with a passive Reference Portfolio. This benchmark helps measure how successful the Fund's active investment strategies have been, that is, the value we are adding net of costs.


Our long-term performance expectation

We expect to return at least 7.8% p.a. over any 20-year moving average timeframe.


Monthly performance data

We publish monthly performance data dating back to when the Fund first started investing in 2003.


Controlling costs is central to achieving our mission to maximise returns without undue risk. We aim to achieve the right balance between minimising cost and implementing investment strategies that will, after adjusting for risk, add the most value to the Fund over the long term.

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Best practice

We strive for global best practice across our management, governance and reporting functions.

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The Guardians continues to win a number of accolades, and has been recognised as one of the most innovative and top performing sovereign wealth funds globally.


Transparency and reporting

We strive to be as transparent as commercially possible about our management of the NZ Super Fund and how the Fund is performing.