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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

We measure the Fund's investment performance in two ways:

  • relative to the NZ 90 day Treasury Bill return the reward for taking market risk
  • relative to a passive reference portfolio benchmark the value added by the Guardians' active management.

Given our long-term mandate, we expect to return at least 7.2% p.a. over any 20 year moving average period. This is our long-term performance expectation.

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Value added by the Guardians' active management

We compare the Fund's returns with a reference portfolio. The reference portfolio is our passive benchmark, and a clear way to measure active investment returns (the value we are adding) net of costs.

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Reward for taking market risk

The opportunity cost to the Government of contributing to the Fund is using the money to pay back debt. Over time, the Fund is expected to earn more for the Government in investment returns than it would save in debt servicing.

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Monthly returns

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

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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.

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.