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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, and
  • relative to a passive Reference Portfolio benchmark.

Given our long-term mandate, we expect to return at least the Treasury Bill return + 2.8% over any 20 year moving average period.

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Returns compared with the 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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Returns compared with Treasury Bills

Treasury Bills are wholesale debt securities issued by the Crown. They are a measure of the opportunity cost to the Government of contributing to the Fund, instead of using the money to pay back debt.

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Monthly returns

Find monthly fund performance data since inception.

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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.