Investment

The Fund measures its performance in two ways:

It is our expectation, given our long-term mandate and hence portfolio construction, that we will return at least the Treasury Bill return + 2.7% over any 20-year moving average period.

Performance as at 31 December 2019December 2019Last 12 months Last 5 years p.a.Last 10 years p.a.Since inception p.a.
Actual Fund Return (after costs, before NZ tax)1.91%21.13%11.34%13.05%10.32%
Reference Portfolio Return (after costs, before NZ tax)1.98%22.74%9.32%10.50%8.94%
Value-added (actual return less Reference Portfolio Return)-0.07%-1.61%2.02% p.a.2.55% p.a.1.38% p.a.
Estimated $ earned relative to Reference Portfolio$(33) million$(602) million$3.962 billion$9.788 billion$8.901 billion
NZ income tax (paid) / received$0 billion$(0.521) billion $(2.481) billion$(5.54) billion$(6.913) billion
Treasury Bill Return0.08%1.37%2.00%2.33%3.82%
Net Return (actual return less Treasury Bill Return)1.84%19.76%9.33% p.a.10.72% p.a.6.50% p.a.
Estimated $ earned relative to Treasury Bills$837 million$7.396 billion$15.872 billion$29.198 billion$28.595 billion
Long-term performance expectation 0.30%4.06%4.68%4.92%6.34%
$ change in net asset position$1.089 billion$8.794 billion$19.148 billion$30.720 billion$46.684 billion

To find out more:

For full audited information on the Fund's investment returns, see our Annual Reports.