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 30 September 2019September 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)2.11%5.02%10.80%12.94%10.10%
Reference Portfolio Return (after costs, before NZ tax)1.55%4.30%8.92%10.27%8.68%
Value-added (actual return less Reference Portfolio Return)0.56%0.72%1.89% p.a.2.67% p.a.1.41% p.a.
Estimated $ earned relative to Reference Portfolio$239 million$298 million$3,491 million$9,564 million$8,479 million
NZ income tax (paid) / received$0 million$(494) million$(2,456) million$(5,465) million$(6,818) million
Treasury Bill Return0.08%1.57%2.14%2.38%3.86%
Net Return (actual return less Treasury Bill Return)2.04%3.45%8.67% p.a.10.56% p.a.6.23% p.a.
Estimated $ earned relative to Treasury Bills$869 million$1,452 million$14,145 million$27,327 million$26,150 million
Long-term performance expectation 0.30%4.27%4.98%4.96%6.38%
$ change in net asset position$1,017 million$2,583 million$16,950 million$28,449 million$43,679 million

To find out more:

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