Investment
The Fund measures its performance in two ways:
- relative to the NZ 90 day Treasury Bill return; and
- relative to a passive Reference Portfolio benchmark.
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.
This graph shows how the first dollar invested in the Fund has grown over time, versus our Reference Portfolio and Treasury Bill benchmarks.
|
Performance as at |
January 2021 |
Last 12 months |
Last 5 years p.a. |
Last 10 years p.a. |
Since inception p.a. |
|
Actual Fund Return (after costs, before NZ tax) |
0.47% |
10.73% |
12.91% |
12.37% |
10.26% |
|
Reference Portfolio Return (after costs, before NZ tax) |
-0.02% |
12.67% |
12.05% |
10.32% |
9.10% |
|
Value-added (actual return less Reference Portfolio Return) |
0.49% |
-1.95% |
0.85% |
2.05% |
1.16% |
|
Estimated $ earned relative to Reference Portfolio |
$ 258 million |
$(940) million |
$1.823 billion |
$9.085 billion |
$8.919 billion |
|
NZ income tax (paid) / received |
$(0) billion |
$(0.51) billion |
$(2.93) billion |
$(5.86) billion |
$(7.42) billion |
|
Treasury Bill Return |
0.02% |
0.43% |
1.43% |
2.08% |
3.60% |
|
Net Return (actual return less Treasury Bill Return) |
0.45% |
10.29% |
11.48% |
10.29% |
6.65% |
|
Estimated $ earned relative to Treasury Bills |
$236 million |
$4.938 billion |
$20.669 billion |
$31.778 billion |
$33.219 billion |
|
Long-term performance expectation |
0.26% |
3.19% |
4.14% |
4.69% |
6.14% |
|
$ change in net asset position |
$0.419 billion | $6.566 billion | $24.745 billion | $34.605 billion |
$53.071 billion |