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 May 2019May 2019Last 12 months Last 5 years p.a.Last 10 years p.a.Last 15 years p.a.Since inception p.a.
Actual Fund Return (after costs, before NZ tax) -4.12% 3.44% 10.48% 13.62% 10.02% 9.92%
Reference Portfolio Return (after costs, before NZ tax) -4.15% 1.81% 8.16% 10.94% 8.47% 8.46%
Value-added (actual return less Reference Portfolio Return)0.03%1.63%2.33% p.a.2.67% p.a.1.56% p.a. 1.46% p.a.
Estimated $ earned relative to Reference Portfolio$11 million$637 million $4.107 billion $8.723 billion$8.136 billion$8.108 billion
NZ income tax (paid) / received$0 billion $(0.054) billion $(2.561) billion $(5.115) billion$(6.437) billion $(6.478) billion
Treasury Bill Return 0.16% 1.69% 2.27% 2.42% 3.88% 3.92%
Net Return (actual return less Treasury Bill Return)-4.28%1.75%8.21% p.a.11.20% p.a.6.14% p.a.6.00% p.a.
Estimated $ earned relative to Treasury Bills-$1.847 billion$683 million$12.975 billion$26.398 billion$23.760 billion$23.875 billion
Long-term performance expectation 0.37% 4.39% 4.93% 5.00% 6.43% 6.43%
$ change in net asset position $1.745 billion  $2.283 billion  $15.043 billion  $28.086 billion  $37.467 billion $41.182 billion

To find out more:

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