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.
| Performance as at 31 May 2019 | May 2019 | Last 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 |