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 |
November 2020 |
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) |
8.23% |
8.57% |
10.92% |
12.66% |
10.15% |
|
Reference Portfolio Return (after costs, before NZ tax) |
8.62% |
11.22% |
10.16% |
10.56% |
8.99% |
|
Value-added (actual return less Reference Portfolio Return) |
-0.39% |
-2.65% |
0.76% |
2.10% |
1.16% |
|
Estimated $ earned relative to Reference Portfolio |
$ (183) million |
$(1.243) billion |
$1.615 billion |
$8.872 billion |
$8.551 billion |
|
NZ income tax (paid) / received |
$(0.11) billion |
$(0.507) billion |
$(2.932) billion |
$(5.895) billion |
$(7.42) billion |
|
Treasury Bill Return |
0.02% |
0.54% |
1.51% |
2.13% |
3.64% |
|
Net Return (actual return less Treasury Bill Return) |
8.2% |
8.04% |
9.41% |
10.53% |
6.51% |
|
Estimated $ earned relative to Treasury Bills |
$3.823 billion |
$3.799 billion |
$17.398 billion |
$30.992 billion |
$31.567 billion |
|
Long-term performance expectation |
0.25% |
3.28% |
4.21% |
4.74% |
6.17% |
|
$ change in net asset position |
$3.929 billion | $5.385 billion | $21.006 billion | $33.552 billion |
$50.981 billion |