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 30 April 2019 | April 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) | 3.13% | 8.79% | 11.98% | 14.48% | 10.34% | 10.27% |
| Reference Portfolio Return (after costs, before NZ tax) | 3.03% | 7.37% | 9.53% | 11.77% | 8.79% | 8.80% |
| Value-added (actual return less Reference Portfolio Return) | 0.09% | 1.43% | 2.45% p.a. | 2.71% p.a. | 1.55% p.a. | 1.47% p.a. |
| Estimated $ earned relative to Reference Portfolio | $39 million | $551 million | $4.436 billion | $9.082 billion | $8.465 billion | $8.447 billion |
| NZ income tax (paid) / received | $0 billion | $(0.054) billion | $(2.591) billion | $(5.127) billion | $(6.437) billion | $(6.478) billion |
| Treasury Bill Return | 0.14% | 1.68% | 2.29% | 2.43% | 3.90% | 3.93% |
| Net Return (actual return less Treasury Bill Return) | 2.99% | 7.11% | 9.69% p.a. | 12.06% p.a. | 6.44% p.a. | 6.34% p.a. |
| Estimated $ earned relative to Treasury Bills | $1.240 billion | $2.763 billion | $15.296 billion | $28.295 billion | $25.465 billion | $25.608 billion |
| Long-term performance expectation | 0.35% | 4.38% | 4.94% | 5.00% | 6.45% | 6.44% |
| $ change in net asset position | $1.342 billion | $4.395 billion | $17.420 billion | $30.418 billion | $39.370 billion | $42.927 billion |