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 September 2019 | September 2019 | 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) | 2.11% | 5.02% | 10.80% | 12.94% | 10.10% |
| Reference Portfolio Return (after costs, before NZ tax) | 1.55% | 4.30% | 8.92% | 10.27% | 8.68% |
| Value-added (actual return less Reference Portfolio Return) | 0.56% | 0.72% | 1.89% p.a. | 2.67% p.a. | 1.41% p.a. |
| Estimated $ earned relative to Reference Portfolio | $239 million | $298 million | $3,491 million | $9,564 million | $8,479 million |
| NZ income tax (paid) / received | $0 million | $(494) million | $(2,456) million | $(5,465) million | $(6,818) million |
| Treasury Bill Return | 0.08% | 1.57% | 2.14% | 2.38% | 3.86% |
| Net Return (actual return less Treasury Bill Return) | 2.04% | 3.45% | 8.67% p.a. | 10.56% p.a. | 6.23% p.a. |
| Estimated $ earned relative to Treasury Bills | $869 million | $1,452 million | $14,145 million | $27,327 million | $26,150 million |
| Long-term performance expectation | 0.30% | 4.27% | 4.98% | 4.96% | 6.38% |
| $ change in net asset position | $1,017 million | $2,583 million | $16,950 million | $28,449 million | $43,679 million |