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 29 February 2020 | February 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) | -5.44% | 5.34% | 8.84% | 12.38% | 9.81% |
| Reference Portfolio Return (after costs, before NZ tax) | -5.75% | 6.50% | 6.98% | 9.87% | 8.45% |
| Value-added (actual return less Reference Portfolio Return) | 0.31% | -1.16% | 1.86% p.a. | 2.50% p.a. | 1.36% p.a. |
| Estimated $ earned relative to Reference Portfolio | $144 million | $(474) million | $3.566 billion | $9.107 billion | $8.349 billion |
| NZ income tax (paid) / received | $0 billion | $(0.52) billion | $(2.48) billion | $(5.54) billion | $(6.91) billion |
| Treasury Bill Return | 0.11% | 1.28% | 1.93% | 2.30% | 3.79% |
| Net Return (actual return less Treasury Bill Return) | -5.56% | 4.06% | 6.91% p.a. | 10.07% p.a. | 6.02% p.a. |
| Estimated $ earned relative to Treasury Bills | $(2.606) billion | $1.649 billion | $11.882 billion | $26.729 billion | $25.916 billion |
| Long-term performance expectation | 0.32% | 3.98% | 4.61% | 4.89% | 6.31% |
| $ change in net asset position | $(2.68) billion | $2.80 billion | $15.02 billion | $28.06 billion | $44.00 billion |