Investment performance
There are several ways we measure how well the NZ Super Fund is performing.
We measure the NZ Super Fund return compared to two benchmarks:
- Treasury Bill return:
The rolling yield on 90-day Treasury Bills (representing the cost of government borrowing) - Reference Portfolio return:
The returns of a low cost, passive listed portfolio of 80% equities and 20% fixed interest (after costs, before New Zealand tax).
We also have a long-term performance expectation: We expect to return at least 7.8% p.a. over any 20-year moving average timeframe.
NZ Super Fund Performance Since Inception
The figures on this page are provisional and unaudited. See our Annual Reports for audited figures.
How the NZ Super Fund has performed
The below table presents the:
- NZ Super Fund return: The rate of return for the NZ Super Fund (after costs, before NZ tax).
- Change in net asset value: The amount of money the NZ Super Fund has gained or lost (NZ$).
- NZ income tax paid or received: The amount of tax the NZ Super Fund has paid or been credited - a negative number this means tax paid (NZ$).
- Government contributions: The amount the government has contributed to the NZ Super Fund (NZ$, gross, before NZ tax).
| As at 31 May 2025 |
Last 12 months | Last 5 years p.a. | Last 10 years p.a. | Last 20 years p.a. | Since inception p.a. |
|---|---|---|---|---|---|
| NZ Super Fund return | 11.26% | 11.53% | 9.62% | 9.91% | 9.99% |
| Change in net asset value | $7.71 billion | $39.01 billion | $53.14 billion | $76.43 billion | $82.78 billion |
| NZ income tax paid or received | ($1.53 billion) | ($4.35 billion) | ($6.48 billion) | ($10.96 billion) | ($11.15 billion) |
| Government contributions | $0.94 billion | $9.64 billion | $12.48 billion | $21.62 billion | $27.36 billion |
Cost of government borrowing
We measure the opportunity cost to the Government of contributing to the Fund instead of using the money to pay back debt. To do this we compare the Fund's returns with the return on Treasury Bills.
We expect the NZ Super Fund to earn 3.8% p.a. more from investment returns than the Government would save in debt servicing over a 20-year moving average timeframe.
The table below presents the:
- Treasury Bill return: The rolling yield on 90-day Treasury Bills (representing the cost of government borrowing).
- Net Return: What the NZ Super Fund returned less the Treasury Bill return.
- Estimated amount the NZ Super Fund earned relative to Treasury Bills: The amount of money the NZ Super Fund earned relative to Treasury Bills (in NZ$, after costs, before NZ tax).
|
As at |
Last 12 months | Last 5 years p.a. | Last 10 years p.a. | Last 20 years p.a. | Since inception p.a. |
|---|---|---|---|---|---|
| Treasury Bill return | 4.78% | 2.92% | 2.35% | 3.37% | 3.55% |
| Net Return | 6.47% | 8.61% | 7.27% | 6.53% | 6.44% |
| Estimated amount the NZ Super Fund earned relative to Treasury Bills | $4.82 billion | $26.27 billion | $38.42 billion | $54.94 billion | $55.73 billion |
Passive benchmark
We measure the NZ Super Fund's performance compared with a low cost, passive listed portfolio of 80% equities and 20% fixed interest. This Reference Portfolio benchmark helps us measure the value we have added from active investments.
We expect to add 1% p.a. value above the Reference Portfolio over a 20-year moving average timeframe.
The table below presents the:
- Reference Portfolio return: The rate of return for a low cost, passive listed portfolio of 80% equities and 20% fixed income (after costs, before NZ tax).
- Value Add: The NZ Super Fund's actual return less the Reference Portfolio return.
- Estimated amount the NZ Super Fund earned relative to the Reference Portfolio: The amount of money the NZ Super Fund earned relative to the Reference Portfolio (in NZ$, after costs, before NZ tax).
| As at 31 May 2025 |
Last 12 months | Last 5 years p.a. | Last 10 years p.a. | Last 20 years p.a. | Since inception p.a. |
|---|---|---|---|---|---|
| Reference Portfolio return | 10.07% | 9.38% | 7.89% | 8.35% | 8.54% |
| Value Add | 1.19% | 2.16% | 1.73% | 1.56% | 1.45% |
| Estimated amount the NZ Super Fund earned relative to the Reference Portfolio | $0.89 billion | $7.24 billion | $11.22 billion | $19.35 billion | $19.42 billion |
Long-term performance expectation
We expect to return at least 7.8% p.a. over any 20-year moving average timeframe.
Long-term performance expectation
Monthly performance data
We publish monthly performance data dating back to when the Fund first started investing in 2003.
Note. Within the tables on this page:
- The NZ Super Fund return and Reference Portfolio return are expressed after costs and before New Zealand tax.
- Amounts shown in dollars are expressed in New Zealand dollars.
- Where a number is negative it is expressed in brackets.