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 |
May 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) |
3.56% |
3.71% |
7.76% |
12.18% |
9.54% |
|
Reference Portfolio Return (after costs, before NZ tax) |
3.70% |
5.76% |
6.43% |
9.77% |
8.29% |
|
Value-added (actual return less Reference Portfolio Return) |
-0.13% |
-2.05% |
1.34% p.a. |
2.42% p.a. |
1.25% p.a. |
|
Estimated $ earned relative to Reference Portfolio |
$(55) million |
$(858) million |
$2.552 billion |
$8.704 billion |
$7.743 billion |
|
NZ income tax (paid) / received |
$0 billion |
$(0.32) billion |
$(2.13) billion |
$(5.37) billion |
$(6.80) billion |
|
Treasury Bill Return |
0.02% |
0.99% |
1.78% |
2.26% |
3.74% |
|
Net Return (actual return less Treasury Bill Return) |
3.55% |
2.72% |
5.98% p.a. |
9.92% p.a. |
5.80% p.a. |
|
Estimated $ earned relative to Treasury Bills |
$1.494 billion |
$1.101 billion |
$10.345 billion |
$26.013 billion |
$25.180 billion |
|
Long-term performance expectation |
0.24% |
3.69% |
4.47% |
4.85% |
6.27% |
|
$ change in net asset position |
$1.640 billion | $2.589 billion | $14.126 billion | $27.910 billion |
$43.771 billion |