Passive benchmark
We compare the Fund's performance with a passive Reference Portfolio. This benchmark helps measure how successful the Fund's active investment strategies have been, that is, the value we are adding net of costs.
The Reference Portfolio is a low cost, passive listed portfolio of 80% equities and 20% fixed interest.
We play to our endowments: the core investment advantages that set us apart from other investors, being a long-term, sovereign investor with low liquidity requirements. We believe active investments, where they align with our advantages as an investor, can enable the Fund to add more value than a low cost, passive listed portfolio of 80% equities and 20% fixed interest would.
We expect to add 1% p.a. value above the Reference Portfolio over a 20-year moving average timeframe.
Fund return compared to passive benchmark
This chart shows the Fund's performance relative to the Reference Portfolio over a 20-year timeframe.
- The line shows the percentage value added compared to the reference portfolio.
- The bars show the cumulative amount the Fund has earned compared to the reference portfolio.
NZ Super Fund compared to passive benchmark
The figures on this page are unaudited. See our Annual Reports for audited figures.